Tuesday, March 1, 2011

How long do I have to keep financial documents for income tax purposes ? I live in England, UK

How long do I have to keep financial documents for income tax purposes ? I live in England, UK?
I have been keeping my banking documents etc for ten years. Do i really have to keep them that long ? I am not a business. Any advice is most welcome. Thank you.
United Kingdom - 4 Answers
Random Answers, Critics, Comments, Opinions :
1 :
I believe its 7 years.
2 :
Financial records should be kept for 7 years as a rule of thumb.
3 :
7 years minimum, however there is now a much shorter time for claims to be made (although this is more if HMRC wants to look into your personal tax affairs so you have them at hand).
4 :
Yup .. its 7 years !




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