Record keeping for 6 years

[iBusiness Forums]

Ok, so I have just been to the HMRC site and it says that I have to keep my records for 6 years. My trading year is 1st Jan to 31st Dec.

What is the oldest trading year I need to keep? I can't work it out!

Thanks,

Jon

 

[Scalloway]

I would keep everything from 2005 on. Ignore the current year when you work back.

 

[iBusiness Forums]

Does that mean the legal requirement is for me to keep 1/1/05-31/12/05 onwards?

 

[money24seven]

I always thought it was a 6 year period to keep records but HMRC have recently asked my son for records in 2000/2001 year.

 

[iBusiness Forums]

It is a 6 year period, but I am having difficulty on doing the calculation. Its not easy!

 

[Scalloway]

Does that mean the legal requirement is for me to keep 1/1/05-31/12/05 onwards?

Yes. 2005 +6 = 2011. Ignore the current year 2012.

 

[iBusiness Forums]

So on the 1st Jan 2013 I can delete my 1/1/2005-31/12/2005 accounts? Or do I have to wait until April 5th?

 

[Scalloway]

I would wait until 5 April to be on the safe side. Your 2005 accounts relate to the tax year ending 5 April 2006.

 

[iBusiness Forums]

Ok, thanks for that. I just wanted to bin loads of old paperwork but be safe at the same time.