HMRC today issued a new guide which is aimed to advise all individuals and businesses on a number of issues regarding tax but most importantly how long you should keep your tax and accounting records for.
They advise that all contractors and businesses to keep all your tax records for at least 6 years. If you are a contractor working within the CIS scheme, you are also advised to keep those records for the same period of time.
For personal (self assessment) tax returns, you must keep all records for 22 months from the end of the tax year to which they relate.
Contract Eye also added on their article that about additional records should be kept if you contract your services through your own limited company.
To view the article on Contract Eye click here.
