Whenever a person has an obligation to make a self-assessment return, they have a related obligation to retain the supporting documents. There is a general statutory duty to keep the records they need to make and deliver a correct and complete return for the tax year or period.
In addition, there are more specific record keeping requirements for people carrying on a trade (including the letting of property), profession or business alone or in partnership and for companies. They must keep:
•records of all receipts and expenses in the course of the trade, profession or business, or company activities;
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