All Topics / Opinionated! / how long to keep TAX records for?

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  • Profile photo of BEAR1964BEAR1964
    Participant
    @bear1964
    Join Date: 2003
    Post Count: 702
    January 5, 2004 - 5:56 am

    Hi there

    I have been keeping my tax records for 7 years , but was told recently now we only have to hold them for 3 years, is this correct?

    Regards Bear

    Profile photo of diclemdiclem
    Member
    @diclem
    Join Date: 2003
    Post Count: 537
    January 5, 2004 - 6:02 am

    Good question Bear,
    I also have seven years of tax records cluttering up the place.
    Could someone please clarify this one?
    Sue [:)]

    “Be careful not to step on the flowers when you’re reaching for the stars”

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    January 5, 2004 - 6:19 am

    Hi guys, I don’t have a definitive answer – that would be from the accountants, but I’ve been told that 5 is the minimum for tax purposes, some things (can’t remember them either[:I]) must be 7, and for CGT etc. you must keep for x (5/7?) years after disposal.

    Cheers
    Mel

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