What tax records should you keep?
How long do I need to keep my tax paperwork?
- If you're employed PAYE, then you should hold onto your documents for at least 22 months after the end of the tax year
- Self-employed people need to keep them for five years. Those times assume you've submitted your tax return by the HMRC deadline
- If you're employed PAYE and file late, you should keep your records for fifteen months after submitting your return
Taking control of your taxes means keeping track of the money you've got coming in and going out. Whether you're chasing the taxman for a refund, or he's chasing you for a self assessment tax return, you need to keep your paperwork in order. A number of people are randomly selected to be investigated each year, so you have to be sure your records are spotless.