Feb
23rd
Tue
23rd
Time limits for keeping VAT records
A little while ago I put out a note about new time limits that HMRC have introduced for how far back it and taxpayers can go when correcting errors, and highlighted the good and the bad points. You can find the post on my website.
After that post, I was asked if that meant that the time limits for keeping records had been reduced from six years. I was unable to answer that question then, but HMRC has again come to my rescue by issuing some guidance on how long papers need to be kept. The bad news is that nothing in their guidance has really changed.
You can download the HMRC guidance from its website. For more specific guidance on VAT you can find it on HMRC’s website here.
What do you think? Given that for direct tax the time limits have been reduced, and for VAT they’ve been increased, should the time one has to keep records for be brought into line with the new rules?
