How long do I need to keep my tax paperwork for?
- Employed (PAYE) people should hold onto their documents for at least 22 months after the tax year ends.
- Self-employed individuals have to keep their documents 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.
Keeping track of your money that is coming in and going out, will mean that you will be able to take control of your taxes. It could be that you are chasing HMRC for a refund or they are chasing you to do a self assessment; all of these things mean you should keep track of your paperwork and keep. People are randomly selected sometimes to be investigated each year and keeping your records will help you if this were to happen.