Section A: Objective Test

Which TWO of the following statements regarding the retention of records for tax purposes are correct?

Individuals in business (self-employed) must keep records for 5 years from the 31 January following the end of the tax year. If a return is filed late, the retention period is extended to the later of the normal date or the date the HMRC enquiry window closes. Non-business individuals only need to keep records for 1 year from the 31 January following the tax year. Companies must keep records for 6 years from the end of the accounting period.