ExpertEasy2 marksMultiple Choice
ACCA · Question 02 · The UK tax system and its administration
Section A
'Green Acres Co-op' is an agricultural cooperative operating as a partnership. For the tax year 2023/24, by what date must the partnership retain its business records to comply with HMRC requirements?
Section A
'Green Acres Co-op' is an agricultural cooperative operating as a partnership. For the tax year 2023/24, by what date must the partnership retain its business records to comply with HMRC requirements?
Answer options:
A.
31 January 2026
B.
31 January 2029
C.
31 January 2030
D.
5 April 2030
How to approach this question
Identify the filing deadline for the 2023/24 tax year, then add the statutory retention period for businesses.
Full Answer
C.31 January 2030✓ Correct
For a business (sole trader or partnership), records must be retained for 5 years after the 31 January following the end of the tax year. For 2023/24, the deadline is 31 January 2025. Five years from this date is 31 January 2030.
Common mistakes
Confusing the business record retention period (5 years from deadline) with the non-business period (1 year from deadline).
Practice the full ACCA TX — Taxation Practice Exam 3
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