ExpertEasy2 marksMultiple Choice
ACCA · Question 01 · The UK tax system and its administration
Section A: Objective Test
Marcus runs an agricultural consultancy as a sole trader. He submitted his self-assessment tax return for the tax year 2023/24 electronically on 15 December 2024. Until what date must Marcus retain his business records for the 2023/24 tax year to comply with HMRC requirements?
Section A: Objective Test
Marcus runs an agricultural consultancy as a sole trader. He submitted his self-assessment tax return for the tax year 2023/24 electronically on 15 December 2024. Until what date must Marcus retain his business records for the 2023/24 tax year to comply with HMRC requirements?
Answer options:
A.
31 January 2026
B.
31 January 2029
C.
31 January 2030
D.
15 December 2029
How to approach this question
Identify the taxpayer's status (in business vs not in business). For business records, the rule is 5 years from the 31 January following the tax year.
Full Answer
C.31 January 2030✓ Correct
Under self-assessment, individuals in business (sole traders, partners) must retain their records for five years after the 31 January following the end of the tax year. For the 2023/24 tax year, the relevant 31 January is 31 January 2025. Adding five years gives 31 January 2030.
Common mistakes
Confusing the business record retention period (5 years) with the non-business retention period (1 year).
Practice the full ACCA TX — Taxation Practice Exam 5
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