Record keeping
You'll learn the record-keeping requirements that underpin accurate self-assessment tax returns and HMRC compliance. This lesson covers what records you must keep, how long to retain them, and the different formats HMRC accepts—essential knowledge for the Taxation papers.
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In this lesson
- 0:00 Record keeping requirements overview
- 0:14 HMRC inspection rights and record formats
- 0:29 Retention periods for employees and self-employed
- 0:47 Business record keeping and five-year rule
About this lesson
Whether you're self-employed or running a business, understanding these rules protects you during an HMRC enquiry and ensures you're never caught without the evidence you need.
Duration: 1m
Transcript
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