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Keeping Records
Since the introduction of Self Assessment in April 1996 all taxpayers are required to keep records of their income and capital gains for at least 22 months after the end of the tax year to which they relate. This includes appropriate details of any employment income and expenses records, share benefits, vouchers relating to bank or building society interest etc., dividend vouchers, plus contract notes and other records of assets acquired.
Those who let property or who are self employed will have to keep their records for at least 5 years and 10 months after the end of the tax year.
The Inland Revenue can ask to see tax records and they have the power to charge a penalty for each year from 1996/97, where retained records are inadequate.