How long should you keep your tax records in case of an audit
- how long should i keep invoices
- how long should i keep invoices for a business
- how long should i keep bills and bank statements
- how long should i keep records
How long should you keep household bills...
How long do you need to keep tax records for small business
How long does a business need to keep invoices?
You must send invoices in order to get paid. Once your customers have paid, you still need to keep a copy for a certain amount of time. According to government regulations, you need to keep business records for a minimum of five years after January 31st of that financial year.
For example, if you submit your records by January 31st 2022, you’ll need to keep them safe until January 31st 2027.
In this article, we’re going to look at:
- How to keep records
- How to store your invoices
- What happens if you don’t keep your invoices
- Managing your invoices
In line with HMRC guidelines, businesses with an income of £150,000 or less are able to record their business income and expenses in one of two ways: traditional accounting or cash-based accounting.
It is also worth remembering that the tax year runs from the 1st of April to the 31st of March.
This method is only available to businesses with an income of up to £150,000 a year. Far more simple than traditional accounting, you only need to record when money either enters o
- how long should i keep bills
- how long should i keep receipts for business