SolvedCH10100 | Record Keeping: Overview
From HM Revenue & Customs · Compliance Handbook
A person must keep and maintain records in order to make a correct and complete return or claim even if they don’t make a return or claim every year. The person must retain these records and supporting documents for a specified period.
As part of the review of powers undertaken following the creation of HMRC, work has started on aligning the record-keeping requirements across different taxes. These changes allow HMRC to
make regulations to specify the records and supporting documents that either must or need not be kept
reduce the period for which records must be kept in individual cases, and
specify conditions and exceptions to the general rule that information instead of records may be preserved.
The taxes affected by these changes from 1 April 2009 are
income tax
capital gains tax
corporation tax
direct taxes claims not included in a return, and
VAT.
The taxes affected from 1 April 2010 are
insurance premium tax
stamp duty land tax
aggregates levy
climate change levy, and
landfill tax.
Record keeping requirements apply to
bank payroll tax from 8 April 2010
excise duties from 1 April 2011, and
annual tax on enveloped dwellings from 1 April 2013.
We may charge a penalty if a person fails to keep or retain records. There is no change to the existing penalty regimes.
Operational guidance starts at CH210000.