How long are tax records generally required to be kept?

Tax records are generally required to be kept for at least 5 years from the submission deadline, specifically for self-assessment tax returns. This timeframe is established to allow sufficient time for any potential inquiries or investigations by tax authorities. Keeping records for this duration ensures that businesses can provide supporting documentation if requested by tax authorities, thus fulfilling their obligation to maintain proper records for compliance purposes.

The five-year period is particularly relevant following the January 31 filing deadline for self-assessment, as it aligns with the time frame in which tax authorities may review or audit submitted files. Maintaining records for at least this period not only helps in meeting legal requirements but also aids in good bookkeeping practices, providing a reliable reference for future financial activities.

Other options suggest both shorter and longer durations or indefinitely. However, these do not align with the specific regulations outlined for record retention in the context of tax submissions, making the chosen duration most appropriate.