How long to keep client records and working papers ?

How long to keep client records and working...

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Am I right in assuming that we still need to keep client records, accounts working papers and correspondence as follows:-

For potential tax investigations etc. and Inland Revenue requirements - 3 years.

For VAT investigations and HM Customs & Excise requirements - 7 years.

Will amalgamation standardise record-keeping requirements ?
john nairne

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By Abacjm
14th Mar 2005 23:21

Records Retention
John,
Everyone else seems to be ignoring what is a question that we all have to deal with so here is my tuppence worth.
VAT Records - they can only assess/refund up to 3 years, so no need to keep beyond that,
BUT
You and the Inland Revenue can make adjustments to the tax record for up to 6 years normally, exceptionally 20, so you may have to retain VAT records for that length, as they form part of the business records.
I tend to get shot of anything that is over 6 years older than the current tax year, but I do have to admit that there is the odd file with stuff going back to 1983 and even client records with Returned CHEQUES and a Guildhall Headliner Accounts Book!!!!

Next year I am going to be harder and throw em all out, but no doubt the following day, I shall get a call from the long gone client, who has suddenly realised that he is under investigation for non filing of Returns for 20 years!

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