A self-employed person files a Self Assessment return for 2025/26. For how long must the business records normally be kept?
Answer and explanation
Correct answer: A. Until five years after the 31 January filing deadline for the return
- Step 1: The rule for sole traders and landlords is five years after the online filing deadline.
- Step 2: The deadline for 2025/26 is 31 January 2027, so records are kept until 31 January 2032.
Answer
Until five years after the 31 January filing deadline for the return.
Why not the others: Six years from the end of the accounting period is the rule for companies. One year is too short to cover HMRC's enquiry and assessment powers. There is no requirement to keep records forever.
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