Section A

What is the statutory requirement for a self-employed individual (sole trader) regarding the retention of business records for tax purposes?

A self-employed individual must retain their business records for 5 years after the 31 January following the end of the tax year to which the records relate. For example, for the 2023/24 tax year, records must be kept until 31 January 2030. Companies must keep records for 6 years from the end of the accounting period.