As Mums, we are used to dealing with paperwork left, right and centre, for school, the home, the endless lists….But what do we need to hang on to for our businesses? This blog will help guide you through the maze of what’s required.
Keep your financial records for 6 years
Do you need to go out and buy an enormous filing cabinet to keep the mountain of paperwork you will be inundated with? Not necessarily.
HMRC states that you should keep your financial records for 6 years in case they come to investigate your tax return. If they did appear on your doorstep (don’t worry, you’d get a letter first!), they would want to see the original records that went into the figures on your tax return. If you hadn’t kept your records for six years you may have to pay a penalty.