how long do you have to keep business tax records?
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You must keep all your business records for five years, including tax invoices, receipts, salary and wages records, tax returns and activity statements, and super contributions for your employees.
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Most lawyers, accountants and bookkeeping services recommend keeping original documents for at least seven years. As a rule of thumb, seven years is sufficient time for defending tax audits, lawsuits and potential claims.
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The CRA recommends keeping your tax records for at least six years.
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With that said, it's obviously a good idea to hold onto all tax-related documents for a minimum of five years — by law, this is how long you are required to keep business records from the date a tax return was lodged.
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The eight small business record keeping rules Always keep receipts, bank statements, invoices, payroll records, and any other documentary evidence that supports an item of income, deduction, or credit shown on your tax return. Most supporting documents need to be kept for at least three years.
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Tax disputes aside, the law generally requires you to keep tax records for 5 years after tax returns are lodged. This means you should keep all receipts, proof of income, calculations, nominations and other records which support the contents of you tax return for five years.
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2.4 Keeping records Generally, you must keep all your business records for VAT purposes for at least 6 years. Records that you use for other tax purposes may need to be kept for longer periods.
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The IRS says you need to keep your records “as long as needed to prove the income or deductions on a tax return.” In general, this means you need to keep your tax records for three years from the date the return was filed, or from the due date of the tax return (whichever is later).
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If the CRA wants you to keep records for a period longer than six years, a CRA official will let you know how long to keep them either in person or by registered mail. If you file an income tax return late, you must keep your records for six years from the date you file that return.
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How long should you keep your income tax records? Even if you do not have to attach certain supporting documents to your return, or if you are filing your return electronically, keep your supporting documents for six years in case the CRA selects your return for review.
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How long to keep your records. Generally, you must keep all required records and supporting documents for a period of six years from the end of the last tax year they relate to. The tax year: is the fiscal period for corporations.
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According to the Canada Revenue Agency, “if you file your return on time, keep your business tax records for a minimum of six years after the end of the taxation year to which they relate.”
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You should keep your records for at least 15 months after you sent the tax return.
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The General Rule Most lawyers, accountants and bookkeeping services recommend keeping original documents for at least seven years. As a rule of thumb, seven years is sufficient time for defending tax audits, lawsuits and potential claims.
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Generally speaking, hang onto bills and bank statements for at least two years, and insurance documents as long as they are valid. When it comes to tax-related paperwork like pay slips, P45s and so on, HMRC suggests keeping them for at least 22 months from the end of the tax year they relate to.
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How long to keep your records. You must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year. HM Revenue and Customs ( HMRC ) may check your records to make sure you're paying the right amount of tax.
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You must keep VAT records for at least 6 years (or 10 years if you use the VAT MOSS service). You can keep VAT records on paper, electronically or as part of a software program (such as book-keeping software). Records must be accurate, complete and readable.