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Scottish Trust Deed Forum
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Topic starter
03/04/2012 12:16 pm
Hi everyone looking for advice.
We have just entered into a trust deed. Husband is self employed. Inland Revenue have written to us with a new tax reference number to use from 6th April and said any tax due to the end of this financial year is not to be paid.
question is does that mean we can scrap all the old books/paperwork? He was VAt registered at one point but this ended in 2009. he did at one stage have employees but again that stopped around the same time.
all this paperwork takes up mountains of space in our house and we would love to get rid of it if we could.
also i have gotten rid of my old credit card statements/ bank statements - which felt great. I have kept ones taht had a zero balance. Am i okay to gete rid of his?
any advice appreciated on how long i have to keep all this stuff.
03/04/2012 12:34 pm
Hello Maureen.
We can see what the experts say when they next visit the forum, but I'm pretty certain they'll advise you against disposing of business paperwork that might be required by your trustee or HMRC in the future. Maybe it's a question to ask your trust deed firm as well?
If you have supplied all of your creditor detail to your trust deed firm already you may well conclude that there is not need to keep your own old credit card statements.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
03/04/2012 1:08 pm
i'm pretty sure that your meant to keep your business records for a period of 6 years in case HMRC need to see them. i might be wrong though. if i am i have a huge clearout pending!!
03/04/2012 3:25 pm
Hi all
As a general rule, you should keep your records for a six years, although this can be a pain re storage etc. However, if you are
ÔÇó an employer, you need to keep PAYE) records for 3 years
ÔÇó a contractor in the CIS, you need to keep your CIS for 3 years
ÔÇó keeping records to complete a personal (non business) tax return, you only need to keep them for 22 months from the end of the tax year to which they relate.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
03/04/2012 9:42 pm
Thanks for all the replies - guess I better hang fire with that clear out just yet! Mark can I just clarify what you mean by business tax return and personal tax return? My husband is a self employed decorator sole trader. Would I be correct in saying this is a business as he claims expenses such as material fuel etc? Thanks for your help
03/04/2012 11:06 pm
Hi Maureen
Yes,its a pain but best keep everything, although scanned copied on a pc/ hard drive would save space
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
