I hope list members wont object to a more records management posting but
the Revenue's current Employers Bulletin
(http://www.hmrc.gov.uk/employers-bulletin/index.htm) raises an issue
about the retention of financial records for tax purposes. There are
details of new compliance checks introduced by the Finance Act 2000
(http://www.hmrc.gov.uk/about/new-compliance-checks.htm) in which it
says "a new basic four-year time limit for tax assessments and claims (a
reduction from six years for income tax, capital gains tax and
corporation tax and an increase from three years for VAT). If I'm
understanding this correctly it means an end to the ubiquitous current+
6 years retention for finance records that everyone is familiar with.
Although the Act came into force on 1 April 2009, the new assessment
time limits are effective from 1st April 2010.
Does anyone else have any other information?
Best wishes
Janet
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Janet Foster
Director, TASC
020 8806 8631
www.archive-skills.com
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