How Long Do You Have to Keep Records for HMRC?

In the United Kingdom, the HM Revenue and Customs (HMRC) mandates that individuals and businesses maintain accurate and complete records of their financial activities. This requirement is not just a bureaucratic formality; it serves the essential purpose of ensuring that tax liabilities are calculated correctly and that the tax return or claim made to HMRC is fully supported by documentary evidence. This part of the article focuses on providing detailed insight into the statutory requirements for keeping records, based on the most current regulations as of 2024.