Short Answer Questions

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
I'm doing some short answer questions to fill the gaps not covered by my simulations. I'm stuck on the question name two business documents that must be retained for at least 6 years. I've been through all my work and I can't find the answer anywhere please help!!!

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Short Answer Questions

    Everything to do with VAT has to be kept for six years, but I dont have the textbooks anymore and am not sure what the "AAT wants to hear"!

    I gues youd have to keep records of all input and output tax, but people generally dont keep copies of sales invoices anymore they just have electronic records!

    Sorry am I confusing things even more
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Short Answer Questions

    VAT and all paperwork relevant to Income (self-assessment) Tax/Corporate Tax computations must be retained for 6 years after the end of the accounting period (date of balance sheet). However, payroll data need only be retained for three years.
    Hope this helps!
    Regards
    Nicky

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