Evidence & record keeping
If you need to complete a Self-Assessment tax return or want to make a PAYE tax refund claim for work based expenses, it’s important that you keep accurate records.
Why you need to keep records
Good record keeping will ensure accurate returns and claims which will not only give you the best chance of securing the maximum tax refund or reduction you’re legally entitled to, it also gives us the best chance of protecting it too.
The law also states that you must keep all records and documents used to complete your Self-Assessment, company returns or refund claims. HMRC may ask to see your records as part of a figures check or compliance investigation. It’s important to keep full and accurate records which are regularly updated and kept securely.
We’ll keep your records safe in future
Once we’ve completed any Self-Assessment, company returns or PAYE tax refund claim, we process all evidence, records and data securely for you. Everything is saved in your own personal data vault, which we can access at any time and is of course securely backed-up to the cloud on an hourly basis.
If you send HMRC an inaccurate tax return or refund claim you may have to pay penalties. The best way to avoid them is being able to show that reasonable care was taken and that any and all mistakes were innocent. It’s best to check with a tax advisor if there’s anything you don’t understand to avoid doing anything incorrectly.