Data protection Act means that banks only hold 6 years worth of data on each account. They destroy everything older. So if you are having an audit, they realistically can't go back further. If they suspect fraud, I think they can guess at what you should owe, beyond the 6 year limit, without having to get their hands on financial records. I am open to correction on that
Data protection Act means that banks only hold 6 years worth of data on each account. They destroy everything older. So if you are having an audit, they realistically can't go back further. If they suspect fraud, I think they can guess at what you should owe, beyond the 6 year limit, without having to get their hands on financial records. I am open to correction on that
I was advised by a very stressed someone I know personally to keep everything forever, he had to pay more than a million following an audit, and revenue go back forever.
Officially revenue say you have to keep records for 6 years. Keep everything is my advice.
If they discover you have been renting a house since 1995, and haven't declared it, and they know the rent figure from 6 years ago, they can assume that the rent from 1995 to 2006 is the same figure as from 2006 to date. I thought they could do stuff like that....