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
How can they possibly "guess" what you owe. Without any evidence it's not going to stand up in court.
i was advised by a very stressed someone i know personally to keep everything forever,...
Officially revenue say you have to keep records for 6 years. Keep everything is my advice.