SLfT8004 - Preserving and producing records

SLfT guidance on the different ways that a person required to preserve records for a SLfT return or claim not in a SLfT return can fulfil that obligation.

Preserving records

As long as your records meet the requirements we lay down, you can preserve them in whatever format - paper and/or electronic - that you prefer, for example:

  • computer hard drive;
  • tablet or smartphone;
  • magnetic tape;
  • flash drive or memory stick; and
  • optical media such as a CD, DVD or Blu-Ray.

If records are kept on a computer and it is later upgraded to a new computer system which is not compatible with the old system, records held on the old system must remain accessible for the time periods specified in SLfT8003. If this is not possible, paper copies of these documents must be kept.

If you preserve the information contained in paper records on computer by transferring the information into an electronic form, the method of storage used must be capable of:

  • capturing all the information needed to make a correct and complete SLfT return; and
  • reproducing that information in a legible form.

Producing records

You must be able and prepared to make your records available to us when we ask to see them. You must also provide any information we request about your taxable activities. We may occasionally visit your premises to audit your records, your accounting systems and your business. We will usually make such visits by appointment, at a time that is convenient for you. See RSTP2001 for further guidance on our investigatory powers.

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