Frequently Asked Questions
All You Need To Know About Accounting
Tell me about the ACCA Accounting qualification
ACCA stands for Association of Chartered Certified Accountants.
The ACCA Qualification is the world leading accountancy qualification, providing students with the skills, knowledge and values to have successful careers in accountancy. An Ethics and Professional Skills module must be passed. The ACCA Qualification is broadly equivalent to degree standard when you take the first nine papers (the Fundamentals level). When you take the Professionals level, it is equivalent to a masters degree.
How long should I keep my tax records?
You must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year. HM Revenue and Customs ( HMRC ) may check your records to make sure you're paying the right amount of tax.
HMRC will investigate further back the more serious they think a case could be. If they suspect deliberate tax evasion, they can investigate as far back as 20 years. More commonly, investigations into careless tax returns can go back 6 years and investigations into innocent errors can go back up to 4 years.