Records:
what to keep and for how long

You’ve got a box of receipts, a folder of bank statements and an inbox full of invoices, and you’re wondering what you can finally throw away. The answer depends on what the record is for. Here are the periods that apply and what each set of records should cover.

How long to keep them

Records	Keep them for
Self Assessment: self-employed, partners and landlords	At least 5 years after the 31 January deadline for that tax year
Limited company accounting records	6 years from the end of the company’s financial year they relate to
Payroll (PAYE)	3 years from the end of the tax year they relate to
VAT	At least 6 years, or 10 years if you use the One Stop Shop scheme for EU sales

So for the 2025/26 tax year, with a return due by 31 January 2027, a sole trader keeps the records until at least 31 January 2032.

If you send a Self Assessment return more than 4 years after the deadline, keep the records for 15 months after you send it.

A company may need to keep records for longer than 6 years, for example if:

• a transaction covers more than one accounting period
• it buys something expected to last more than 6 years, like equipment
• it sent a Company Tax Return late
• HMRC has started a compliance check

What to keep

If you’re self-employed or a partner: all your sales and income, all your business expenses, and the evidence behind them: invoices, receipts, bank statements and till rolls. If you’re VAT-registered or employ people, those records too.

If you’re a landlord: rent books or statements, receipts and invoices for costs, bank statements, your mortgage interest statements and a mileage log for trips that are only for the letting.

If you run a limited company: the money the company receives and spends, what it owns and owes, stock, and what it buys and sells. You also keep company records: details of shareholders, and the results of shareholder votes and resolutions. Records can be kept somewhere other than the registered office, but you must tell Companies House where.

If you’re an employer: pay and deductions, what you’ve reported and paid to HMRC, sickness and leave, tax code notices and any taxable benefits.

Digital records

If you use Making Tax Digital for VAT or for Income Tax, you must keep your records digitally in software that works with HMRC’s systems.

If records are lost or destroyed

If you’re self-employed and can’t replace lost records, do your best to work the figures out. Tell HMRC when you file that you’re using estimated or provisional figures.

For a company, try to recreate the records, tell HMRC straight away and say so in the Company Tax Return.

Not keeping proper company records can lead to a fine of up to £3,000 from HMRC, or a director being disqualified. Payroll records that are missing or incomplete can also lead to a penalty.

What you need to do

• Keep one place, digital or paper, for each tax year’s records.
• Keep receipts and invoices, not just bank statements.
• Note the date each year’s records can go, using the periods above.
• If you’re a company director, keep the shareholder records up to date.
• If something is lost, rebuild it from bank statements and supplier copies straight away.

Key dates

• 31 January: the 5-year clock for Self Assessment records starts from this deadline.
• End of the company’s financial year: the 6-year clock for company records starts here.
• 5 April: the 3-year clock for payroll records starts from the end of the tax year.