Business records: what to keep, and for how long
Companies keep records for six years, the self-employed for five years after the filing deadline. A practical guide to what counts, and how to keep it without boxes.
Good records do two jobs: they let you claim everything you are entitled to, and they let you show HMRC how the figures were reached if it ever asks. Both depend on keeping the right things for long enough.
Longer for assets that last more than six years, and while an enquiry or claim is open.
Show the data
| Self-employed, years after the filing deadline | 5 |
|---|---|
| Companies, years after the financial year | 6 |
What to keep
- Sales and purchase invoices, receipts and credit notes.
- Bank and card statements for business accounts.
- Payroll records, including payslips, pension and benefit details.
- VAT records and copies of returns.
- Contracts, leases, loan agreements and asset purchase documents.
- Board minutes, dividend vouchers and director loan records, for companies.
Going paperless
A clear photo or scan of a receipt is accepted in place of the paper. Keep them in your accounting software against the transaction, so each one can be found in seconds, and make sure the software or storage is backed up.
Keep records longer if they relate to something that lasts, such as equipment or property, if a tax return was filed late, or while HMRC has an open enquiry.
Sources
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This insight is general information, not advice for your circumstances. Talk to us before acting on it.