Self employed / Partnership
You must keep all your records of income and expenditure, along with supporting invoices etc., for at least 5 years after the 31st January submission deadline of that tax year. For example, for the tax year 6th April 2021 to 5th April 2022, the filing deadline is 31st January 2023 so you must keep all records until at least 31st January 2028.
Limited Company
You must keep all records for at least 6 years from the end of the financial year. For example, if your year end is 31st March 2021, you must keep all records to at least 31st March 2027.
You may need to keep them for longer if the following occurs:
- Transactions run over two accounting periods
- You file your Company Tax Return late
- You have equipment/machinery that is expected to last longer than 6 years
Payroll
You must keep all records for at least 3 years from the end of the financial year to which they relate. For example, for the year ended 5th April 2021, you must keep all records to at least 5th April 2024.
Tax Returns
Tax returns sent on or before the deadline – you should keep your records for at least 22 months after the end of the tax year the tax return is for. For example, if you send your 2022 to 2023 tax return online by 31 January 2024, keep your records until at least the end of January 2025.
Tax returns sent after the deadline – you should keep your records for at least 15 months after you sent the tax return.