Record keeping – how long should I retain my records?

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 2020 to 5th April 2021, the filing deadline is 31st January 2022 so you must keep all records until at least 31st January 2027.

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.