Self Assessment Record Keeping: What to Save and for How Long

Keeping good records is not just good practice — it is a legal requirement. HMRC can ask to see your records at any time, and penalties apply if you cannot produce them.

What to Keep

Income records: Invoices, sales receipts, bank statements showing income, platform earnings statements.

Expense records: Purchase receipts, bills, credit card statements, mileage logs, utility bills.

Bank records: Business bank statements for every month of the tax year.

Tax documents: P60s, P45s, pension certificates, Gift Aid receipts, student loan statements.

Contracts and agreements: Client contracts, lease agreements, loan agreements.

How Long to Keep Records

| Situation | Retention period | |-----------|-----------------| | Standard | 5 years after 31 January filing deadline | | HMRC enquiry open | Until enquiry is complete | | Capital items | Until disposed of, plus 5 years |

For the 2026/27 tax year (filing deadline 31 January 2028), keep records until at least 31 January 2033.

Digital vs Paper

Either is acceptable for Self Assessment (though MTD requires digital records for quarterly updates). Digital is strongly recommended:

• Cannot be lost in a fire or flood
• Easier to search and retrieve
• Takes up no physical space
• Can be backed up automatically

The Easy Approach

Use cloud-based software like Accounted to store your records automatically. Bank feeds capture transactions, receipt photos are stored digitally, and everything is backed up in the cloud.

Accounted handles your bookkeeping, tax estimates, and MTD submissions automatically. Start your free trial — no credit card required.