How long must UK businesses keep accounting records?

UK businesses must keep accounting records for at least 6 years after the relevant accounting period ends. This applies to all business income and expense records, VAT records, payroll records, and bank statements.

What happens if I don't keep records for the required time?

Failing to keep proper records can result in HMRC penalties of up to £3,000 per accounting period. You may also face additional penalties if HMRC needs to investigate your tax affairs and cannot access the necessary documentation.

Can I store accounting records digitally?

Yes, you can store accounting records digitally as long as they remain accessible and legible for the full retention period. Digital records must be backed up securely and be readily available for HMRC inspection if required.

What specific documents must I keep for 6 years?

You must keep all business income records, expense receipts, bank statements, VAT records (if registered), payroll records, contracts, and any supporting documentation that proves your business transactions and tax calculations.

When does the 6-year retention period start?

The 6-year retention period starts from the end of the accounting period to which the records relate. For example, records for the 2023-24 tax year must be kept until at least April 2030.

Are there different retention periods for different types of records?

Most business records must be kept for 6 years, but some documents have different requirements. Payroll records must be kept for at least 3 years, whilst certain legal documents and property records should be kept permanently.

How can GoForma help with record keeping compliance?

GoForma provides digital record keeping through FreeAgent software, automated backups, and compliance guidance to ensure all your business records meet HMRC requirements. We also send proactive reminders about retention requirements and filing deadlines.

What's the best way to organise records for easy retrieval?

Organise records by tax year and document type, use consistent naming conventions for digital files, maintain both digital and physical backups where appropriate, and ensure all records are clearly dated and categorised for easy HMRC access.

How long do I need to keep accounting records for?

Published Apr 13, 2021

Last updated Jan 29, 2026

5 min read

Written by Jordan MaceyAAT

How long do I need to keep accounting records for?

Read our quick summary:

No items found.

<p>You must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year.</p>

Download our free Small Business Accounting Guide

Our small business accounting guide walks through absolutely everything you need to know if you're considering starting a limited company. From different taxes, limited company advantages/ disadvantages, how to pay yourself, and what your key filing requirements are.

When to register a Ltd company
When to register for VAT
How to take money out of your company

Dividend tax rates
Limited company expenses & corporation tax
Annual accounts and deadlines

Thanks for downloading our free guide!
We've sent you an email with your guide. You can also schedule time with an accountant below or create an instant online quote.

Speak to an Accountant Get an Instant Quote

Oops! Something went wrong while submitting the form.

How long do I need to keep accounting records for?

Download our free Small Business Accounting Guide

Read more of our Small Business Accounting guides:

Small Business Accounting for a Wide Range of Industries and Professions