How long should you keep your tax records

Following the deadline for submission of self-assessment tax returns for the 2024–25 tax year, it is a useful time to revisit the rules on how long you should keep your tax records.

There are no strict requirements for how records must be kept, but they should be retained either on paper, digitally, or within appropriate software.

For personal (non-business self-assessment records, you are generally required to keep them for at least 22 months after the end of the relevant tax year. This means records for the year ended 5 April 2025 should be kept until at least 31 January 2027. If you file your tax return late, you must keep the records for at least 15 months from the date of filing.

The types of records you should keep include those relating to:

• Income from employment e.g. P60, P45 or form P11D forms
• Expense records if you’ve had to pay for things like tools, travel or specialist clothing for work
• Documents relating to social security benefits, including Statutory Sick Pay, Statutory Maternity, Paternity or Adoption Pay and Jobseeker’s Allowance.
• Income from employee share schemes or share-related benefits
• Savings, investments and pensions e.g. statements of interest and income from your savings and investments
• Pension income e.g. details of pensions (including State Pension) and the tax deducted from it
• Rental income e.g. rent received and details of allowable expenses
• Any income which is open to Capital Gains Tax
• Foreign income

This is not an exhaustive list, and you should retain any additional records used in preparing your tax return.

Different rules apply for business records. Self-employed individuals must usually keep records for at least five years after the 31 January submission deadline. For the 2024–25 tax year, this means retaining records until at least 31 January 2031. Penalties may apply for failing to keep accurate and complete records.

Our friendly Business and Tax Advisory experts are here to support you every step of the step of the way. Give them a call on 01380 723692 or email us here.