How long do I need to keep tax records for HMRC in the UK?

Full answer

HMRC sets out statutory record retention periods under the Taxes Management Act 1970 and various statutory instruments. The required period varies by taxpayer type and tax. Employees and non-self-employed taxpayers If your income is taxed entirely through PAYE and you do not file a Self Assessment return, you should keep records for 22 months after the end of the tax year to which they relate. Example: records for 2024/25 (ending 5 April 2025) should be kept until January 2027. Self-employed individuals and partners If you are required to file a Self Assessment return (whether as a sole trader, partner, landlord, or for any other reason), records must be kept for 5 years after the 31 January filing deadline for the relevant year. Example: 2024/25 records -- filing deadline 31 January 2026 -- keep records until 31 January 2031. Companies (Corporation Tax) Companies must keep records for 6 years from the end of the accounting period to which they relate. VAT records VAT-registered businesses must keep VAT records (sales invoices, purchase invoices, VAT account, VAT returns) for 6 years. Some records (e.g., capital items over GBP 2,000 under the Capital Goods Scheme) must be kept for 10 years. PAYE records Employers must keep payroll records (P11, payslips, P60, P45, P11D) for 3 years after the end of the tax year to which they relate. HMRC investigation If HMRC has opened an enquiry or investigation, records must be kept until the enquiry is fully closed (i.e., settled and all appeals exhausted), regardless of the above statutory deadlines. Records to keep indefinitely P60 certificates and P45s: while not legally required to be kept indefinitely, they are useful as evidence for State Pension entitlement, benefit claims, mortgage applications and dispute resolution. Financial advisers recommend keeping P60s for life. Capital assets Records relating to the purchase and improvement of capital assets (property, shares, business equipment) should be kept for the full statutory retention period measured from the disposal of the asset, not the purchase -- since the cost base affects CGT calculations on disposal.

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