Answers · UK 2025/26
What records does a UK self-employed person need to keep?
Keep all income and expense records for 5 years after the 31 January submission deadline. Required: bank statements, invoices issued, receipts for expenses, mileage logs, asset purchase records, VAT records (if registered). Digital records mandatory under MTD from April 2026.
Full answer
UK self-employed record-keeping requirements 2025/26. Statutory retention: at least 5 years after the 31 January submission deadline for the relevant tax year. So records for 2025/26 tax year (submitted by 31 January 2027) must be kept until 31 January 2032. Limited companies: 6 years past the accounting period end. What to keep. Income: bank statements, invoices issued, sales records, till rolls (cash businesses), online platform statements (Etsy, eBay, Vinted — they now share data with HMRC), customer payment records. Expenses: original receipts (or digital scans — HMRC accepts), supplier invoices, contracts. Mileage: business journey log with date, destination, miles, business purpose — required for HMRC mileage claim (45p/mile first 10,000). Asset purchases: receipts for capital expenditure (laptops, equipment) — needed for capital allowances. VAT records (if registered): all sales and purchases, VAT returns, evidence of zero/reduced rate items. Bank statements: separate business bank account essential — mixing personal + business muddles records and looks suspicious to HMRC. From April 2026 — Making Tax Digital for Income Tax mandates: digital records (cloud accounting software approved by HMRC); quarterly updates submitted within 1 month of each quarter end; final declaration by 31 January. Software options: FreeAgent (free with NatWest/RBS/Mettle business accounts), QuickBooks, Xero, Sage, FreshBooks. Always retain records even if no longer self-employed — HMRC can investigate up to 20 years for deliberate undeclared income.
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This answer is informational only and does not constitute financial, tax or legal advice. Figures are for the 2025/26 UK tax year. See our methodology and sources.