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Why keeping records matters
If you complete a Self Assessment tax return, HMRC expects you to keep records that support the figures you enter. Good records help you complete your return accurately and reduce the risk of mistakes. They also make it easier to answer any HMRC queries later.
You usually need to keep records for at least 5 years after the 31 January submission deadline for that tax year. For example, records for the 2024/25 tax return should normally be kept until 31 January 2031. It is a good idea to store them safely for longer if they may still be useful.
Income records to keep
Keep records of all the income you receive that needs to go on your tax return. This includes self-employed business income, rental income, dividends, savings interest, and any other taxable income. If you have more than one source of income, make sure each one is clearly separated.
Examples include invoices, sales records, bank statements, payslips, dividend vouchers, and rent received statements. If you are employed as well as self-employed, keep your P60 and any P45 or P11D forms. These documents help show exactly what you earned during the tax year.
Expense records to keep
If you claim business expenses, keep proof of every cost you deduct. HMRC may ask how you worked out the amount, so hold onto receipts, invoices, and bank statements. This applies whether you work as a sole trader, landlord, or in another self-employed capacity.
Common examples include travel costs, office expenses, equipment, advertising, professional fees, and a portion of home working costs if they are allowable. For rental property, keep records of repairs, insurance, agent fees, and service charges. Make sure personal and business spending are easy to tell apart.
Records for capital allowances and assets
Keep records if you buy items that may qualify for capital allowances, such as tools, machinery, computers, or vehicles used in your business. You should retain receipts, purchase dates, and details of how the item is used. This helps support any claim you make.
If you sell an asset, keep records of the sale price and any costs connected with buying or selling it. This is especially important for property, shares, or business equipment. These details may affect your tax calculation.
How to store your records
You can keep records on paper or digitally, as long as they are complete and readable. Many people find it easier to use accounting software, spreadsheets, or scanned copies of receipts. Whichever method you choose, make sure you can find documents quickly if needed.
Keep your records organised by tax year and type of income or expense. Back up digital files in more than one place if possible. Clear and consistent record keeping can save time when your Self Assessment deadline comes around.
Frequently Asked Questions
Keep records that support the income, expenses, reliefs, allowances, and gains you include in your Self Assessment tax return, such as invoices, receipts, bank statements, sales records, mileage logs, dividend vouchers, and payroll information.
You should normally keep Self Assessment records to keep for at least 5 years after the 31 January submission deadline for the relevant tax year, and longer if HMRC asks you to or if you are still amending or disputing the return.
You need Self Assessment records to keep so you can complete your tax return accurately, support the figures you report, answer HMRC queries, and prove your business or personal tax position if you are checked or audited.
Income records for Self Assessment records to keep should show all taxable income, including sales, fees, rents, interest, dividends, pensions, tips, and any other income sources, together with supporting statements or invoices.
Expense records for Self Assessment records to keep should include receipts, invoices, contracts, bank evidence, and explanations for business-related costs so you can show that expenses were allowable and correctly claimed.
You can keep Self Assessment records to keep in digital form if they are complete, accurate, and readable, and they should be stored securely so they can be retrieved if HMRC asks to see them.
Paper records can be used for Self Assessment records to keep, but they must be organised, legible, and retained safely. Many people keep a mix of paper and digital records, which is acceptable if the information is complete.
For Self Assessment records to keep, keep bank statements and payment evidence that show income received, expenses paid, transfers between accounts, and any transactions that help explain your tax calculations.
For Self Assessment records to keep, mileage records should show the date, journey start and end points, business purpose, and miles travelled so you can support any vehicle expense claims made in your return.
If you are self-employed, Self Assessment records to keep should include sales invoices, receipts for expenses, bank statements, bookkeeping records, cash records, stock records, and details of assets bought or sold.
If you receive rental income, Self Assessment records to keep should include tenancy agreements, rent statements, repair invoices, mortgage interest details, agent statements, insurance records, and evidence of other property-related costs.
If you have capital gains, Self Assessment records to keep should include purchase and sale documents, improvement costs, legal fees, valuations, and any evidence needed to calculate the gain or loss correctly.
If you claim tax reliefs, Self Assessment records to keep should include evidence of eligibility, receipts, certificates, statements, or other documents that support the relief you are claiming and the amount claimed.
For charitable donations, Self Assessment records to keep should include Gift Aid declarations, donation receipts, bank transfers, and any correspondence confirming the donation and the charity receiving it.
For pension contributions, Self Assessment records to keep should include contribution statements, provider documents, payslips, and any records showing whether contributions were made net of tax or by relief at source.
If you are both employed and self-employed, Self Assessment records to keep should include your payslips, P60s, P45s, self-employment income records, expense records, and any documents relating to both sources of income.
If you use an accountant, Self Assessment records to keep should still include your underlying source documents, because the accountant prepares the return from your information but you remain responsible for keeping the supporting evidence.
If you do not keep Self Assessment records to keep, you may find it harder to complete an accurate return, prove your figures to HMRC, or defend claims and expenses, and you could face penalties if records are inadequate.
You should organise Self Assessment records to keep by tax year and category, such as income, expenses, bank records, mileage, assets, and reliefs, so they are easy to find and match to the figures in your return.
You can usually dispose of Self Assessment records to keep after the normal retention period has passed, but only if there is no ongoing enquiry, amendment, or other reason to keep them longer.
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