What Records to Keep as Self-Employed

If you're self-employed, HMRC expects you to keep records of all your business income and expenses. These records support the figures on your Self Assessment return — and if HMRC opens a compliance check, you'll need to show them.

This guide covers what to keep, how long to keep it, and practical ways to stay organised.

What Records You Need to Keep

HMRC doesn't prescribe a specific system, but you need records that show your income and expenses clearly. Here's what that includes:

Income Records

• Sales invoices you've sent to clients
• Till rolls or receipts for cash sales
• Bank statements showing payments received
• Records of any other income (interest, grants, side income)

You need to record the full amount of each sale or payment, including the date and who paid you.

Expense Records

• Receipts for goods and materials you've bought
• Invoices from suppliers and service providers
• Bank and credit card statements showing business payments
• Mileage logs if you claim vehicle expenses
• Utility bills if you work from home and claim a proportion

For each expense, keep a record of the date, amount, and what it was for. A receipt alone isn't always enough — if it doesn't clearly show the business purpose, add a note.

Bank Records

• Business bank statements (all of them, every month)
• Personal bank statements if you use a personal account for business
• Credit card statements for any cards used for business purchases
• PayPal, Stripe, or other payment platform records

Additional Records (Traditional Accounting)

If you use traditional accounting rather than cash basis, you also need to keep records of:

• Amounts owed to you but not yet paid (debtors)
• Amounts you owe but haven't paid (creditors)
• Stock value at the end of the year
• Year-end bank balances
• Money you've taken out of the business for personal use
• Money you've put into the business from personal funds

VAT Records

If you're VAT-registered, you need separate VAT records including:

• VAT charged on sales
• VAT paid on purchases
• VAT account summaries

PAYE Records

If you employ anyone (even occasionally), keep payroll records showing wages paid, tax and National Insurance deducted, and any statutory payments.

How Long to Keep Records

The general rule: at least 5 years after the 31 January submission deadline for the relevant tax year.

Example for the 2025/26 tax year:

• Tax year ends: 5 April 2026
• Filing deadline: 31 January 2027
• Keep records until: 31 January 2032

Tax year	Filing deadline	Keep records until
2023/24	31 January 2025	31 January 2030
2024/25	31 January 2026	31 January 2031
2025/26	31 January 2027	31 January 2032

If you file late: Keep records for 15 months after the date you actually submitted your return.

In practice, keeping records for 6 years is a safe default that covers most situations.

Digital vs Paper Records

HMRC accepts both digital and paper records. There's no requirement to use software — but digital records are easier to organise, search, and back up.

Paper records:

• Store in labelled folders by tax year
• Keep originals where possible
• Protect from damage (fire, water, fading)

Digital records:

• Scan or photograph receipts (phone camera is fine)
• Use cloud storage for automatic backup
• Organise by tax year and category (income, expenses, bank statements)
• Accounting software can automate much of this

Tip: If you photograph a paper receipt, make sure the image is clear and readable. A blurry photo won't help if HMRC asks to see it. Many people photograph receipts immediately and keep the originals until the end of the tax year, then dispose of the paper copies once the digital versions are safely backed up.

What Happens If You Lose Records

If records are lost or destroyed, you need to:

1. Recreate what you can — request duplicate bank statements, download invoices from email, ask suppliers for copies
2. Estimate where necessary — use your best reasonable estimate based on available evidence
3. Declare it — when filing your return, note that some figures are estimates

HMRC understands that records can be lost, but you're expected to make a genuine effort to reconstruct them. Repeated failure to keep adequate records can lead to penalties.

Practical Tips for Staying Organised

Use a Separate Bank Account

This is the single most helpful thing you can do. A dedicated business account means every transaction is business-related by default — no need to sort through personal purchases.

Record Expenses Weekly

Don't leave it until January. Spend 15 minutes each week logging expenses and filing receipts. A small weekly habit prevents a large annual headache.

Photograph Receipts Immediately

Paper receipts fade. Take a photo the same day and save it to a dedicated folder. Some accounting apps let you snap receipts and automatically extract the details.

Back Up Everything

Keep records in at least two places. Cloud storage (Google Drive, Dropbox, iCloud) plus a local copy is a reliable approach. If your laptop breaks, your records survive.

Label Clearly

Whether paper or digital, label everything with:

• Date
• Amount
• What it was for
• Category (travel, materials, office supplies, etc.)

A receipt for "£47.50 — Screwfix — drill bits for client job — 14 March 2026" is far more useful than an unlabelled photo of a faded receipt.

What HMRC Can Ask For

During a compliance check, HMRC can request:

• Your full business records (income and expenses)
• Bank statements
• Specific receipts or invoices
• Explanation of how you calculated certain figures

You'll usually get a written request with a deadline to respond. Cooperating promptly tends to resolve checks faster.

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This guide is for informational purposes only and does not constitute tax, legal, or financial advice. Tax rules change frequently. Always verify current requirements on GOV.UK or consult a qualified accountant for your specific situation.

Official Sources

• Keeping your pay and tax records - GOV.UK
• Self Assessment tax returns - GOV.UK
• Expenses if you're self-employed - GOV.UK