How to use it
- 1Find each kind of record you keep in the schedule and note when its period starts.
- 2Write the earliest destroy date on each year's file or folder, so clearing old records is a quick check.
- 3Before destroying anything, check no HMRC compliance check or enquiry is open for that period.
- 4Where one record serves more than one purpose, such as a sales invoice that's also a VAT record, keep it for the longest period that applies.
What each field means
- Record
- The kind of record, grouped by who keeps it.
- Keep for
- The minimum period in GOV.UK guidance or the law.
- Counted from
- When the period starts: a filing deadline, the end of a tax year or financial year, or the date of a meeting.
Why the periods differ
Each tax sets its own rule. Self-employed people keep business records for at least 5 years after the 31 January deadline. Companies keep accounting records for 6 years from the end of the financial year they relate to, and VAT Notice 700/21 asks for 6 years for every business record kept for VAT.
Employers keep payroll records for 3 years from the end of the tax year. If you're not self-employed, your own tax records only need keeping for 22 months after the tax year ends, as long as your return was on time.
Section 248 of the Companies Act 2006 sets the longest period here: minutes of directors' meetings are kept for at least ten years.
When to keep records longer
If HMRC opens a compliance check or enquiry, keep the records until it's finished, even past the normal limit. Company records also need keeping longer where a transaction covers more than one accounting period.
If the 6-year VAT rule causes serious storage problems or undue expense, HMRC may agree to a shorter period for some records. Contact HMRC before destroying anything early.
Licence and disclaimer
Free to use, copy and adapt for your own business or personal records. Please don't resell it or republish it as your own template.
A template is a starting point, not advice for your circumstances. Check the result against the GOV.UK guidance linked below, or ask an accountant.
Related
What else will you need?
- ChecklistSelf Assessment documents checklistBefore you file a Self Assessment return, gather your UTR and National Insurance number, your Government Gateway sign-in, any P60, P45 or P11D, your business and rental income and expense records, interest and dividend statements, details of anything you sold that may have made a gain, and records of pension contributions and Gift Aid.PDF
- ChecklistLimited company year-end checklistAt a limited company's year end, reconcile every bank and loan account, list unpaid invoices and bills, count stock, record asset purchases, review the director's loan account and check dividends were minuted.
- TemplateInvoice templateAn invoice must show a unique number, your business name and address, the customer's name and address, a description of what you supplied, the supply and invoice dates, and the total owed.PDFWordExcel
- TemplateBoard minutes: dividendBoard minutes for a dividend record the directors' meeting that decides to pay it: who attended, the profits available to cover it, the amount per share, the payment date and who is paid.PDFWord
Rather we did it?
Countify can handle this for you, for a fixed fee agreed upfront.
Questions
Frequently asked questions.
How long do I keep VAT invoices?
At least 6 years. Copies of sales invoices and purchase invoices are part of the VAT records HMRC expects you to keep.
How long do employers keep payroll records?
3 years from the end of the tax year they relate to.
How long do I keep records if I'm employed and file a tax return?
At least 22 months after the end of the tax year if you filed on time, or 15 months after you sent the return if it was late.
What if HMRC opens a check after the period ends?
Keep everything relevant until the check is finished. The usual periods are minimums.
Checked against GOV.UK on · Reviewed by Kamran Ishaq FCCA, Founder & CEO, on .
Sources: Business records if you're self-employed: how long to keep them (opens in a new tab) (HM Revenue & Customs); Keeping your pay and tax records: how long to keep your records (opens in a new tab) (HM Revenue & Customs); Running a limited company: company and accounting records (opens in a new tab) (HM Revenue & Customs); Record keeping for VAT (VAT Notice 700/21) (opens in a new tab) (HM Revenue & Customs); PAYE for employers: keeping records (opens in a new tab) (HM Revenue & Customs); Companies Act 2006, section 248: minutes of directors' meetings (opens in a new tab) (legislation.gov.uk); Gift Aid declarations: claiming tax back on donations (opens in a new tab) (HM Revenue & Customs).