How long do I need to keep receipts UK?

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You must keep your receipts for at least 5 years after the 31 January submission deadline of the relevant tax year.

Since tax returns are filed nearly a year after the tax year ends, this usually means keeping records for about 6 years in total from the date of the receipt.

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How the dates work (Example)

To be safe, do not count 5 years from the day you bought the item. Count 5 years from the deadline of that tax return.

• Tax Year: 6 April 2024 – 5 April 2025
• Submission Deadline: 31 January 2026
• Keep Receipts Until: 31 January 2031

If you send your tax return late (after the deadline), the rules change slightly. You must keep records for 15 months after the date you actually sent the return.

What counts as a “receipt”?

HMRC needs proof of what you spent. This includes:

• Sales receipts (for goods/stock)
• Business expenses (train tickets, stationery, tools)
• Bank statements
• Invoices

Do I need to keep the paper copies?

No. HMRC accepts digital records.

Paper receipts fade and get lost. The best way to store them is to take a photo or scan them immediately. You can save these files on your computer, in the cloud (like Google Drive or Dropbox), or use a bookkeeping app (like Quickbooks, Xero, or simpler receipt-scanning apps).+1

Important: The digital copy must be legible. If the photo is blurry and HMRC can’t read the numbers, it doesn’t count.

What happens if I lose them?

If HMRC investigates you and you cannot prove your expenses, two things happen:

1. They disallow the expense: They will act as if you never spent that money, meaning your profit goes up and you have to pay more tax (plus interest).
2. Penalties: You can be fined up to £3,000 for not keeping adequate records.

Summary Checklist

• [ ] Keep everything for at least 6 years from the purchase date to be safe.
• [ ] Go digital to avoid fading ink and lost paper.
• [ ] Back up your digital files so you don’t lose them if your phone breaks.

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