How to Keep Records HMRC Will Accept

Good record-keeping is the backbone of accurate tax returns. Whether you’re self-employed, a landlord, or a director, HMRC requires you to keep clear, reliable records — not just while preparing your Self Assessment, but for years afterwards.

Failing to keep proper records could mean penalties, lost expense claims, or unnecessary stress if HMRC ever asks questions.

📂 What Records You Need to Keep

• Invoices issued and received

• Bank statements and loan agreements

• Receipts for business expenses

• Sales and income records, including rental earnings

• Mileage logs (if claiming vehicle costs)

• Dividend vouchers and investment records (if applicable)
  

⏳ How Long to Keep Records

• At least 5 years after the Self Assessment deadline (31 January following the end of the tax year)

• Longer if under HMRC investigation or if you filed late

• For companies: at least 6 years of statutory records

🛠️ Best Practices for Stress-Free Record-Keeping

• Keep both digital and paper copies where possible

• Use accounting software (like Xero, QuickBooks, or FreeAgent) to track income and expenses automatically

• Set up secure cloud backups so you don’t lose important data

• Keep personal and business finances separate to avoid confusion

✅ Conclusion

Accurate, well-organised records don’t just keep HMRC happy — they make your life easier. With proper systems in place, you’ll file faster, maximise expense claims, and have peace of mind if HMRC ever reviews your accounts.