How long do I need to keep business records and receipts as a sole trader?

HMRC requires sole traders to keep business records for at least 5 years after the 31 January submission deadline for that tax year. For example, records for 2024/25 (filed by 31 January 2026) must be kept until at least 31 January 2031. HMRC can open an enquiry into your Self Assessment return during this period, and you need to be able to produce records to support your income and expenses claims. Records to keep: invoices issued to customers, receipts and invoices for all business expenses, bank statements, mileage logs, payroll records (if applicable), VAT records (if VAT registered, keep for 6 years), and evidence of any capital purchases. Digital records are acceptable — scanned receipts and photos of paper receipts are fine for HMRC, as long as they are legible. Apps and accounting software can help automate this.

  • Keep records for 5 years after the 31 January deadline for that tax year
  • HMRC can investigate any return within this window
  • Records include: sales invoices, purchase receipts, bank statements, mileage logs
  • VAT records: 6 years minimum
  • Digital records (scans, photos) are acceptable — use accounting software to stay organised

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