Now that the 2025/26 self-assessment season is upon us, it’s the perfect time to revisit an often-overlooked question – how long should you keep your tax records? 

Although there are no strict rules on how records must be kept, HMRC does require that they are retained either on paper, digitally, or within appropriate accounting software. 

🧾 Personal (Non-Business) Tax Records 

For individuals completing self-assessment returns, you are generally required to keep your records for at least 22 months after the end of the relevant tax year. 

For example: 

• Tax year ended 5 April 2025  
• Records must be kept until at least 31 January 2027  

If you submit your tax return late, the requirement changes – you must retain records for at least 15 months from the date of filing.

📑 What records should you keep? 

Typical documents include: 

• Employment income records (e.g. P60, P45, P11D)  
• Expense records (e.g. tools, travel, specialist clothing for work)  
• Social security benefits (e.g. Statutory Sick Pay, Maternity/Paternity/Adoption Pay, Jobseeker’s Allowance)  
• Employee share schemes or share-related benefits  
• Savings, investments and pension statements  
• Pension income (including State Pension and tax deducted)  
• Rental income and allowable expenses  
• Capital Gains Tax-related income  
• Foreign income  

This list isn’t exhaustive – if it supports your tax return, it’s recommended to keep it. 📁 

🏢 Business Records 

For self-employed individuals, the rules are more extensive. You must usually keep business records for at least five years after the 31 January submission deadline. 

For the 2024–25 tax year, this means records should be kept until at least: 
👉 31 January 2031 

Failing to maintain accurate and complete records can lead to penalties, so good record-keeping is essential. 

💡 Perrigo Perspective 

At Perrigo Consultants, we often see clients underestimate just how long HMRC expects documentation to be retained. It’s not just about compliance – it’s about protection. 

Good record-keeping: 

• Reduces stress if HMRC makes an enquiry  
• Helps ensure claims and deductions are fully supported  
• Makes future tax returns quicker and more accurate  
• Provides clarity if your financial situation becomes more complex 

In short, tidy records today can save significant time, money, and headaches tomorrow. And while it may not be the most exciting admin task, it’s one of the most valuable habits you can build. 📊 

Internet Link – Keeping your pay and tax records: How long to keep your records – GOV.UK 

If you’d like help reviewing your record-keeping systems or ensuring you’re fully compliant, the Perrigo team is here to support you.