A question I get asked a lot of the time is “how long do I really need to keep my receipts for the HMRC?” and it’s usually asked due to a lack of receipt space in the office! 🙂
Unfortunately I’m here to break the news that you will need to keep your receipts for quite a while and it differs slightly depending on if you’re Self-Employed/Partnership or a Limited Company:
Self Employed or in a Partnership
You have to keep your receipts for a minimum of 5 years from the 31st January each tax year. If you know you filed your return late one year, then you’ll need to retain the receipts linked to that return for 5 years as of the date you filed your return.
If you’re running a company then you have to keep your receipts for at least six years from the 31st January each tax year. Again, if you filed a return late, then all the receipts linked to that return will need to be kept for six years as of the date you filed the late return.
A small chance here for me to upsell! If you are signed up for a Zlogg account then every receipt you take a picture of or upload into your account will remain in there for 6 years, so you never again have to worry about storing all your receipts in hundreds of boxes and running out of space! All your receipts are kept on the cloud within your account to access at any time.
I hope that helps and if you want anymore information just contact me at email@example.com
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