How long do you need to keep receipts for HMRC?

If you are self-employed or run a business in the UK, the statutory deadline for keeping receipts is longer than most people think.

The statutory retention period does not run from the date on the receipt. It runs from the 31 January submission deadline of the tax year the receipt relates to.

A receipt from May 2025 belongs to the 2025/26 tax year. The filing deadline for that return is 31 January 2027. Counting forward five years means you must keep that receipt until 31 January 2032 — nearly seven years after you paid for the item.

What records HMRC expects you to hold#

HMRC requires sole traders and companies to keep records of all sales and business expenses. For expenses, this means:

• All receipts and invoices for goods and services bought.
• Bank and credit card statements showing business payments.
• Mileage logs for business travel in private vehicles.
• Till rolls and sales slips if you take cash.
• Proof of purchases that have mixed private and business use (such as phone bills or broadband) showing how you worked out the business portion.

Bank statements alone are not sufficient proof of deductible business expenses. A bank statement proves money left your account, but it does not prove what was purchased or that it was incurred "wholly and exclusively" for business. Without an itemized receipt or invoice, HMRC can disallow the expense in a compliance check.

What has to be on a UK receipt or invoice?#

For small purchases, a standard till receipt showing:

1. The retailer's name and address
2. The date of purchase
3. The items purchased and quantities
4. The amount paid

For purchases over £250 from VAT-registered suppliers where you intend to reclaim VAT, HMRC rules require a full VAT invoice containing the supplier's VAT registration number, the tax rate charged, and a breakdown between net and VAT.

Are digital copies and photos accepted?#

Yes. HMRC actively encourages digital record-keeping, especially with the rollout of Making Tax Digital (MTD).

Under HMRC guidelines and VAT Notice 700/21:

• You do not need to keep physical paper receipts in shoeboxes or lever-arch files.
• Scanned copies and smartphone photographs are legally valid, provided the images are legible and capture any printed information on the reverse.
• Once photographed or scanned into a secure system, paper receipts can be safely shredded and recycled.

Using Bilbx to scan receipts ensures that VAT amounts, supplier VAT numbers, and line items are extracted and stored securely in the cloud, safeguarding your deductions across the entire five-year retention window.