GOV.UK’s main rules are that a limited company keeps its accounting records for 6 years from the end of the last financial year they relate to, and a sole trader keeps business records for at least 5 years after the 31 January tax return deadline. Paper records can stay in a storage unit for that whole time, as long as they’re organised, dry and easy to find.
The main time limits
| Records | How long GOV.UK says to keep them |
|---|---|
| Limited company accounting records | 6 years from the end of the last company financial year they relate to, or longer in some cases |
| Sole trader business records | At least 5 years after the 31 January submission deadline for that tax year |
| VAT records | Generally at least 6 years |
| Payroll records | 3 years from the end of the tax year they relate to |
A company keeps them for longer if they show a transaction covering more than one accounting period, if it bought something expected to last more than 6 years (like equipment or machinery), if a Company Tax Return went in late, or if HMRC has started a compliance check.
For a sole trader, GOV.UK gives this example: if you sent your 2022 to 2023 tax return online by 31 January 2024, you keep those records until at least the end of January 2029.
Some records follow other rules, such as those showing you’ve paid the minimum wage, and personal information shouldn’t be kept for longer than it’s needed. This is a summary of the general rules, so your accountant can confirm what applies to your business. We’ve written more on how long small businesses keep records.
If you’re a limited company, GOV.UK also says you must tell Companies House if you keep the records about the company itself, such as details of shareholders and their votes, somewhere other than your registered office. Have a word with your accountant before those particular files move.
Keeping your records in a unit
- Box records by year, and mark each box with the date it can be destroyed.
- Keep an index of what’s in each box at the office, so you can find a file quickly.
- Use lidded archive boxes on freestanding shelving, off the floor, and pack everything dry, avoiding plastic bags, which can trap moisture.
- When a box passes its date, use a confidential shredding firm that gives you a certificate of destruction.
Access is normally 6am to 10pm, seven days a week, so you can fetch a file when your accountant or HMRC asks for it. Every unit has its own alarm, and our sites are watched by CCTV, monitored around the clock by a professional monitoring company.
Everything stored needs cover, through our contents protection or your own policy. For documents, cover pays for replacing or reprinting the paper itself, not the information in it, so a scanned copy of anything important is worth keeping.
To find a unit for your archive, see our document storage page, get a price online, or call us on 0800 2545585.
Related questions
- How much contents cover do I need, and can I change it later?
- Can I use my storage unit as a business address?
- Do you provide VAT invoices for business storage?
- Is self storage suitable for confidential client records?
- What’s the difference between business and personal storage units?
Further reading