Records retention is keeping business records for as long as the law or your own needs require, then disposing of them securely. Tax rules set a minimum time to keep financial records, and data protection law sets a ceiling, because personal information shouldn’t be kept for longer than it’s needed.
The main UK minimums
| 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 |
So a sole trader who sent their 2022 to 2023 return online by 31 January 2024 keeps those records until at least the end of January 2029. VAT, payroll and some regulated records have their own periods, so your accountant can confirm what applies to your business.
At Wigwam
A unit is a calm, secure home for the boxes you must keep but rarely open. Every unit has its own alarm, the outside doors have access control, and our CCTV is monitored around the clock by a professional monitoring company. You can fetch a file whenever your accountant asks, during access hours, normally 6am to 10pm, seven days a week.
A few habits make retention easy:
- box records by year, and mark each box with the date it can be destroyed;
- keep the index of what’s in each box at the office;
- use lidded archive boxes on freestanding shelving, off the floor, and pack everything dry;
- when a box passes its date, use a confidential shredding firm that gives you a certificate of destruction.
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 keep scans of anything important. Deeds and share certificates can’t be stored with us, so keep those with your bank or solicitor. Our document storage page has more on setting up an archive.
Related terms
Related questions
- How much contents cover do I need, and can I change it later?
- Can I store cash, jewellery or other valuables?
- Is self storage suitable for confidential client records?
- How long must UK businesses keep records, and can they stay in storage?
Further reading