As a sole trader, HMRC requires you to keep your business records for at least five years after the 31 January Self Assessment deadline for the relevant tax year. So for the 2025/26 tax year, you must keep records until at least 31 January 2032. Records to keep include sales and income records, business expenses, bank statements, receipts, mileage logs, and any documents relating to assets you have bought or sold. HMRC can open an investigation into your tax affairs up to four years back in most cases (or up to 20 years if they suspect fraud), so keeping thorough records protects you if you are ever questioned.
