<p>You need to keep your receipts for expenses for at least five years after the 31 January submission deadline for the relevant tax year. <br></p><p>It helps to minimise paperwork wherever possible, so we recommend taking a picture of your receipts and storing these images away digitally. You can use cloud storage platforms like <a href="https://www.dropbox.com/features/cloud-storage" target="_blank">Dropbox</a> or an expenses app like<a href="https://www.expensify.com/" target="_blank"> Expensify</a>.</p>
Small Business Accountants
Do I need to retain expense receipts?
UK limited companies must keep expense receipts and supporting records for at least six years from the end of the financial year they relate to, and sole traders for five years after the 31 January self-assessment filing deadline. Receipts can be stored digitally provided the images are clear and accessible, which MTD for VAT and ITSA both encourage. Records are needed to substantiate every expense claim if HMRC raises a compliance check.
