Records you must keep for Corporation Tax
Required records and how you can store them - explained
HMRC can investigate Corporation Tax returns for up to six years from the year-end (or longer for deliberate errors). Maintaining complete records from day one protects you in any enquiry.
Required records
- All sales invoices raised and receipts for all purchases
- Bank statements for all company bank accounts
- Records of all director and employee expense claims with receipts
- Asset purchase invoices (for capital allowance claims)
- Board minutes for all dividend declarations
- Director's loan account movements and any supporting documentation
Digital records in Xero
Documents attached to transactions in Xero and stored in the cloud count as your retained records. Export and back up your Xero data annually. We maintain records on our system as your accountants, but you should also maintain your own independent copy.
💡 Good to know: Six years is the minimum retention period. For any period where there is any possibility of an error or unusual transaction, retain records indefinitely. Storage is cheap. The cost of reconstructing records years after the fact is not.
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