What GOV.UK says landlords should record
GOV.UK guidance on working out rental income says you must keep accurate records of the rent you receive and the expenses you incur. It also says your records must separate income from fully-furnished lettings and from unfurnished or part-furnished lettings.
The examples it gives include rent books, receipts, invoices, bank statements, and mileage logs for journeys made solely for the property business. GOV.UK's separate page on keeping pay and tax records for rental income likewise lists "rent books, receipts, invoices and bank statements".
This is general information, not tax or legal advice. Your situation may differ, so check the linked GOV.UK pages (and HMRC if you are unsure) for the rules that apply to you.
How long GOV.UK says to keep them
The guidance says: "You must keep your records for at least 5 years after the 31 January tax return deadline for each tax year." It also says HMRC can penalise you if records are inaccurate, incomplete, unreadable, or not kept for the required period, and that HMRC may check your records.
Because the period runs from a deadline rather than from the date of a payment, it helps to note which tax year each statement belongs to.
Expenses and the "wholly and exclusively" test
According to GOV.UK, you can deduct an expense only if it is wholly and exclusively for the purposes of renting out the property. If an expense is only partly for the rental business, you can deduct the business portion, provided that portion meets the same test.
The page also describes a property allowance of up to £1,000 a year of tax-free property income, and says that if you claim it you cannot also deduct expenses. Whether that suits you is a question for the guidance or HMRC, not this article.
How a spreadsheet can help you organise statements
Rent and costs often arrive through one account, mixed with personal spending. Converting statement PDFs into rows and columns gives you a working copy to sort and check. A spreadsheet does not replace the statement, and nothing here says it satisfies any HMRC requirement.
A simple layout, with made-up figures, might look like this:
Date Description Amount Property Type
2026-06-01 Rent received +950.00 Flat 1 Rent
2026-06-12 Plumber invoice 318 -140.00 Flat 1 Repairs
2026-06-20 Letting agent fee -95.00 Flat 2 ManagementWith a Property column you can filter each let separately, and a Type column lets you total rent and each cost category. You can add a column pointing to the invoice or receipt for each cost.
Check converted rows against the opening and closing balances before relying on totals. If you use a tool such as PDFtoRow to convert statements, keep the original PDFs as well.
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Frequently Asked Questions
Yes. Its guidance on working out rental income lists rent books, receipts, invoices, bank statements and mileage logs as examples of records.
At least 5 years after the 31 January tax return deadline for each tax year, according to its rental income guidance.
GOV.UK says an expense is deductible only if it is wholly and exclusively for the purposes of renting out the property, with a business portion allowed for partly-business costs.
Primary Evidence & Official References
- Work out your rental income when you let property — gov.uk (Verified 2026-10-29). Official source documentation →
- Keeping your pay and tax records: Rental income — gov.uk (Verified 2026-10-29). Official source documentation →