What GOV.UK says about records for Self Assessment
GOV.UK guidance for business records applies to sole traders and partners in a business partnership. It says: "You must keep records of your business income and expenses for your Self Assessment tax return." The same page notes that if you do not prepare accounts, you will need to record your income and expenses for each tax year, which runs from 6 April to 5 April.
This article only covers that guidance. Other situations, such as employment income, rental income or capital gains, have their own pages on GOV.UK.
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.
Which records, and where bank statements fit
According to GOV.UK, the records to keep include all sales and income, all business expenses, VAT records if you are VAT-registered, PAYE records if you employ people, and records of your personal income.
The same page lists bank statements among the things that can serve as proof, alongside items such as chequebook stubs. It also says your records must be accurate and must let you identify business transactions. GOV.UK suggests asking your bank which type of account you can use for business.
The page does not say that records must be kept in a particular format, so it does not tell you whether to keep paper or digital copies. If format matters for your situation, check with HMRC.
How long GOV.UK says to keep them
According to GOV.UK, you must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year. The page also says that if you send your tax return more than 4 years after the deadline, you must keep your records for 15 months after you send the return.
Because the period is counted from a deadline rather than from the date of a transaction, it can help to note, for each batch of statements, which tax year it belongs to.
How a spreadsheet can help you organise statements
A bank statement PDF is awkward to total or filter. Converting it into rows and columns lets you work with the data. A spreadsheet does not replace the statement itself, and nothing here says a spreadsheet satisfies any HMRC requirement. It is simply a working copy that makes the original easier to organise.
A simple layout, shown here with made-up figures, might look like this:
Date Description Amount Tax year Category
2026-05-03 Supplier invoice 1041 -120.00 2026-27 Materials
2026-05-09 Client payment +850.00 2026-27 Sales
2026-05-15 Software subscription -18.00 2026-27 Office costsWith the data in columns you can sort by category, filter by tax year, and total income and expenses with a SUM or a pivot table. You can also add a column recording where the original statement is stored, so you can find it later.
Check the converted rows against the opening and closing balances printed on the statement before relying on the 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
GOV.UK says to keep them for at least 5 years after the 31 January submission deadline of the relevant tax year, with a different period of 15 months after sending the return if it is sent more than 4 years after the deadline.
Its business records page lists bank statements, along with chequebook stubs, as proof of your records. It also says records must be accurate and let you identify business transactions.
The pages read for this article do not specify a format. Check with HMRC if you need certainty about your situation.
Primary Evidence & Official References
- Business records if you are self-employed: Overview — gov.uk (Verified 2026-10-29). Official source documentation →
- Business records if you are self-employed: What records to keep — gov.uk (Verified 2026-10-29). Official source documentation →
- Business records if you are self-employed: How long to keep your records — gov.uk (Verified 2026-10-29). Official source documentation →