How Long Should You Keep Receipts? US and UK Rules

In the US, the IRS generally expects you to keep the records behind a tax return for 3 years after you file it. In the UK, self-employed people keep them for 5 years after the 31 January filing deadline, and limited companies for 6 years from the end of the financial year. Several situations stretch those periods, though, and the clock usually starts later than people assume.

Here's what each tax authority says, how to work out your actual date, and a filing setup that makes "can I throw this away?" easy to answer.

The short answer, in one table

Other countries have their own rules: Canada's CRA and Australia's ATO both publish theirs. If you trade in more than one country, the longest period that applies to you is the one that matters.

When does the clock start?

Usually not on the day you bought something.

In the US, the standard 3 years run from the date you filed the return the receipt supports. Say you buy a laptop for your business in January 2026. It goes on your 2026 return, which you file in April 2027. You'd keep the receipt until at least April 2030, more than four years after the purchase.

In the UK, the self-employed period runs from the online filing deadline. The 2025–26 tax year ends on 5 April 2026, its return is due by 31 January 2027, and the records should be kept until at least 31 January 2032. A receipt from April 2025 can therefore need keeping for almost seven years.

If you'd like one simple rule, keeping records for seven years after you file the return they support clears every standard period in the table above, in both countries. It doesn't cover the special cases in the next section, and it isn't a substitute for asking an accountant about your own situation.

Records to keep for longer

Some records outlive the standard periods:

• Property. The IRS says to keep records relating to property until the period of limitations runs out for the year you dispose of it. If you sell a rental property in 2040, the purchase and improvement receipts from 2026 still matter.
• Equipment and long-lived assets (UK companies). GOV.UK says to keep records for more than 6 years if you bought something expected to last longer than that, like machinery, if a transaction spans several accounting periods, if your Company Tax Return was late, or if HMRC has started a compliance check.
• Anything under dispute. If a tax authority is asking questions, keep everything until it's settled.
• Warranties and returns. No tax rule here, just common sense. Keep the receipt for as long as the warranty runs.

What a receipt needs to show

A bank statement proves you paid someone. It usually doesn't prove what you bought. The IRS says supporting documents for an expense should show:

• who you paid,
• how much,
• proof that you paid,
• the date, and
• a description of what you bought.

It lists canceled checks or transfer records, cash register receipts, account statements, card receipts and statements, and invoices as typical documents, and notes that you may need more than one to cover everything. In practice, that means keeping the itemized receipt or invoice as well as the card statement.

For VAT, the bar is higher: a valid VAT invoice has specific required details. If you reclaim VAT, the receipt itself matters, not just the payment.

Can you keep digital copies?

Yes, in both countries, with conditions.

The IRS accepts electronic records, but notes that every requirement for paper records applies to electronic ones too. A digital copy has to be complete and readable.

HMRC's VAT guidance is more specific. If you scan an invoice and keep an image that shows all the required VAT details, you don't need to keep the paper original unless you need it for another reason. If you only type the numbers into software, keep the original, because a typed summary isn't a true copy of the document.

The practical rule: keep the original file or a clear scan, not just the numbers. A spreadsheet row saying "Hardware store, $86.40" helps you find a receipt. It doesn't replace one.

This is how ExpenseCatcher works: the PDF, photo or email you forward is saved as a file in your own Google Drive, and the numbers go into a separate row in your sheet with a link back to the file.

Make "can I delete this?" easy

The easiest system to clean up is one organized by year:

1. One folder per tax year, with everything for that year inside. ExpenseCatcher's Drive step can file into year or year-and-month subfolders on its own. Here's how bookkeepers set it up.
2. One spreadsheet row per receipt, with the date, vendor, total and a link to the file. That's how you find a receipt in seconds when someone asks.
3. Once a year, check the oldest folder. If its retention period has passed and none of the exceptions apply, archive or delete it as one unit, after checking with your accountant if you have one.

You never have to decide receipt by receipt. You decide one year at a time.

The bottom line

• US: 3 years from filing is the baseline. Six, seven or indefinitely in the cases above.
• UK: 5 years after the January deadline if you're self-employed, 6 years for companies and VAT.
• Property and long-lived assets: keep those records until well after you sell.
• Digital copies are fine if they're complete and readable. Keep the file, not just the figures.