What records do I need to keep for my business and for how long?

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Expert Bookkeeping Services · Accepted Answer

Keep sales and purchase invoices, receipts, bank statements, payroll records and tax returns. Retention depends on country, tax, entity and record type. US income-tax records commonly have a three-year period with exceptions; UK, Australian and Canadian requirements also vary. Check the specific rule before deleting records. Retention is not one universal number Record-retention periods depend on the country, tax type, entity and document. US federal income-tax records commonly have a three-year period in ordinary cases, with longer periods for particular circumstances; employment and asset records follow other rules. Keep records longer where an audit, dispute or ongoing asset requires them. Make the archive usable Store readable invoices, receipts, statements, payroll records and filed returns with backups and restricted access. Retain evidence of purchase and disposal for long-lived assets. Confirm the applicable rule with the official authority or your adviser before deleting anything; a general country estimate is not a document-destruction policy.

What records do I need to keep for my business and for how long?

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Detailed answer

Retention is not one universal number

Make the archive usable

Official sources

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