Records retention is keeping business records for as long as the law or your own needs require, and then disposing of them securely. It sets a minimum and, for personal data, a ceiling.
The minimums HMRC sets (UK)
| Who | GOV.UK wording |
|---|---|
| Self-employed (sole trader or partner) | "at least 5 years after the 31 January submission deadline of the relevant tax year" |
| Limited company | "6 years from the end of the last company financial year they relate to, or longer if" (for example, "HMRC has started a compliance check") |
| VAT-registered business | "at least 6 years (or 10 years if you are using the VAT One Stop Shop (OSS) scheme or used the VAT Mini One Stop Shop (MOSS) scheme)" |
| Employer (PAYE) | "3 years from the end of the tax year they relate to" |
GOV.UK's example: a 2022 to 2023 return sent online by 31 January 2024 means keeping records "until at least the end of January 2029". Firms under the Money Laundering Regulations 2017 keep due diligence records for "five years" after the business relationship ends, then "must delete any personal data obtained for the purposes of these Regulations" unless an exception applies.
The ceiling comes from the ICO: "The UK GDPR does not set specific time limits for different types of data", but "You must not keep personal data for longer than you need it". Client, tenant and employee files usually hold personal data.
Records in a Wigwam unit
A unit suits boxes you must keep but rarely open. Access is normally 6am to 10pm, seven days a week, but hours vary by site; check your site's page (Cheltenham's shows two sets). You file, find and remove your own boxes: our guide says Wigwam "does not manage, index, retrieve or sign for documents".
For archive boxes, the median (middle value) of the listed prices for 10 sq ft is about £42 per four weeks and for 25 sq ft about £78, before any introductory offer. Nothing is added at checkout: the total in your quote is what you pay, and our prices include VAT. Find a site.
Two limits matter. Clause 18(i) of our terms bars "currency, deeds and securities", and 18(j) bars "items which are unique in nature and/or where the value to You cannot be assessed on a financial basis"; ask us on 0800 2545585 before moving irreplaceable originals.
Under clause 30 goods are stored "at Your sole risk", and "All customers require contents protection for their stored goods", through our cover or your own insurance. If records are lost, GOV.UK tells the self-employed "If you cannot replace your records, you must do your best to provide figures" and to tell HMRC when using estimates, so keep scans where you can.
For firms holding client files: your regulator's period can be longer than HMRC's; ask your compliance lead.
Related terms: Retention schedule · Document storage · Confidential waste · Full replacement value
Related questions: How long do UK small businesses need to keep financial records? · Do I need insurance for my unit?