How long to keep business records in the US, UK, Canada and Australia (and a simple filing system)
Receipts pile up. Invoices live in email. Bank statements sit in three different apps. Then one day you need a document from two years ago, and you cannot find it.
This article answers two questions:
- How long do you have to keep business records? (US, UK, Canada, Australia)
- How can you store them so you can find any document in a minute?
The periods below come from the tax agencies' own pages, checked on October 19, 2026. Rules have exceptions, and they change. Check the linked page for your country, or ask your accountant, before you throw anything away.
How long to keep records
| Country | General rule | Source |
|---|---|---|
| United States | 3 years in the usual case. Longer in some cases (see below). | IRS, "How long should I keep records?" |
| United Kingdom (self-employed) | At least 5 years after the 31 January submission deadline of the tax year | GOV.UK, "Business records if you're self-employed" |
| Canada | 6 years from the end of the last tax year the records relate to | CRA, "Where to keep your records, for how long…" |
| Australia | Most records: 5 years | ATO, record keeping for business |
United States: the main exceptions
The IRS lists several cases where 3 years is not enough:
- 3 years from filing or 2 years from paying the tax, whichever is later, if you file a claim for a credit or refund after you file your return.
- 7 years if you claim a loss from worthless securities or a bad debt deduction.
- 6 years if you leave out income that is more than 25% of the gross income shown on your return.
- Indefinitely if you do not file a return, or if you file a fraudulent return.
- Employment tax records: at least 4 years after the tax becomes due or is paid, whichever is later.
United Kingdom
For Self Assessment, GOV.UK says to keep records for at least 5 years after the 31 January submission deadline of the tax year. If you send your return more than 4 years after the deadline, you only need to keep them for 15 months after you send it. Limited companies follow different rules.
Canada
The CRA's general rule is six years, counted from the end of the last tax year the records relate to. Some records, such as certain property and corporate records, must be kept longer.
Australia
The ATO says most records must be kept for 5 years. The period generally starts from when you prepared or obtained the record, or completed the transaction, whichever is later. Records for depreciating assets are kept for longer, and other regulators (such as ASIC for companies) can set their own periods.
Quick check: our free Record Retention Calculator gives you a keep-until date for your country and tax year.
Can you keep them digitally?
In all four countries, digital records are generally accepted, as long as they are complete, readable and kept for the full period. Australia's ATO, for example, says that once you have saved a true and clear image of a paper record, you generally do not need to keep the paper, unless a specific law says otherwise. Check your own agency's rules for scanned copies before you shred originals.
A simple filing system that works
You do not need special software. One folder per year and a clear file name will do.
1. Folders
Business records/
2026/
01 Sales invoices/
02 Purchase receipts/
03 Bank and card statements/
04 Payroll/
05 Tax returns and letters/
When a new year starts, copy the empty folder set and rename it.
2. File names
Use the same pattern every time:
2026-10-19_SupplierName_123.45_receipt.pdf
Date first (year-month-day), so files sort in order. Then who, how much, and what kind of document. Now a search for "SupplierName" or "2026-10" finds the file in seconds.
3. A once-a-month routine (15 minutes)
- Download the month's bank and card statements into folder 03.
- Save every receipt photo or email PDF into folder 02 and rename it.
- Check that every income line on the bank statement has an invoice in folder 01.
- Back up the folder (a second drive or a cloud service).
4. Know when you can delete
Add a small text file to each year's folder, such as KEEP UNTIL 2032.txt, using your country's rule above. Then the decision is already made when the time comes.
Find out what else you could automate
Record keeping is one of many small admin jobs. Our free Small Business Automation Check asks which country you are in, your industry and your tasks, and shows which jobs are easiest to automate and how to start.
Sources
- IRS: How long should I keep records?
- GOV.UK: Business records if you're self-employed: how long to keep your records
- CRA: Where to keep your records, for how long and how to request permission to destroy them early
- ATO: Overview of record-keeping rules for business
This article is general information, not tax or legal advice.