What to Keep and What to Dispose of for the New Financial Year Back

Last Updated in November 2025.

Documents You Should Keep for the New Financial Year

There are many important documents you should keep when starting the new financial year. We understand that storing large amounts of paperwork at home can feel overwhelming; however, if HMRC ever needs to access your financial information, you must have the correct evidence available.

If you are self-employed or running a business, you must keep your records for at least five years after the 31 January deadline of the relevant tax year. This is slightly different from keeping records for five years after you file, so it is essential to understand the distinction. If you submit your return late, or if HMRC opens an enquiry, you must keep records for longer.

If you operate as a limited company, most financial records must be kept for six years from the end of the accounting period. Some statutory records for company administration must be retained for much longer and may need to be kept for the lifetime of the business.

You should keep receipts and invoices for all business purchases that qualify as allowable business expenses. It is helpful to clearly identify relevant items on each receipt so that searching is quick and efficient. If you claim business use of your home, you may also need to keep utility and energy bills to justify the proportion used for work purposes. Many suppliers provide account information and statements digitally, so you may already have access to them online. If they are stored digitally, we recommend placing them in a secure folder and backing them up regularly.

Bank statements are also essential records. Online banking allows easy searches by date or amount; however, if you use a personal account for both business and personal spending, you must clearly identify which transactions relate to your business.

Another essential category of documents includes copies of client agreements or contracts. These confirm that work was completed and help ensure that information submitted in your tax returns is accurate.

You should also retain evidence of money received that is not treated as taxable income, for example, Gift Aid confirmations if you claim tax relief, or pension documentation. Certificates and statements should match the amounts that appear in your financial records.

Documents to Dispose of for the New Financial Year

Once the legal storage period has passed, meaning five years after the 31 January deadline for sole traders, or six years after the end of the accounting period for limited companies, you may dispose of documents that are no longer required. However, records relating to property, assets, or matters under enquiry should be kept for longer where necessary.

Any documents that contain personal information, such as names, addresses, telephone numbers, or banking details, relating to clients or staff you no longer work with and that are no longer legally required, should be securely destroyed to prevent data breaches and protect confidentiality under data protection principles.

You should also dispose of expired insurance paperwork or records that no longer hold any legal or financial value.

How We Can Help Properly Secure Your Documents

For documents you still need to retain for legal or tax purposes, finding a secure, organised storage location can be challenging. At Secure Storage Services, we provide storage for legal documents in high-security archive facilities, where they are protected from unauthorised access, theft, and accidental damage. We take confidentiality seriously and ensure that all handling is controlled and monitored.

Our storage facilities have internal and external CCTV, intruder alarms, and fire detection systems, all monitored around the clock. If any unusual activity occurs, our security team will investigate immediately.

Alongside our storage solution, we also offer legal document scanning services, which will create digital copies of all your documents, carried out in full compliance with GDPR regulations.  

Only authorised employees can access our secure storage areas. We never outsource this responsibility, so your documents are only handled by trained staff. A monitored electronic gate system protects our premises to deter unauthorised entry.

Disposing of Unimportant Documents

When disposing of documents, placing them in household waste or tearing them up by hand is not secure and may result in identity theft or data breaches.

At Secure Storage Services, we offer legal document shredding services for paper files, discs, hard drives and other formats. We agree on a fixed price for your shredding requirements and collect the materials in a secure vehicle for transport to our facility. There is no need to remove staples, Post-it notes, clips or binding equipment.

Once your documents arrive at either our Liverpool or Wirral depot, they are shredded and processed in accordance with Environment Agency requirements and British Standard BS EN 15713 for secure disposal. Our industrial equipment provides a far higher level of security than standard home shredders and completes the process efficiently and safely.

If you would like more information about secure storage or safe document destruction, please call us on 0151 293 4000, and we will be happy to help.