How Long Should You Keep Receipts? Retention Rules by Country
Compliance & Regulation · 2026-01-25 · 6 min
Tax authorities in different countries require different retention periods for financial records. Here is how long you need to keep receipts, invoices, and bank statements.
The United States requires businesses to keep tax records for at least three years from the date of filing. However, the IRS can audit up to six years if they suspect underreported income of 25% or more, and there is no time limit for fraud or unfiled returns. The practical recommendation is seven years for all financial records.
The United Kingdom requires businesses to keep records for six years from the end of the last company financial year they relate to. Self-employed individuals must keep records for at least five years after the January 31 tax return deadline. VAT records must be kept for six years.
Germany has one of the longest retention periods: ten years for accounting records, invoices, and annual financial statements. In France, the period is also ten years for accounting documents but six years for business correspondence. The EU does not have a uniform standard, so businesses operating across borders must follow the longest applicable period.
Digital records are accepted by virtually all tax authorities, provided they are legible, complete, and unaltered. Cloud accounting systems that store original receipt images alongside extracted data satisfy retention requirements automatically. The key is ensuring your system provider guarantees long-term storage and data export capability.
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