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By law you must keep your records for seven years before you are allowed to destroy/ delete them. Most commonly electronic PDF copies of reports are kept. Printed copies may also be kept, but this is less common today. Cloud storage space is relatively cheap, it is therefore possible to keep larger amounts of data at relatively low cost.
Backups
Keeping backups of data with the intention of restoring those backups to extract reports is not recommended in the long term. It may prove difficult to restore an old backup taken on an older software version that is no longer supported.
Backups should be stored on a safe storage medium, see FAQ topic: ‘Backup - Storage Media.’