Files - how long should you keep them for?
#1
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Files - how long should you keep them for?
Probably and accounting question or maybe legal. Well, you know all your files (bills, bank statements, property purchases/sales, payslips etc.), how long should you keep them for? I heard that it was 5 years. Anything older isn't needed?
I'm just thinking of a purge of old docs but wanna make sure I have as much info as is required for the future should I need a loan, mortgage, start a business or whatever etc.
I'm just thinking of a purge of old docs but wanna make sure I have as much info as is required for the future should I need a loan, mortgage, start a business or whatever etc.
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I keep everything, thought you had too for at least 5 years too but we had a thread like this about 6 months ago and Im sure it came to light that you dont really need to keep any of them.... probably best to keep the last 3 months incase you ever had to apply for a loan/morgage etc.... still got a shoe box with every single wage slip in it from when I left school and started work.. so that will be 9 years worth of pay slips now must have a full tree
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Bank statements etc - keep them as far back as you feel comfortable, 12 months would usually be enough.
Tax / Pay Slips / dividens / interest etc is a slightly different issue, this site covers it, but basically it's 12 months after the closing date of the tax year that they occured in.
This increases to 5 years for property releated stuff. This is just a synopsis - read the page for more...
Tax / Pay Slips / dividens / interest etc is a slightly different issue, this site covers it, but basically it's 12 months after the closing date of the tax year that they occured in.
This increases to 5 years for property releated stuff. This is just a synopsis - read the page for more...
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Originally Posted by Tiggs
2 days....you can always get them from banks etc if you need them.
#7
Originally Posted by davegtt
I keep everything, thought you had too for at least 5 years too but we had a thread like this about 6 months ago and Im sure it came to light that you dont really need to keep any of them.... probably best to keep the last 3 months incase you ever had to apply for a loan/morgage etc.... still got a shoe box with every single wage slip in it from when I left school and started work.. so that will be 9 years worth of pay slips now must have a full tree
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Originally Posted by DrEvil
I thought P60s and P11Ds need to be kept for circa 6 years?
However, I believe Tiggs works in the finicial world and says you just chuck it all out and request a new copy if you need one. Sounds good to me.
#10
lol.....my advice was not official!
im sure there are lots of rules on what to keep and how long etc etc....PERSONALLY....unless its for fun (old files on 1st house etc) i chuck it out pretty soon after getting it (tax stuff is the only exception - and business records if you have one)
things like statements.......i fail to see the point. If the world trade centre can fall over and business goes on im sure i can chuck out a 2 month old savings account statement and not fall apart!
im sure there are lots of rules on what to keep and how long etc etc....PERSONALLY....unless its for fun (old files on 1st house etc) i chuck it out pretty soon after getting it (tax stuff is the only exception - and business records if you have one)
things like statements.......i fail to see the point. If the world trade centre can fall over and business goes on im sure i can chuck out a 2 month old savings account statement and not fall apart!
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There's no legal obligation for an individual to keep them, so bin the lot if you want, but keeping a years worth of payslips & your last P60 should cover any future loans etc.
(If you're trading as sole trader, partnership, ltd co, Vat registered it's very different.)
D
(If you're trading as sole trader, partnership, ltd co, Vat registered it's very different.)
D
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Originally Posted by Dunk
There's no legal obligation for an individual to keep them, so bin the lot if you want, but keeping a years worth of payslips & your last P60 should cover any future loans etc.
(If you're trading as sole trader, partnership, ltd co, Vat registered it's very different.)
D
(If you're trading as sole trader, partnership, ltd co, Vat registered it's very different.)
D
Failure to keep 'adequate' records and documents can lead to a fine of up to £3,000
#13
you have to be going some to get fined for it!
i have heard ( of someone that didnt keep any motoring bills yet claimed them all on self assesment.........theres always a deal to be though and they want things sorted as much as you.
(anyway - i'd pay £3k a year to have a paperless office )
i have heard ( of someone that didnt keep any motoring bills yet claimed them all on self assesment.........theres always a deal to be though and they want things sorted as much as you.
(anyway - i'd pay £3k a year to have a paperless office )
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If the IR investigate you it's unlikely to be over your employment (unless a Co director)
Keep two years p60's if your filing cupboard will cope.
For most whose income is 100% derived from an employer the minimal will suffice ...if you've a tax structure similar to Maxwell, you may want to get a filing cabinet & a shredder.
D
Keep two years p60's if your filing cupboard will cope.
For most whose income is 100% derived from an employer the minimal will suffice ...if you've a tax structure similar to Maxwell, you may want to get a filing cabinet & a shredder.
D
Last edited by Dunk; 01 June 2005 at 05:09 PM. Reason: Dodgy speeeling
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I kept pretty much everything over the years. However I now have a scanner for my PC and I've decided to scan it all, copy it on a CD, then bin it with the exception of about 12 months worth of paper history for tax purposes.
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Originally Posted by Graz
I kept pretty much everything over the years. However I now have a scanner for my PC and I've decided to scan it all, copy it on a CD, then bin it with the exception of about 12 months worth of paper history for tax purposes.
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