Documents - What do you keep, and how long for?

fiveub · 19 Jul 2013 at 12:37

I am having a sort out, as I realise that I have hundreds of paper work! I want to throw away stuff, and tidy it up in sections.

What do you keep/throw away?

As for wage slips. I understand it is best to keep them, but how many years is best to keep? Or should I just keep them all, even from previous work?

Also, do you keep your old TAX discs, and University letters/work?

I want it all tidy and organised!

Going through old letters at the moment, most are being binned though.

Mickie · 19 Jul 2013 at 12:41

income records are supposed to be held for 5 years

aardvark · 19 Jul 2013 at 12:42

i thought it was 7??

fiveub · 19 Jul 2013 at 12:47

I shall keep them then!

Admiral Huddy · 19 Jul 2013 at 12:48

I actually thought is was 9?

I keep two years of banks statements.. and receipts for big items I've bought..TVs, soffas, PC equipment.. just for warranty issues really. Documents like old insurance, tax disk, etc straight in the bin when the are renewed.

darael · 19 Jul 2013 at 12:49

All bank statements, when I do get any, are shredded - PDF versions are normally available online.

Raymond Lin · 19 Jul 2013 at 12:50

Bank statements you can always request them from your bank (for a fee), although I do keep it.
I keep all payslips.
Receipts for expenses that tax deductable.
University education/qualification certificates.
Car - everything, makes selling it on more attractive to the buyer.

AJK · 19 Jul 2013 at 12:59

Pretty much every statement or utility bill I have is paperless now, so nothing to keep for the last 12-18 months (and pretty sure anything prior to that is gone). Payslips I keep, though I'm sure there's a few missing. P45s/P60s are all filed safely.

Anything expired (eg. old MOTs, tax discs) goes in the bin, but receipts for expensive stuff or car work I try to keep (again, sure a few are missing).

I'm not the best at paperwork tbh!

londonbairn · 19 Jul 2013 at 12:59

I only keep receipts for high value items (only if bought instore) and all flat related docs (boiler history, gaurantees, part p cert etc etc etc)

Everything else is a waste of space as you can print them online (Even our payslips can be printed online!)

Aeleys · 19 Jul 2013 at 13:15

I keep it all.

Mickie · 19 Jul 2013 at 13:18

aardvark said:
i thought it was 7??

5 years is what i thought, HMRC confirms this too

Xordium · 19 Jul 2013 at 13:21

Scan it then chuck the lot.

ci_newman · 19 Jul 2013 at 13:22

6 years for anything related to money (e.g. pay slips, bank statements), everything else goes in the bin when it is out of warranty.

Freakbro · 19 Jul 2013 at 13:29

If you are just an employee, or director then it's only 1 year after the 31st Jan following the tax year.

And as long as you have your P60, there is no need to keep payslips for that year.

HMRC said:
How long to keep your records

You must normally keep your records for another year after the online tax return deadline of 31 January, in case HMRC decides to check your return. The same date applies even if you've sent in a paper tax return.
An example

The tax return deadline for an online 2012-13 return is 31 January 2014.

You send your tax return in before this deadline.

You need to keep your records until 31 January 2015, one year later.

But if HMRC send you, or you send back your tax return very late, you may need to keep your records for longer. You need to keep them until the later of:

one year after the 31 January tax return deadline
fifteen months after the date you send your tax return

If HMRC has started a check

You may need to keep your records for longer if HMRC has started a check into your tax return. In this case you'll need to keep your records until HMRC writes and tells you they've finished the check.

It's only for self employed (Businesses) or more complex tax affairs that you need to keep them for 5 years after the 31st Jan following the tax year. (which is why people think it's 6 years)

'Harry · 19 Jul 2013 at 13:37

Shred it all after reading.

Pawnless Endgame · 19 Jul 2013 at 22:05

Xordium said:
Scan it then chuck the lot.

This. Everything else is already paperless. My department at work has gone paperless too.

panyan · 19 Jul 2013 at 22:12

Xordium said:
Scan it then chuck the lot.

scan every document? thatd take me ages

Meridian · 19 Jul 2013 at 22:43

Xordium said:
Scan it then chuck the lot.

HMRC require you to keep originals, I believe.

Personally I tend to extend the same five-year rule to all financial stuff, including utility bills etc. Legal stuff I tend to keep for life. Receipts I keep (assuming a value of over £50 at least) as long as I have the item in question, for insurance purposes.

d_brennen · 19 Jul 2013 at 22:48

Read/shred/bin. Don't really have anything important via post these days, bar insurance etc. Anything from my second bank account is above top secret, especially to her indoors

Receipts for big stuff goes in a folder probably (hopefully) never to be seen again

Xordium · 19 Jul 2013 at 22:51

Meridian said:
HMRC require you to keep originals, I believe.

They do but I don't have any dealings with them as I don't pay myself a wage.

panyan said:
scan every document? thatd take me ages

I get at most 2 a week I would have to scan - hardly a chore or I wouldn't do it. Plus I move house an awful lot - I don't like moving boxes of rubbish every time that sits there for ages. I have a rule if the box hasn't been opened in the 6 months after a move it gets chucked.