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How long do you need to keep paperwork for?

(7 Posts)
IlanaK Sat 31-Oct-09 21:25:30

I am starting to pack up for moving house and we have loads of box files full of old bills etc. I would really like to not have to move them with us. How long do you have to keep them for? And is it different times for businesses as I sold a business and have paperwork relating to that too.

TimothyTigerTuppennyTail Sat 31-Oct-09 21:27:12

I think it's 7 years for business and 3 years for personal stuff, but that's probably if you have to deal with the tax man.

IlanaK Sat 31-Oct-09 21:30:53

7 years? Urgh - that's a lot of paperwork to keep.

I wonder if there is somewhere to look this up.

TimothyTigerTuppennyTail Sat 31-Oct-09 21:39:46

Here?

IlanaK Sat 31-Oct-09 21:56:03

Thanks, but that is an American site so not sure it is the same for us?

mellifluouscauliflower Sat 31-Oct-09 21:56:04

We keep 6 years' records. This is because after 6 years you can't be sued for anything - except in case of fraud or things under deed like mortgages (which we keep all docs for).

MrAnchovy Sun 01-Nov-09 01:46:49

For most tax purposes the answer is here. For capital gains tax, you should keep all records relating to the asset from the date you purchased it.

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