Paperwork - how long to keep it

[djinthailand]

I'm having a major clear out of my cupboards which are absolutely bulgeing with paperwork. Does anybody know how long you should keep stuff like, bank statements, payslips, tax returns etc? Are there any legal requirements for this?

Thanks

There are legal requirements, but I would say indefinately, I've got myself out of hot water because I had paperwork that most people would have chucked. Its a pain but worth it, worth dividing it into archive type stuff and current stuff from last couple of years. it really does come back and bite you in the @ss YEARS later if you don't

This is something I need to do (sort my paperwork) so I will watch this thread in case of any more suggestions.

I'd keep it for 7 years, definitely. I think it's now 6 years for business purposes, but I'm sure somewhere I heard that the tax people can investigate you up to 10 years ago if they felt like it - so maybe 10 years would be safer.

Sorry, that was dismal grammar - I think the tax people can go back 10 years if they feel like it, should they choose to investigate you.

I dump any utilities any older than a year old, the same with wage slips.

The paperwork I DO keep indefinately is bank statements, P60's from employment, and insurance documentation.

Surely you can just ask for the bank statements and insurance proof if you need it in the future? (she says desperately as just shredded the last 7 years of stuff this afternoon ....)

I thought tax people could go back 20 years?

(Not sure, but I seem to remember someone telling me that)

I think so too Beryl, I am sure DH had a colleague that had to go back 20 years to prove his claims in that time were true - he had mislaid ONE piece of paperwork which nearly cost him a house, thankfully he finally unearthed it. Although to be fair that was because they have a fairly complicated tax situation so for us mere mortals...

Chuck all of it but upload a copy to Evernote first.

Oh no, now I'm too scared to throw any of it out. Will be lugging this stuff around with me forever.

Keep any payslip that proves pension or NI contributiond forever. I worked with someone who could not prove she had made pension contributions to ILEA whch had never passed them on and then ceased to exist.