How long do I need to keep bank statements?

[BikeRunSki]

I am trying to clear up our spare room/study/junk room. I have folders full of bank statements and credit card bills going back 10 years or more.

Do I really need to keep them? I was once asked for 3 months worth for a mortgage application and that's all.

I do pretty much all my banking online anyway, there is never anything in the statememt that I don't know already.

Starlight, hello. I remember you from the Sept 08 antenatal thread.

I keep all wageslips, P60's and P45's and I keep 2-3 years worth of bank statements.

I just have all my bank statements online, don't keep any paper copies but if I ever need one I can print it off, goes back about 5 years I think

Online banking doesn't let me look at my statements from a year ago and prompts me to opt out of paper ones; so guessing not that long.
I'm not big on photos though and don't keep a diary so my statements serve as the best log of my life I have. How depressing...

YOu should be able to provide 6 years worth for the tax man (just in case they ever ask) but to be fair you will be able to get copies if you need them (unlikely). With your tax notifications you dhoulf definately keep them 6 years.

Nope, 6 years is a thing of the past. See here.

I tend to keep the one page statement you get at the end of the tax year that sets out interest paid/received. Any statements over a year old after that's arrived get shredded...

Ditto with payslips - I keep the P11D, P60s pretty much indefinitely and payslips go after a year or so...

If you complete your own Tax Return then you need to keep your records for at least 12 months after you submit the return as HMRC can look into it and query things up to 12 months on.
And it's not unheard for them to query the previous year as well if a discrepancy comes to light in the 'current' year. So I would advise to keep your Tax Return info for 2 years after the date it is submitted (not the year end date), so looking at realistically 3 years.

However if you have rental income, self employment income etc, you need to be able to produce this for the last 6 years. So again allowing for a year for the reurn to be submitted and checked you should keep this paperwork for 7 years.

Credit cards - up to you really. Is there anything on them which you may need to refer back too a year later? I did shred mine ruthlessly a while ago. Then my card got cloned and cancelled and a replacement was issued. It means I can't access the online statements for the old card any more.
Do you keep utility bills etc? I'd say Credit card bills can be shreded about the same time you shred those (after 6 months).

I would say keep your wageslips a bit longer, especially the final one for the year. If you lose your P60 it can't be re-printed so you can at least refer back to your final payslip for the year to see the total figures.
Also if you have a final salary pension you may be asked to provide income figures for the last 10 years for them to see which 3 year period in that time you earnt the most.

So if I am employed and my employer does my tax,no rental income, no small business etc then I really only need to keep my P60?

yup. Well unless you get a P11D then you should keep that too

Yes, of course. I do because I have a lease car.