Keeping Payslips?

[RandomMess]

So if you are run of the mill employed is there any point hanging onto your payslips once you have your P60, or indeed your HMRC Annual Tax Summary?

No.
Keep your P60 - indefinitely is best
but once the P60 is in, the payslips make great kindling

I do not trust the HMRC summaries as they keep moving the goal posts on them
P60s are tried and tested

I tend to keep them for a few years. Came in handy when there were issues with pension contributions-I was able to track back what’s been deducted.

Good point.
If you have pension contributions, it is worthwhile to keep the Month 12 or Week 52 one - as it shows the whole detail

but all the rest can be composted or burnt

I don't know what the correct answer is but I have always been told to keep mine I think its for 3 years.

The correct answer - as per HMRC is 7 years for the annual summary.
Nothing else needs to be kept officially

My husband has every pay slip since he was 19. Wouldn't surprise me if they are in order too. God knows what they are needed for now 😂

I have every bank statement
I have every P60
I have a well insulated loft

yes. keep them for ever - they are proof of pension contributions and continuity of employment. They were very useful for me when the NHS lost over a year's worth of my pension contribution from ten years ago and I could prove it had been made.

but you only need month 12 / week 52 to do that - not the whole lot (assuming you payslips comply with HMRC rules)

You need to have them in some form for a few years - need them fro mortgage applications etc.

Having said that, we get standard paper copies but when I've lost one I've always been able to get the finance team to send me a copy.

Are payslips a better indicator of what your actual salary is? I've just looked at my P60s and I'm sure the amount of "pay" is less than my salary. So for situations where you have to prove your salary (eg new job offer) a payslip might be better.

Forgot to say, is the discrepancy due to pension contributions? Is "pay" on a P60 the amount you were paid minus pension contributions, as they are tax free?

P60 shows taxable pay
so yes, will be less because of the NI break on pensions

THe month 12 payslip will show all the permutations
months 1-11 are summarised inside month 12