How long do I need to keep paperwork - payslips. chequebooks, bank statements

[jobhunter7]

I know you're supposed to keep self-employment records for 7 years or so I believe, but what about one's other bits: payslips, chequebooks, bank statements, letters about benefits, old tax returns, letters about benefits etc - I don't want to chuck things before I should and I suppose they could useful in applying for a mortgage or something. On the other hand, it may be nice to have a bit of a clear-out at least. And I have an online bank account anyway and I think you can just print off statements for quite a long period going back.

And am I on the right mumsnet board for this?

Thank you

Payslips - 2 years
P60s - 10 years
Chequebook- 1 year
Bank statements - 7 years

Just because its online doesn't make it accessible. How many times has it been in the news that such and such Bank has crashed and ppl cant get cash or pay bills?

How many people have had their bank account frozen for no reason? It happens more than you think.

As for benefit letters...keep every single one. Every time you apply they ask for dates and details, even if its twenty years later. Even though they have access to your data they still want you to prove it. And you have to be precise not vague. Its another way the govt get to say no.

Thanks for this. Do I need to keep old tax returns longer than they ask you keep records for? And what about other general letters from the HMRC?

No idea tbh. I just don't trust large organisations to look after my stuff properly so I tend to hoard paperwork. I have it stored in box files so I know where everything is and its neat/tidy.

Payslips - 2 years
P60s - 10 years
Chequebook- 1 year
Bank statements - 7 years

Are these just how long you keep things? Or how long people are recommended to keep these things generally?

I keep them that long but thats because somewhere in the depths of my mind I have read it somewhere. Whether its a money blog, money magazine or a general newspaper article ( or even several). Pretty sure mortgage lenders needed 7 years proof at some point. I know times do change, as does technology, but we have seen time and again that technology is not foolproof and it pays to keep hard (paper) copies.

I'd suggest you keep P60s and payslips forever to be honest. I've helped numerous clients over the years to correct mistakes in their NIC payments history or pension contributions, where being able to provide copies of P60s and payslips has enabled the errors to be corrected and thus secured benefits/pensions for the clients that may otherwise have been lost forever.

Considering they take up very little room, it's better to be safe than sorry.

@Badbadbunny

thanks. what about the other stuff?

I scan everything official that drops through the letterbox and back the PDFs up to 3 different encrypted 64gb memory sticks, one next to my lappy, one on my keyring and one in the shed. Dirt cheap and will store a copy of every bit of paper I will ever get in my life in the space of a matchbox.

I think minimum 7 years for all this stuff, but tbh apart from cheque books I just keep. But anything older than around 7 years is in a box in the loft.

Set up a Dropbox account and save copies of everything in there. Maybe keep hard copies of 2-3 years worth but everything else can be scanned and kept forever.

I was always told you should keep p60’s so recently I was clearing out my mother’s house after she passed away and I found one of my p60’s from when I was a Saturday girl in Woolworths. I was 16 on the date of the p60. Last birthday I was 60. I’ve thrown caution to the wind and shredded it.

Payslips until I get the P60, this is generally the only official paperwork I keep and that now arrives by email.

I don't keep bank statements, they are online.

Bills and pension statements I keep until the new one arrives then I shred the old one.

I do keep a full cashbook of every financial transaction in and out of our banks and credit cards.

Probably depends if you are likely to want a mortgage or have benefits with some stuff like bank statements, we don't so just use the online ones, I do have one paper credit card statement come each month for ID purposes. My payslips are all online and I keep my P60s for years as it is only a few sheets of paper.

@User7493268965 yes am likely to want a mortgage

Payslips I print and file. So pleased I did as had a pension dispute but could prove the payments 20 years later.