For how long should I keep bank statements, tax returns etc?

[SuperBunny]

Specifically:

Bank Statements
Credit card statements
Mortgage documents (presumably til paid off?)
P45

Copies of Tax returns and supporting paperwork (do I need to keep copies of the forms I filled in after I receive the statements?)
Self Assessment statements

I think it is 7 years, iirc.

Thank you.

I am drowning under piles of paper!

Anything to do with tax or possible tax claims must be kept for 7 years, as this is the time scale over which HMRC (thats the old Inland Revenue) can come back and question your tax payments. Technically, that includes bank statements, as they show earned interest etc. You should always be able to get copies from your bank (legal requirements of banks to keep the info for 7 years), but that would cost you money.

I don't think there is a limit with Credit Card Statements, but I tend to shove them into a folder and maybe clear out all but the last 2 years worth, every now and then.

Hang onto mortgage documents until the mortgage is paid off I guess, and then maybe a couple of years plus in case of queries from insurers or Land Registry.

Of course, there are other ways of storing all this. If space is a problem, buy a scanner and scan all these docs, write onto a CD or external hard disc and keep them that way.

Bugger, I shredded some bank statements that I meant to keep

It's amazing how much stuff you have to keep hold of. If I had a scanner, getting rid of all the paper would be great

Oh how often this comes up, and every time people guess the answer wrong.

The answer is not seven years. This only applies to businesses (including self-employment) and is actually five years and ten months after the end of the tax year the records relate to - more details for the self employed here.

For individual income tax purposes, the answer is 22 months from the end of the tax year to which they relate and there are more details here.

For anything that may be subject to capital gains tax (shares, second homes etc.), seven years is not long enough! You should keep records relating to the purchase (and any enhancement costs eg. fitting central heating to a second home) until you sell the asset - more info here.

Bank statements (but not the interest statement to which the 22 month rule applies) and credit card statements can be shredded as soon as you have checked them for dodgy transactions - better still get them online and save the environmental costs of printing and postage.

Not sure what mortgage documents you are referring to, but I can't think of anything that would be in your interest to keep, unless perhaps you were thinking of bringing a mis-selling complaint.

Mrvibrating, if you let a property, and do a tax return, does that make you a 22 month person or a 5 yr person?

Rental income counts as a business for tax purposes, so the 5 years 10 months rule applies to anything related to the rental of the property - more info here. Non-business items (income from employment, savings etc.) remain 22 months.

Thank you mrvibrating!

Oh MrVibrating, thank you so much! I come under both rules but is v helpful to know. Will start shredding

6 years min.
I am due a sort out soon which will end up with a big pile of 7 and 8 year old stuff. I'm debating whether to scan it to disc before shredding....

Too late

I should be ok - most of it was stuff I definitely don't need (e.g. receipt for a bike bought 5 years ago but that was stolen 3 years ago etc)

Will keep as much other stuff as I sensibly can. Thanks!

First Direct will provide you with copies of bank statements going back however many years you need free of charge - check with your bank

I'm in the US - you get nowt for free here. You even have to pay for the pleasure of having a bank account

I think NatWest charges something too - or they used to. Will keep most of them and know that I can get copies from them of anything I may have disposed of in my rather over-enthusiastic shredding.