Boring question - how many years payslips should you keep?

[Fionn]

Was doing some much-needed sorting today and found that I have every monthly payslip going back to 1990. As I am trying to be less of a hoarder I want to chuck them but wonder is there a recommended amount you should keep, like 3 years or something?

Fionn, you should keep all business records for 6 years. Or is it 7? Anyway, if your payslips are part of your business records, you are probably safe to get rid of them after 7 years.

what about paye ones? And bank statements (personal account not business)? I'd love to have a massive chuck out but daren't!

I throw out my payslips when I get my P60 and keep them instead.

I understand it's 7 years - apparently that's the furthest the Revenue can go back if there's a query. Yes, it is a bit boring, but we all have to do it!

Perhaps the inland revenue website will tell you? I thought it was only 2 years but it looks like I'm mistaken.

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I've kept mine going back to 1985 - and very useful they were in sorting out the mess personnel had made of my employmnet records. Like every other civil servant, this is the year for deciding between three pension options. We all got a statement of service to date - and after 17 years on the job I was amazed to discover I was only noted as having 4 years service (and a minute pension. Apparently they forgot to log me back on when I came back from maternity leave ....
I'd say keep them.

I work for a company who has been dealing with the mis-selling of pensions for many of the insurance companies. We regularly ask people for their payslips going way way back (early-mid '80s for many). So I would say, if you've got space, keep them, you never know when they'll come in handy.
Unfortunately, I'm a very "anti-clutter" kind of person, and threw loads away before starting the job and realising the implications. So I can't take my own advice.

I have kept all my payslips for the past 22 years since I first started work. In many other respects I'm a dedicated de-clutterer, throwing out bank statements after 5 years for example, but for some reason I've always held on to my payslips and P60's

Thanks everyone - I'll keep them just in case. I should really be tackling the mounds of outgrown baby clothes, old high chair, car seats etc in the loft instead!

eek!! I never keep my payslips - I have some lurking about in drawers but I certainly couldn't lay my hands on them if asked.

well, I've just taken my own advice and looked on the inland revenue website. For tax purposes, you are legally required to keep records for 22 months from the end of the tax year to which they relate (longer if the revenue queries something).
So, I was nearly right
But given the many precautionary tales related here, it does seem sensible to keep them for longer. I can just imagine some future pensions disaster....

Inland Revenue advice:

From April 1996, everybody must keep records so that they can complete a Tax Return fully and accurately if they are asked to do so.

It makes sense to keep anything supplied to you by the Tax Office or your employer, such as

notices of coding
forms P60
payslips
P45 (Part 1A)
details of expenses and benefits in kind.
If you receive any other items, such as tips because of your employment, you should keep a record of them. If you want to claim any expenses against your earnings you should keep a record, including any receipts you have, so you can justify the amount claimed.

If you have taxable income apart from your employment, you may need to keep other records.

Bit too late for me this one - I had a massive clear out about 3 weeks ago. Had bank statements and payslips going back to when I first opened a bank account and my first job (still work here!). They date back to 1984. I chucked out all of them apart from the last years. Oh dear! Whenever I have to prove my income, they always ask for the last 3 months salary slips so to be cautious I kept the last years. Oh well, too late now! I have still got all my contracts of employment (cutting days/ hours, pay rises, etc.) and P60s (if that is the right one - end of year tax) but nothing else.

oh dear, isn't it enough to hang on to the p60 each year or does that not have the pension details...? I do keep the pension statements...

oh dear, isn't it enough to hang on to the p60 each year or does that not have the pension details...? I do keep the pension statements...

This thread turns up for a search about payslip retention on Google, so I thought I would clear this up once and for all.

The advice regarding 6 to 7 years only applies if you are an employer and holding payslip records for your staff. If you are en employee, disregard any advice regarding retention for as long as this.

If you are an employee who is looking to clear out their cupboard, you only need to retain your payslips for 24 months following the end of the tax year to which it relates.

After the 24 month period, it is allowable to retain your P60 only.

Your P60 is a summary of your payslips for the 12 month period to which it relates, and you should ensure that your payslips and your P60 agree before disposing of your payslips, otherwise you may never discover that you may have some overpaid tax back to you.

PS: @sis

The amount for "pay" on your P60 is your "taxable pay" amount.

This amount is your gross salary, minus your pension contributions.

You do not pay tax on your pension until you draw it (so in other words, you don't pay tax on the amount that you pay into your pension when you are working - you pay tax on it when you draw it out when you're retired instead, as it is at the point you are retired and receiving it that it is your taxable 'income').

With a copy of your work contract (for confirmation of your gross salary) and a copy of the taxable pay amount on your P60, you can substitute one from the other to calculate what your pension contributions were for that 12 month period.

It would be a good idea if you retained your Pension statement records so you can cross check this figure.

Is there a retention policy or law for companies in keeping records of their employees pay slips?

Is there a retention policy or law for companies to record copies of their employees pay slips?

Sorry if this has already been posted - haven't looked through all responses. Could you ask your company to issue online payslips which you can just file away online? Much easier 😀

Is there a retention policy or law for companies in keeping records of their employees pay slips?

Is there a retention policy for old posts!?
This must win some zombie-thread prize.

YY this is the oldest and most uninteresting thread I have seen bumped.