Is there UK law that states these documents should be kept for a specific amount of time? I have a whole heap of old paperwork including cheque stubs, bank statements, old employment contracts, P60s etc. - -what should I do with them?
2006-10-19 00:56:19 · 15 answers · asked by Alison P 1 in Politics & Government ➔ Law & Ethics
Revenues and Customs can ask you to prove your income for any tax year in the last seven years, so after seven years you can shread them.
You can put shreaded paper into a recyle box or composter.
Do not just put them in the bin or recycle box as Identity fraud is at an all time high.
2006-10-19 01:01:08 · answer #1 · answered by thebigtombs 5 · 1⤊ 0⤋
Referring to personal documents, presuming you paye, there is no law in the UK, but I generally keep about 3 years worth. When my divorce went through I had to produce 12 months worth of payslips and bank statements.
However, I operate where possible a paperless system, all my bills and bank statements are done on line so I don't have any hard copy anymore. Can always get historical stuff back from the internet if needs be.
Hard copy like P60 and Payslips again 3 years but to be honest I have never thrown a P60 away
I picked on the 3 year period purely because that is how long my employer at the time kept their records.
If you are running a business or have complicated tax affairs I am not sure
Shred, burn or otherwise totally destroy all sensitive documents, I even include anything with my name and address, ie junk mail
2006-10-19 01:12:03 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There is no law in the UK that says how long you must keep these items unless they are related to Self-Employment, in which case everything must be kept for a period of 7 years. In the case of P60 etc you can dispose of them whenever you want but you may have problems with the taxman if you cannot provide them for the relevant tax year. If things are cluttering up your life then dispose of them unless they are legal documents.
p.s. SHRED THEM!!!
2006-10-19 01:01:13 · answer #3 · answered by saintee 5 · 0⤊ 0⤋
keep all yr p60's-just to be sure but you will find if anyone requires any documentation i.e when applying for a mortgage they tend to ask for 6 months of everything, but when renting property as a landlord it has to be 2 years. so i think it depends what documents are required.
ask at your local advise bureau
2006-10-19 01:09:57 · answer #4 · answered by angel 4 · 0⤊ 0⤋
Bank statements and bills I only keep for a year. If they provide tax information I keep the information with my return. However, normally I use them for reconciliation purposes for taxes. After that, if the amount on the 1099 proves correct, I shred them.
2016-05-22 01:39:59 · answer #5 · answered by Anonymous · 0⤊ 0⤋
old banks statements : 5 years and expired insurance certificates : 25 years
2006-10-19 01:04:51 · answer #6 · answered by intuitive_marie_africaine 1 · 0⤊ 0⤋
Check your tax laws. In the states it is a minimum of 5 years
2006-10-19 00:57:29 · answer #7 · answered by Anonymous · 0⤊ 1⤋
The Inland Revenue expects you to keep all papers relating to your tax for up to 7 years.
2006-10-19 01:01:08 · answer #8 · answered by Social Science Lady 7 · 1⤊ 0⤋
7 years but go for 10 for your own piece of mind, but don't feed the tax more than they require.
Business + 7 years by law.
2006-10-23 00:21:24 · answer #9 · answered by ?Master 6 · 0⤊ 0⤋
I think its five years, but to play safe, I keep all my documents for 10 years.
2006-10-19 00:58:13 · answer #10 · answered by Charlie Brigante 4 · 0⤊ 1⤋