How long should I keep my bank statements for?

silverchair

Sorry if this is the wrong place as I wasnt sure where to post this.

I've had to save pretty much all my bank statements, credit card bills, council tax staements, electric bills & anything else thats important for about 3 years as evidence for my husband's change of residency. Now thats gone all through fine & I can shred most of it.

Im just wondering how far back I should keep my bank statements, bills etc. For example 1 year, 3 months? Im just not sure. Would I need it for anything else?

Thank you

skyrider007

I'd say three years but that's me. Most companies have electronic copies of statement from the last six years in their system.

KILL_BILL

you can claim 6 years for the bank charges - so in effect its worthwile keepiing them for that period if you have a dispute.

other than that if you dont have the space - scan them on to your computer

esbo

Keep them for as long as you can, whats the point in throwing them away?
They don't take up much room.
As soon as you throw them away you will suddenly realise that there was somethiing you wanted to check on them - it's always the case!!

gettingbetter

hi

you should keep them for seven years
tax man and other legal bodies can go back that far if they have any queries

kas

silverchair

Thanx alot for all your responses. I was worried about shredding them & then needing them for something.
Think I'll keep them just in case

rdp1980

gettingbetter wrote: »

you should keep them for seven years
tax man and other legal bodies can go back that far if they have any queries

If I remember rightly you only need to keep records (including bank statements) for this long if you are, or have been, self employed.

I can't find the link on the HMRC web site now, but I'm sure I read that if you don't complete a tax return or are not self employeed you only need to keep records for three years, maybe four.

Remember that the clock does not start ticking until the end of the tax year the records are from. Take last month's bank statement for example, which may be dated 30 June 2008. This tax year does not end until 5 April 2009, so you add your years on from that date, so if the 7 years quoted is correct, you can look forward to shredding that June 2008 bank statement on 6 April 2014.

7 years is probably about the maximum anyone would be expected to keep records, including if VAT registered. It may be less depending on your circumstances - if only I could find that link... :whistle:

rdp1980

rdp1980 wrote: »

if only I could find that link... :whistle:

OK this isn't the one I was thinking of, but I found this:

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/WorkingAndPayingTax/DG_10010555

How long to keep them

HMRC suggests you keep your records for at least 22 months from the end of the tax year they relate to. The tax year runs from 6 April to the following 5 April, so keep paperwork until at least 31 January nearly two years later.

In the list of documents to keep it doesn't mention bank statements but I would say you would be as well to keep them for the same length of time you keep P45/P60 documents etc.

rdp1980

OK OK, I got it!

http://www.hmrc.gov.uk/sa/record-keeping.htm

A general guide of who needs to keep what, and for how long.

It suggests that you need to keep your bank statements as proof of tax paid on interest.

Interest, dividends or other income from UK savings, investments or trusts

You should keep all:

• bank and building society statements or passbooks
• statements of interest and any other income you've received from your savings and investments
• tax deduction certificates supplied by your bank
• dividend vouchers received from UK companies
• other vouchers such as scrip dividend vouchers
• unit trust tax vouchers
• life insurance chargeable event certificates
• details of any income you receive from a trust

You should also keep:

• details of exceptional amounts you've received, for example an inheritance or other windfall
• correspondence and other documentation relating to your savings and investments

Also....

How long must you keep your records?

If you're not running a business you'll normally have to keep your records for at least 22 months from the end of the tax year to which they relate. For example a form P60 for the tax year 2006-07 mustn't be destroyed until after 31 January 2009.
It's advisable to keep documents relating to buying or improving assets until at least 22 months after the end of the tax year in which you disposed of the asset. These documents will help you calculate any capital gains or losses and answer any queries we have. For example if you dispose of an asset in February 2007 you must keep any records relating to its purchase, improvement and disposal until after 31 January 2009.

I hope that isn't too much quoting!

There are other pages dedicated to the self employed, VAT registered, etc.

silverchair

Thank you very much rdp1980 for taking the time to answer my post so thoroughly.

nzseries1

When I applied for a credit card with MBNA they asked for bank statements dating back three years, so this may be something to keep in mind. Although it didn't have to be a bank statement, it could be any proof of address, they just wanted proof of my address history for the last 3 years.