Paperwork - how long do you keep it?

rabialiones

Dora_the_Explorer wrote:

I think most stuff can be destroyed after seven years, someone will correct me if I'm wrong .
The urge to hang onto stuff like this just to be on the safe side can be quite strong, my solution is to bag it and shove it in the loft :j

that means that i can get rid of my bank statements going back 27 years (when i first opened my account).
thanks!!!!!!11

superscotsman

Normally 6 years. I don't think the Inland Revenue will chase you for stuff after that: their own records rarely last longer than the beginning of the current fiscal year. As you are legally required to only keep records up to 6 years, I do not see how they can touch you after that.
Maybe someone can refute the above, but that is how I have always read it.

Milky_Mocha

Gosh, guys! I keep bank statements for no more than 3 months and even then I've told all but one of my banks to stop sending me paper statements altogether as I normally access these online. If I need paper statements for any reason I'll jusst request them from the bank. Receipts for main items like washing machine, dishwasher I keep until they die.

Hopefully the world is moving towards a paper-free economy.

shanni

Ime too Milky Mocha, I don't keep anything other than receipts for longer than 6 months, it would drive me batty to keep such large amounts of paperwork.

*Louise*

I think businesses have to keep everything for 7 years for tax purposes.

For my personal stuff, I keep bank statements for 2 years, and less important stuff for 12-18 months depending on its importance

SaveMoreMoney

I've got all my paperwork - household bills, mobile phone bills etc etc all in a folder. Usually, I'll keep it all for one year and then shred it.

Bank statements in a separate folder - then they go up in the loft once they are over a year old !

Things like Pension and Insurance documents, I've kept, I think I really need to go through them, as they are taking up a folder or two.

Insurance documents, I keep for a year or two after use, just to see what it's like compared to the present price (usually it's gone up)

SillyHilly_2

Just a little word of warning, my husband recently had a letter from a Deparment of work and pensions debt collection agency relating to a benefit overpayment some ten years previously.

He had no paperwork and it was MAJOR hassle to sort it out. Ironically it was only because they hadn't got the paperwork to prove the debt, that it got written off.

jonesMUFCforever

Working for a bank we recently got a request from fraud section of DSS for statement of account since date of opening.

The account had been opened since 1988!
We did tell them that fiche records only go back 10 years.

Guinea_2

Well after reading all of these I am worried that I have got rid of all my paperwork too soon. I had kept all of my receipts, bank statements, credit card bills; etc. for ever until about a year ago when I thought that I would get rid of everything as I was moving (I am awful at keeping paperwork for no reason...I still have school letters from when I was 12...just in case someone wants to look at them!) and only keep two years worth of paperwork. Hope this helps. Probably not though!

vansboy

I'll repeat myself, here, 'cos it IS potentially, a VERRRRRY risky situation, should Inland Revenue, wish to look into your affairs!!

6 year rule is the 'standard', not too often should you need much more than this, in most legal/financial situations.

BUT, there is the possibility that an IR 'INVESTIGATION' as opposed to an 'ENQUIREY' into your particular circumstances, could result in them looking back, as far as the day you popped out of mummys tummy!!

& you don't need to have done anything dodgy, to make them take a look at you!! Believe me - I KNOW!! The good thing is, they do have to pay YOU back, any tax errors, of OVERPAYMENT, too, which come to light, as a result!!!

VB