how long to keep statements for?

Paul_Herring

bungle4x4 wrote: »

i shred them, its the digital age, and the bank can give you another copy with minimum fuss.

• Certificates of tax deducted?
• Bank statements for all open accounts? (Where a not insubstantial number of people sensibly have more than one account.)
• Bank statements for closed accounts?
• Credit card statements?
• Payslips?
• Household bills?

Your definition of 'minimum fuss' seems to be mildly deviant from mine (and a few others' it would appear.)

Paul_Herring

oldwiring wrote: »

FWIW here are some links to HMRC's requirements.

Here's another one: http://www.hmrc.gov.uk/manuals/emmanual/EM3270.htm

Extended Time Limits

Where there has been fraudulent or negligent conduct the time limit for making a discovery assessment is extended for an individual to 20 years from 31 January next following the tax year to which it relates. See EM3340+ for operational procedures.

So if they strongly(?) suspect you've been diddling them, the limit is slightly longer than 6 years

oldwiring

The powers of HMRC to arbitrarily require record beyond the normal periodcan be a problem. I acted for a period as GiftAid secretary for my church, The retention require were much the same as for PAYE, but with Paul's quoted caveat. The inspectors found fairly minor irregularity in another church's records and invoked the Extended Time Limit clause. Papers had been destroyed, and a considerable some of tax relief had to forfeited for laxk of proof the sums were due to the church.

Another thing to keep in mind is that employment of an agent, no matter how qualified, does not remove a taxpayer's personal responsibility.

oldwiring

I have edited my last post.