How long do I need to keep P45's and Pay Slips

vaderag

Not entirely sure where the best place to post this is, so sorry if wrong...

I'm in the process of clearing out all of my paperwork and just wondering how long I need to keep these things!?

Do I need to keep a P45 after the end of the relevant tax year?
Also, any reason to keep payslips after the end of the tax year?

Thanks

NASA_2

I'd retain them for a few years to be honest but that's just me.

Is there any reason you are likely to need them? They can be useful if claimaing benefits but I'm not sure of any other uses.

vaderag

I don't (currently) claim any benefits, and my tax was calculated correctly at the end of the financial years.
Appreciate i need to keep my P60 for mortgage apps etc...

speedfreek1000

keep them foe as long as HMRC can chase you for mistakes!

Payrole is done by humans and computers and often there can be mistakes made.

i know of someone who was done for a lot of back tax due the city law firm he worked for cocking up his PAYE

sunnyone

I keep everything for 6 years as is mentioned on P60s.

vaderag

Obviously keeping P60's is a given, but isn't that basically a summary of the rest?

ManAtHome

Yes, would have thought anyone needing payslips would be after the latest few months. P60 also useful if (or more likely when) they screw up your NI contributions for pensions purposes.

munchings-n-crunchings

I believe Sunnyone is correct with 6 years.

I think it's to do with the 6 years rule when debts can no longer be pursued through the courts, although if a debt is to the DWP / HMRC the debt is looked at differently.

It's a pain, but have a storage box and file all your tax, benefit, credit card and bill statements and letters. You never know when you will have to trawl through them to prove a payment or mistake, especially if the claim is against you.

Regards

Munchie

PlutoinCapricorn

I scan everything, summarise things on spreadsheets or in documents where relevant, then keep it for 6 years after which I shred the routine paperwork. That way, you get the best of all worlds.

You never know what might come up, or what you might want to investigate or remind yourself about. If you do a little each month, it does not take much of your time.

vaderag

PlutoinCapricorn wrote: »

I scan everything, summarise things on spreadsheets or in documents where relevant, then keep it for 6 years after which I shred the routine paperwork. That way, you get the best of all worlds.

You never know what might come up, or what you might want to investigate or remind yourself about. If you do a little each month, it does not take much of your time.

As it happens, that's exactly what I'm doing - moving everything into e-format and getting rid of the bulky paperwork...
Just want to make sure I don't bin anything I need...

Guess I'll do that then, keep for 6 years then bin...