How long do I need to keep bills?

Christabel

Can anyone tell me how long I need to keep all sorts of bills and bank statements please? I am having a major declutter this weekend and don't want to throw the baby out with the bath water. Thanks.

anniecave

Anything bill related (from the elec to a credit card to a mobile phone bill) should be kept for 6 years. You know you've paid for something, but a company can come chasing you for up to six years for an "unpaid" bill, ie something it thinks you haven't paid for, and you'd want the evidence to prove that you did pay for something.
General bank statements and payslips, i'd keep for 10 years, as I believe the inland revenue can ask questions that far back. I suddenly had a letter once from a tax office, demanding to know every job I'd done in the previous 6 years.

bengal-stripe

Continuous bills, like utilities, I keep only till the next bill arrives, which states that the previous bill has been paid, or if not, will have a balance carried forward. If I have changed suppliers, I keep the final bill with the reference how it had been paid for at least 6 years. (As anniecave has stated, they might ask for the money again). Equally I keep one-off bills for services supplied, with the payment reference.

Bank- and credit card statements, I keep. Occasionally I want to check how much I paid for some item/service several years ago. Should there be a problem with any previous bill, I can prove that the payment was done by cheque, card or whatever and that the amount had gone out of my account at a certain date.

Christabel

Thanks both for your replies. Looks like I will have to get a bigger filing cabinet!