Throwing out papers

Bananabelly

Not too sure where to post this...
I am in the process of cleaning out our filing cabinet as I could no longer fit anything into it, and I have left the past 12 months of most bills and paperwork, some things like payslips and mortgage stuff I have kept more. I was just wondering how much everyone else keeps, whether I shoudl be keeping more? And therefore investing in another filing cabinet? I am going through the old bank statements to reclaim any charges before throwing them, but there isn't much to be honest.
I am still slightly hesitant to shred everything just in case I might need (? a 3 year old phone bill) anytime soon.

Stephen_Leak

Based on the Limitations Act 1980 for financial legislation, its 6 years. I've got 2001 to 2006 inclusive and 2007's collection to date. Next January, I shall "cull" 2001. If you need a reason why, just look on the Reclaim Bank Charges board at all the poor souls trying to get old statements out of their banks and/or credit card companies. OK, 99.99% of the time, you will never need them. But when you do ...

hjd

You shouldn't need to keep loads of old payslips - you get a P60 every year in April/May which totals all the year - then you don't need the payslips for that tax year. You should keep P60s for 6 years though. It's always best to keep at least 6 months' worth of current payslips in case you need them for a mortgage etc.

torbrex

I have kept every P60 from age 16, that is now 31 I have in the drawer.
As for everything else, I usually just keep 1 years worth of bank statements, phone bills and credit card statements but things are changing now that I am receiving some of my statements on-line.
I still shred every 'official' document with my name and address on it.

Bananabelly

Hmm that is what worries me, I can't think of any reason I would need them but it's Murphy's Law, isn't it that I will need them as soon as they are shredded?
Is there any other reason besides the bank charges reclaim to keep stuff? I am also throwing out receipts for furniture and some older electrical goods (out of warranty), old council tax stuff, gas and electric bills and other bits and pieces. I can't think of any reason why I would need utility bills again.
Payslips I have all of the financial year 06/07 and this year, my partner's collection is rather incomplete but I have just figured out he is paying basic rate tax for some reason, so we can claim that back if I can gather his P60s.