How long should you keep bank/credit card statements?

davidcampbell

personally ive still got all of mine, stretching back 9 years since i opened my first bank account.

i agree entirely with WW. looking back at old statements reminds me of how much i wasted money in my younger days.


DC

Tony_H_3

I supose you could alway's remove the ones which do NOT contain transactions other than balances? This should help lighten the load, unless of course your a heavy spender.

Paul_Varjak

For Self Assesment purposes:

For companies you have to retain records (for an accounting period) for six years from the end of that accounting period. This may mean keeping some records 7 or more years.

If you are in business (but not a limited company) you have to keep records for five years from the 31 January following the tax year for which the Tax Return is made.

If you are not in business you have to keep records for one year from the 31 January following the tax year for which the Tax Return is made. So, for instance for the Tax Year 06/04/05-05/04/06 you have to keep records until 31/01/08 (one year after latest date for Tax Return of 31/01/07)

If your Tax Return is submitted after the latest date or there is an ongoing investigation you will have to keep your records even longer.

Now what is classed as 'records'? Well, basically anyhing you use to fill in your Tax Return form. If you are not in business you probably do not need to keep bank statements at all - the year-end Tax Certificate should suffice.


Other Requirements:

Over and above keeping records for Self-Assesment the Inland Revenue can go back six years, so it may be useful keeping bank statements for that long otherwise you may have to pay your bank to get duplicates.

You may like to check, if you have on-line statements only, how long your bank makes these available to you. In the case of Halifax you can view last two years online but banks will actually be required to keep records for at least six years.

Also, for Money Laundering requirements, you often have to produce documents and, remember, always check your statements as soon as you receive them for any errors, fraud etc.

trace-j

calleyw wrote:

I thought you where suppose to keep all financial papers for 6 years.

Just incase the Tax man wants to investigate you. As they can go back 6 years. And how would you prove things if you have chucked it all away.

Yours

Calley

6 years is the maximum time limit anyone can take you to the small claims court (civil), e.g. trying to sue you for non-payment breach of contract etc. If someone tries to take you to court (criminal) time limits vary and are within the various legislation.