How much receipts to keep?

mdonaldson

I have a lot of receipts and I was going to have a clear out. For example, I have a lot of ATM receipts, supermarket receipts(some with debit card details on them) and other ones which I have from things I bought from local shops and online. I was wondering how much receipts I need to keep and for how long? Do I really need to keep any of the receipts listed?

ToriP

Are any of them business receipts that you use to claim tax relief etc or are they all personal

shortcrust

If it's all for personal use rather then business then I'd chuck the lot. I only keep receipts for things I might want to return, and have never kept an ATM receipt. I can't think why I'd ever need stuff like that.

mdonaldson

I am self employed and I keep all the receipts from things I bought for the business. The receipts I am sorting through are all for things for personal use not business.

I have always just been a bit unsure if I should be keeping any personal receipts as well, you know, just in case!

HappyMJ

mdonaldson wrote: »

I have a lot of receipts and I was going to have a clear out. For example, I have a lot of ATM receipts, supermarket receipts(some with debit card details on them) and other ones which I have from things I bought from local shops and online. I was wondering how much receipts I need to keep and for how long? Do I really need to keep any of the receipts listed?

Just keep the receipts for as long as the item you bought lasts. Grocery receipts probably about one month. If you bought a TV or other electrical item then keep the receipt for 6 years or when you throw the telly out.

ToriP

I keep all business receipts (max 7 years?)
I keep personal receipts if they are for large purchases e.g. tv, speakers etc and other things for a short while to make sure they are working and then periodically chuck out.

mrsammyp

I scan in all my receipts (exc general spending) and save them in the cloud.

MisterBaxter

For personal receipts I will only hold on to those that may act as a warranty for something until I remember to have a clear out. For consumables like the weekly shop, restaurant, coffee shop etc I will shred them once they appear on my account online which is usually a couple of days. I figure I can't take stuff back that I've already consumed and once it's on my statement I won't need to challenge an error.

lisyloo

I can't think why I'd ever need stuff like that.

There are 2 reasons I can think of.
One is warranty, the other is insurance.

How long you keep the receipt depends on how long you may want to claim for.
So a T-shirt I wouldn't keep the receipt for very long, but a camera receipt or expensive necklace I'd keep for it's lifetime as I may need to show it for insurance purposes. They don't just take your word for it you know :-)

bigadaj

lisyloo wrote: »

There are 2 reasons I can think of.
One is warranty, the other is insurance.

How long you keep the receipt depends on how long you may want to claim for.
So a T-shirt I wouldn't keep the receipt for very long, but a camera receipt or expensive necklace I'd keep for it's lifetime as I may need to show it for insurance purposes. They don't just take your word for it you know :-)

Insurers will generally take your word for it, we were burgled a few years ago and claimed over £10k with little in the way of receipts.

We do generally keep them for larger items for the reasons noted above but it's not absolutely essential, just prudent.

[Deleted User]

Up until last summer I still had every credit card transaction slip going back to when I first got a card in 1978. Strictly speaking, I still do have them, they're all in the carrier bag where I dumped them pending investing in a shredder.