How long should I keep P60s

lisyloo
lisyloo Posts: 30,077 Forumite
Part of the Furniture 10,000 Posts Name Dropper
Hello,

I was doing a cleaar out yesterday and found all my P60s going back to 1991.
I was going to chuck them out but they say DO NOT DESTROY on them.

How long do I need to keep them?
Is it 6 or 12 years?
I can't really see it being necessary to keep them for ever.
How long can the tax office go back?
My affairs are relatively simple being an employee on PAYE so I don't expect any hassle (unless I'm randomly checked).

Comments

  • The taxman recommends at least 22 months after the end of the tax year you have sent in your tax return.

    http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/SelfAssessmentYourTaxReturn/DG_10014923

    Personally I would say 5 years would be sensible unless you had a LOT of paperwork (not very likely)
  • msmicawber
    msmicawber Posts: 1,962 Forumite
    Debt-free and Proud!
    I'd keep them for 6 years. I recently saw a post on here about Children's Tax Credits for the years 2001/2 and 2002/3 that could be claimed up to 6 years afterwards (the first fiscal year's allowance had to be claimed by January 2008). I claimed and they asked for my P60s which I had kept, so it all went through and I received a rebate of £1200. I'm not sure whether it would have been possible to claim (or claim so easily) for the rebate if I hadn't kept my P60s.
    Debt at highest: £6,290.72 (14.2.1999)
    Debt free success date: 14.8.2006 :j
  • Darkstar
    Darkstar Posts: 358 Forumite
    I would just keep them, I have some from the 80's and it makes me laugh when I look at them. They don't take up any real space and they can be fun to flick through in 20 to 50 years time.

    Dark in here, is't it...
  • Pennywise
    Pennywise Posts: 13,468 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I would say that you should keep them all. Most people will only have one P60 per year, so that is only 40 pieces of paper for a typical 40 year working life. You just never know why you may need them. For example, when you come to retire, it is quite possible that HMRC records aren't correct and may show a few years without NIC payments which will affect your state pension - having your P60s will prove your pay, tax and NIC deducted a lot more easily and safeguard your rightful entitlements.
  • Primrose
    Primrose Posts: 10,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've been Money Tipped!
    I'd certainly suggest keeping them indefinitely. Almost every day we read in the press of incidents of incompetence in government departments where records have been lost or incorrectly kept. I believe there is an ongoing issue in the Pensions Department where a large number of women have reached the age of 60 and been given much lower pensions than they were entitled to because of incorrect records. You can only argue your case in such circumstances if you've still got the evidence.
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