How long should i keep pay slips for?

sealegs_2

I have quite a few years worth of pay slips and i was wanting to have a clear out. How many years worth of monthly pay slips should i keep, i am sure i read 2 years - is this write?

Thanks

timnicebutdim_2

I would keep pay slips indefinitely as you never know when you my need them, for example i was recently asked by the inland revenue to provide all my places of employment with dates and places i've lived, and as i've had many temp jobs and moved about a bit it was really useful to have them. Otherwise i'd say generally keep records for six years. You could always store them in a box at the back of the shed or something.

esuhl

I *think* it's a legal requirement to keep them for six years... but I can't remember where I heard that. I believe you need to keep them that long for income tax reasons (i.e. if it is discovered that you were under/over-paying).

Mikeyorks

Once you have your P60 .... no need to keep any payslips up to that April. But keep the P60 for at least 2 years ..... 6 if you also have any self-employment.

msmicawber

I keep my payslips until I get the P60 that covers them, then shred them. I've kept all my P60s since I started work nearly 30 years ago, partly because it helps when cobbling a CV together. I think 6 years is enough to keep P60s, though.

[Deleted User]

Already discussed here:

http://forums.moneysavingexpert.com/...t=keep+records

mateypeeps

Keeping records

What records to keep

Keep the paperwork that contains details about your pay and tax, like:

• payslips and PAYE Coding Notices
• P45 and P60 forms
• details of taxable expenses
• 'benefits in kind' forms from your employer - a benefit in kind is something you get for doing your job that isn't money
• information about any redundancy award or termination payment you get when your contract ends
• certificates for any 'Taxed Award Schemes'
• notes of any tips or gratuities you get and any other taxable income or benefits that you haven't already recorded somewhere else
• details of any state benefits you've received

If anyone (other than your employer) gives you benefits in kind for doing your job, you should keep a note of their name and address and what they gave you.
Why keep records?

You will need to refer to your records later if you ever need to:

• complete a Self Assessment tax return
• reclaim overpaid tax
• apply for benefits and tax credits

How long to keep them

We suggest you keep your records for at least 22 months from the end of the tax year they relate to. The tax year runs from 6 April to the following 5 April, so keep paperwork until at least 31 January nearly two years later.

http://www.hmrc.gov.uk/working/first-job.htm

However, I seem to recall seeing 7 years as the time to keep records, somewhere in the huge amount of datail on how to fill in a self assessment tax form, so be safe not sorry and keep as long as you can, just in case.

Starfish42

My father died recently and records of income and gifts of money are needed account the 7 years prior to date of death as all these are considered part of the deceased estate and therefore taxeable. As we don't know our date of death just keep stuff for the last 7 years, and each new year, shred the previous year's papers.

So for tax purposes evidence of income and transactions needs to held for 7 years.

That does not mean save every bit of paper. If there are statements, P60s or other documents that summarise the details, it should be safe to shred the daily/monthly paperwork (just my opinion and practise).

I have kept payslips from employers too, as if ever I need to provide evidence of dates, addresses, monies, there it is. I wouldn't want to get into a situation with the Inland Revenue where it became a matter of my word against theirs.

Current account statements are the most comprehensive evidence if you don't have payslips and your salary was paid into a current account there is the evidence. Bank statements are a good one to keep because they will show evidence of utility bill payments, council tax, all of which could be useful in any dispute or query where you lack other documentation. Address also proves where you lived. So a bank statement is a concentrated mine of information. (Note: Keep it safe!)

I made it a priority a few years ago to put together an unbroken paper trail of my life as I have moved around a lot, for example, three schools in three different countries. I pared it down, no need to keep everything. But starting with birth certificate... there is a bit of paper to account for where I was , when I moved, to the present day.

Invest in some boxfiles and write the dates on.

Hope this helps.
:hello: starfish