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Financial records

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JabberJabber
Cloth Nappy Prophet
Cloth Nappy Prophet

Financial records

Postby JabberJabber » Tue Apr 03, 2012 8:43 pm

So, I'm not sure which is the correct place to put this question, but here goes.

As we are moving house we are going through everything and sorting out stuff to get rid of. We have a filing cabinet with many years worth of bank statements, utility bills, insurance docs etc.

So, I need to know, how long should you keep records for? I appreciate that this is different for different things, but if someone could point me in the direction of where to find this information, I would be grateful.

Thanks in advance.

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ems101
Cloth Nappy Disciple
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Re: Financial records

Postby ems101 » Tue Apr 03, 2012 8:57 pm

We barely keep anything paper now. We keep all current employments (and at least the last years) pay slips and p60s etc. Current years council tax, water, gas and elec. No bank statements, CC bills or phone bills, only new contact/set up paper work. Of course we keep our annual mortgage statement, but nothing else!

I think it used to be 3 yrs for everything, but you can get copies easily now and most of it can be arranged as paperless billing anyway.

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Kirstyh
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Cloth Nappy Chatterbox

Re: Financial records

Postby Kirstyh » Tue Apr 03, 2012 9:00 pm

We keep bank statements for a year, well we did until they went electronic. Pay slips a few years.
If you want to keep proper financial records they say 7 years. Every thing is so accessible now a days though so easy to get copies x

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tanya
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Re: Financial records

Postby tanya » Tue Apr 03, 2012 9:06 pm

7 years is the requirement for the Inland Revenue. If its ust personal information, you don't need to keep that much (I.e if you're on PAYE with no tax return etc)

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Woozle35
Cloth Nappy Disciple
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Re: Financial records

Postby Woozle35 » Tue Apr 03, 2012 9:09 pm

Payslips you can get rid of after 12 months and just keep your p60.

I learned this week that I needed information from a survey I'd had done 8 years ago, when i contacted the surveyor they had destroyed the file (after 6 years) luckily I still had the paperwork and so far have saved us £300. So worthwhile just thinking about unusual paperwork iyswim.


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