Vocal Voices

I desperately need to sort out a filing system for at home so that's the plan for this coming weekend - sigh

I'm quite ruthless and try and chuck as much as I can (or rather take it to work so it can go into the confidential recycling bin) but somehow still end up with vast amounts of paper. I was curious what paperwork you keep / file away and for how long?

Short term statements e.g. bank, credit card etc. 6 months. Annual statements e.g. ISA, bond etc. 6 years.

I shred most things immediately after all most of it eg bank statements, credit card statements are all available on line. I keep insurance stuff until the following year, but that really is it.

Bank statements a couple of years, credit card statements 1 year, stuff from the Tax and Pensions people or any govt. dept. indefinitely.....We use a shredder to get rid when the time comes.

I also keep receipts for at least a year, having worked in retail a lot I know how useful that can be....

Most stuff, a minimum of 5 years - especially as we were told last time we taxed the car, to keep everything for at least 5 years

I really should get a shredder, as I've got bank stuff going back since we moved here and beyond

I'm more like Shell... bank and credit card statements and utility bills (if paper) I tend to get rid of straight away. Anything to do with my currently employment / insurances / the house / car / pets I keep for the relevant year or forever and a day. It really shouldn't be much to file - so why do I still seem have reams and reams of paper?

It does seem to multiply doesn't it?

utility bills i chuck out every so often and start again
insurance i keep for a few years
but all in all im quite ruthless
rent reciepts seem to go back years tho

We always keep receipts for seven years, which is the period of time after which no-one can claim that you haven't paid.

Other than that, we have an annual clear-out of paperwork.

Most of our purchases are recorded in our accounts book, should we have the need to look something up.

Remember that there are legal obligations regarding the keeping of records for tax purposes:

You may have to pay a penalty if you don't keep records or if you don't keep your records for long enough.

If you have to complete a tax return:

You must normally keep your records for another year after the online tax return deadline of 31 January, in case HMRC decides to check your return. The same date applies even if you've sent in a paper tax return.

An example
The tax return deadline for an online 2012-13 return is 31 January 2014.
You send your tax return in before this deadline.
You need to keep your records until 31 January 2015, one year later.

But if HMRC send you, or you send back your tax return very late, you may need to keep your records for longer. You need to keep them until the later of:
• one year after the 31 January tax return deadline
• fifteen months after the date you send your tax return

http://www.hmrc.gov.uk/sa/record-keeping.htm

If you are self-employed:

You must normally keep your business records for another five years after the online tax return deadline of 31 January, in case HMRC decides to check your return. The same date applies even if you've sent in a paper tax return.

An example
The tax return deadline for an online 2012-13 return is 31 January 2014.
You send your tax return in before this deadline.
You need to keep your records until 31 January 2019, five years later.

http://www.hmrc.gov.uk/sa/rec-keep-self-emp.htm