(no subject)

[graculus]

You know, when you open a box because you have no idea what's in it and one of the things contained is a letter inviting you to an interview for a job you didn't get in 1998 then you know it's time to have another clear out... ;)

So, wise people of my friends list: is there a consensus of opinion regarding how long I should keep bank statements for? Consider that I don't have to complete a tax assessment as my income tax gets extracted from my pay before it gets to me. Thoughts? Opinions?

E.T.A. My neighbour is still working on the shed. Which isn't even a proper shed but one of those half-shed sized tool locker things. I should say he's actually just trying to fix the roof panels on at the moment, so I think he's almost done. Not helped by their cats sitting on stuff, as is the feline way.

Comments

[obelix]

Oh No Fair!

I have to keep 7 years of records because of the fact I have a corporation *grumble grumble* If I was salaried I'd only have to keep 3 years back both for tax reasons and for when I want to get a loan or in case of identity theft.

It's just not fair! *pout*

[ixwin.livejournal.com]

Just passing through. I asked this same question a few months ago. These are the answers I got (http://ixwin.livejournal.com/154365.html). 3 years seems to be typical.

[rach74.livejournal.com]

I tend to keep stuff for a year then chuck it!

[graculus.livejournal.com]

Oh, I have all my payslips from the last 7 years or so and all my tax returns etc., it's just the annoyance of keeping bank statements and credit card bills and utilities bills and so on and so forth.

Whatever happens regarding keeping some of it, this week I shall probably be buying myself a shredder at some point. ;)

[cycnus39]

You're supposed to keep that stuff? Oops...

[nakeisha.livejournal.com]

I believe the seven years tends to be the 'done thing' for these things irrelevant as to whether or not you have to complete a tax assessment, on the grounds that once a debt has expired after seven years, it can't be followed up.

It seems an awfully long time to me, but certainly this is what I was always told. I read it somewhere too, but that I confess was a few years ago now and I couldn't put my hand on the information - which is less than helpful really.

[sg1scribe.livejournal.com]

I don't get paper bank statments any more - I opted out. Should this worry me?

[lachli.livejournal.com]

I generally keep stuff for 6 months, can't see the logic in keeping them past that. Other than credit card statements if there's a big purchase on them. I remember looking through stuff and wondering if I really needed to know that I was £200 overdrawn 5 years ago, decided that I didn't. Now it all gets shredded when I'm done with it.

[graculus.livejournal.com]

Well, at least nobody seems to be going 'oh, isn't it obvious you should keep them for X years!?' ;)

[graculus.livejournal.com]

I didn't realise I had so much, because it was scattered between a number of boxes...

[graculus.livejournal.com]

Well, I have all my payslips and tax stuff for the past few years, because I figure that the people to be scared of are Inland Revenue - pretty much anything else you can probably talk your way out of... ;)

[graculus.livejournal.com]

That certainly seems to be the received wisdom if you're doing self-assessment but I've not seen any consistency regarding those of us who deal with PAYE. I've got all my tax returns and payslips and would have thought those were the important things to have...

[graculus.livejournal.com]

I would have thought that the fact you can opt out means it's not a major problem... personally I fear the Inland Revenue more than anyone else, and I have the stuff which they'd want. After all, they're not going to care how many dvds I bought in 2004, are they?

[graculus.livejournal.com]

Sounds reasonable. I expect I shall be buying a shredder at some point in the next couple of days...