Non-motoring > How much paperwork do you keep?	Miscellaneous
Thread Author: Iffy	Replies: 34

Fri 6 May 11 11:46   How much paperwork do you keep? - Iffy

Much more than I need to, to shortly answer my own question. Having a bit of a clear out at Iffy Towers, I found credit card and utility bills, receipts and the like dating back nearly 10 years. Keeping this stuff is pointless and I have binned it, although I still cannot bring myself to throw away statements from my main current bank account. Heaven knows why, the various household transactions I made in April 2000 were just as dull and predictable as those I made last month. The goalposts have moved for me recently as I move more and more household expenses online. Far fewer envelopes arrive at Iffy Towers each week than even a year ago. What is your domestic filing policy? And are there certain things that are worth keeping? Last edited by: Iffy on Fri 6 May 11 at 11:49 Reply to this message | Report message

Fri 6 May 11 12:35   How much paperwork do you keep? - Zero

I have thrown out 25 years of mortgage statements, except the final one that says £0.00, 25 years of endowment statements, except the final one that says "Paid £xxx.xx" 40 years of payslips, except for P60's and P45's, In effect, Keep annual summaries, and dump the monthly infill. Lot of shredding done tho, most satisfying shredding the detritus of your life. Reply to this message | Report message

Fri 6 May 11 13:00   How much paperwork do you keep? - Iffy

...Keep annual summaries, and dump the monthly infill... Sounds like a good plan. What about bank statements? I get those monthly, and the bank doesn't do an annual summary. Might grasp the nettle and bin the lot except the last year or two. Reply to this message | Report message

Fri 6 May 11 13:01   How much paperwork do you keep? - Zero

I think customs and revenue expect you to have records back to 6 years (or is it 7?) Reply to this message | Report message

Fri 6 May 11 13:04   How much paperwork do you keep? - BiggerBadderDave

"records back to 6 years (or is it 7?)" What about people like BobbyG who burns his annually? Reply to this message | Report message       1

Fri 6 May 11 13:10   How much paperwork do you keep? - Zero

the old "burn it down and claim insurance" trick you mean? There is a golf club near me that's done it at least 3 times, the lakeside club (home of darts) does it a lot as well. Last edited by: Zero on Fri 6 May 11 at 13:11 Reply to this message | Report message

Fri 6 May 11 13:14   How much paperwork do you keep? - BiggerBadderDave

Do you reckon that's why he keeps torching his house... cos he's fiddling his books? Reply to this message | Report message

Fri 6 May 11 13:17   How much paperwork do you keep? - Zero

>> Do you reckon that's why he keeps torching his house... cos he's fiddling his books? well he says he is running a charity, I hear he named his new rebuilt home "Zurich" Reply to this message | Report message

Fri 6 May 11 21:22   How much paperwork do you keep? - BobbyG

I remember asking this at the time, but when you are standing outside your house as firefighters try to kill the blaze with trillions of gallons of water, do you a. know who your house insurance is with ....... or b. know exactly where to direct the firewoman to go and recover your documents? I was (b), as I didn't know (a) due to various changes at renewal time Reply to this message | Report message

Fri 6 May 11 13:18   How much paperwork do you keep? - Perky Penguin

A slightly fastidious collegue of mine scans everything onto a CD, backs it up too and then shreds the originals. Reply to this message | Report message

Fri 6 May 11 13:13   How much paperwork do you keep? - Dave_

Handed over everything of mine to the Receiver last autumn. Now I have a new, rather emptier, filing box for all bills, bank statements etc. and I keep track of my spending with a ledger book. Admittedly there's not much to keep track of - household expenses match income almost to the penny every week. It gives me some satisfaction to see everything getting paid though, nothing outstanding now. Last edited by: Dave_TDCi on Fri 6 May 11 at 13:14 Reply to this message | Report message       1

Fri 6 May 11 13:18   How much paperwork do you keep? - Iffy

...It gives me some satisfaction to see everything getting paid though, nothing outstanding now... I bet it does - a lot to be said for the simple, Mr Micawber approach to household management: "Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery." Last edited by: Iffy on Fri 6 May 11 at 13:19 Reply to this message | Report message

Fri 6 May 11 14:18   How much paperwork do you keep? - Cliff Pope

Leave it for your heirs. I am in the process of clearing my late father's accumulated stuff. Receipts for every single item ever purchased since 1945. All my grandfather's holiday postcards back to 1890. Receipt for a piano bought in 1922. Watch repairs carried out in 1955. Packing case and instructions for a Teasmade in 1972. etc. The trouble is the early stuff is fascinating, and gives a real insight into personal family history. But where to draw the line? A hand-entered passbook for the Clydesdale and Renfrewshire Bank from 1946 is worth keeping, but a Lloyds statement from 1984? Everything becomes interesting once it is old enough, and has survived by accident. But at the moment I am the instrument wielding the magic torch, and consigning things to the bonfire or museum. I am experiencing lots of "Rosebud" moments, if you know the film Citizen Kane. Reply to this message | Report message

Fri 6 May 11 14:31   How much paperwork do you keep? - CGNorwich

"Leave it for your heirs" No please don't. There is nothing as depressing as sorting through someone else's lifetime jumble of old paper. Sort out your own stuff. It makes you feel better and saves those you leave a major job at a time when they feel least disposed to tackle it. Last edited by: CGNorwich on Fri 6 May 11 at 14:33 Reply to this message | Report message

Fri 6 May 11 15:07   How much paperwork do you keep? - Fenlander

>>>early stuff is fascinating, and gives a real insight into personal family history. But where to draw the line? With the late in-laws we had a loft full of paperwork back to the 1920s. We gave it a sensible but ruthless sort to come up with just two large leatherette suitcases full which are no trouble to store. Ourselves we are doing a declutter prior to the possibility of moving and I've just condensed 20yrs of paperwork to fill the two bottom filing drawers of an old desk. Our shredder too has been on overtime. Reply to this message | Report message

Fri 6 May 11 14:14   How much paperwork do you keep? - CGNorwich

You may find that your old banks statements are all available on line. Mine are(Co-Operative) Reply to this message | Report message

Fri 6 May 11 14:25   How much paperwork do you keep? - Iffy

...You may find that your old banks statements are all available on line... Yes, in the unlikely event I need six-year-old statement, the bank could probably come up with it. Some charge, but the chances of me having to avail myself of the service are remote. Reply to this message | Report message

Fri 6 May 11 21:23   How much paperwork do you keep? - BobbyG

Zero, an endowment that actually paid out some money???? That must be a while ago! Reply to this message | Report message

Fri 6 May 11 21:27   How much paperwork do you keep? - rtj70

Most endowments will pay out - just that they probably won't pay out nearly as much was promised all those years ago. Reply to this message | Report message

Fri 6 May 11 21:28   How much paperwork do you keep? - Zero

>> Zero, an endowment that actually paid out some money???? >> That must be a while ago! Yeah, but it never covered the principal sum of the mortgage it was originally paired with. Not far short tho. Taken out in 85. Reply to this message | Report message

Fri 6 May 11 15:29   How much paperwork do you keep? - John H

>> And are there certain things that are worth keeping? >> www.direct.gov.uk/en/moneytaxandbenefits/taxes/selfassessmentyourtaxreturn/dg_10014923 www.hmrc.gov.uk/sa/rk-bk1.pdf A general guide to keeping records for your tax return - "How long to keep your records - Individuals* (not carrying on a business) You must keep your records for 22 months from the end of the tax year to which they relate. For example, if you file your 2009–10 tax return by the filing date, you should normally keep your records until 31 January 2012. You'll need to keep your records for longer if you file your tax return late, if we have started a check of your return, or if you're buying and selling assets. For more information go to www.hmrc.gov.uk/sa/record-keeping.htm and select How long must you keep your records?" Reply to this message | Report message

Fri 6 May 11 15:51   How much paperwork do you keep? - Zero

In that case, can the Tax man only try and recover underpaid tax up to 22 months later? I think they can go further back than that. Would be an interesting argument if you quoted their advice. Reply to this message | Report message

Fri 6 May 11 16:01   How much paperwork do you keep? - Cliff Pope

It's uncharacteristic of HMRC to give any advice at all. Normally they shy away from saying anything that might be remotely useful or smacking of advice. Reply to this message | Report message

Fri 6 May 11 16:47   How much paperwork do you keep? - Mike Hannon

You wouldn't believe what it's like over here. We now know why every French house advertised seems to have an office. There's a poster in our local tax office that instructs French people - and us :-( - how long you are supposed to keep every type of official record. Some of it is 30 years! I decline to conform because I don't believe I'll be around long enough for 'them' to pursue me. Reply to this message | Report message

Fri 6 May 11 17:17   How much paperwork do you keep? - John H

>> In that case, can the Tax man only try and recover underpaid tax up to >> 22 months later? >> Can you describe example(s) of circumstances when/why/how you might have underpaid tax? >> I think they can go further back than that. Would be an interesting argument if >> you quoted their advice. >> The exemptions to the 22 months "rule" are given in the HMRC documents/website. Reply to this message | Report message

Fri 6 May 11 17:21   How much paperwork do you keep? - Zero

>> >> In that case, can the Tax man only try and recover underpaid tax up >> to >> >> 22 months later? >> >> >> >> Can you describe example(s) of circumstances when/why/how you might have underpaid tax? You have the room on here to list the myriad ways? BiK is the easiest way, its happened to me. >> Reply to this message | Report message

Fri 6 May 11 17:42   How much paperwork do you keep? - John H

>> You have the room on here to list the myriad ways? BiK is the easiest >> way, its happened to me. >> How/why did it happen? Did you fill in the return correctly, or file it late, or did HMRC start a check on your return and had therefore not accepted your filing as final? If you had given them the correct figures by the deadline, and HMRC did "sign off" your return, then you have no need to keep the paperwork beyond 22 months. If you had done everything by the book, then how/why did HMRC claim that you have underpaid? Last edited by: John H on Fri 6 May 11 at 17:45 Reply to this message | Report message

Fri 6 May 11 17:47   How much paperwork do you keep? - Zero

How did it happen? None of your business. It did and thats all you need to know. Last edited by: Zero on Fri 6 May 11 at 17:48 Reply to this message | Report message

Fri 6 May 11 17:57   How much paperwork do you keep? - John H

>> How did it happen? None of your business. It did and thats all you need >> to know. >> QED. No wonder HMRC are watching you. cencio4.files.wordpress.com/2011/05/mh-x3.jpg Reply to this message | Report message

Fri 6 May 11 18:00   How much paperwork do you keep? - Zero

They are not watching me. Can I interest you in a baco foil helmet? Reply to this message | Report message

Fri 6 May 11 18:08   How much paperwork do you keep? - John H

>> They are not watching me. >> Good. That's how they got Bin Laden. Reply to this message | Report message

Fri 6 May 11 18:07   How much paperwork do you keep? - spamcan61

>> >> If you had given them the correct figures by the deadline, and HMRC did "sign >> off" your return, then you have no need to keep the paperwork beyond 22 months. >> >> Does that mean that if HMRC make a mistake in your favour, and even after you've pointed out their mistake they 'sign off' your return for a given tax year; they only have 22 months to reclaim the money owed? Reply to this message | Report message

Fri 6 May 11 18:11   How much paperwork do you keep? - spamcan61

Back on topic, I keep old bank statements, payslips and HMRC dialogue forever, in shoe boxes in the loft, utility bills and suchlike I keep a year's worth and stick the numbers in a spreadsheet, so I can see if gas/water/leccy consumption suddenly changes. Reply to this message | Report message

Fri 6 May 11 18:18   How much paperwork do you keep? - John H

>> Does that mean that if HMRC make a mistake in your favour, and even after >> you've pointed out their mistake they 'sign off' your return for a given tax year; >> they only have 22 months to reclaim the money owed? >> reply from the horse's mouth: www.hmrc.gov.uk/esc/esc.htm Reply to this message | Report message

Fri 6 May 11 18:21   How much paperwork do you keep? - spamcan61

Thanks, that looks useful. Reply to this message | Report message