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 Posted: Wed Nov 09, 2005 4:23 am Post subject: How long should I keep my credit card statements for ? |
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have lots and lots of paper too much especially with all this identity theft, so how long should I keep them for ?
1 year ? 2 years ? |
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Phillipa
Veteran Investor
Joined: 05 Feb 2005
Posts: 419
Cash Points ££ 3383.78
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| Posted: Sun Nov 20, 2005 6:11 pm Post subject: |
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I'm a serial horder, I keep mine indefinetly.
Though barring that you could look at scannign them and then shredding them so as to ensure they are destroyed. But at a minimum I would suggest you keep the originals for 18 months, and longer if you bought any goods under warranty on them. |
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iceman
Junior Saver
Joined: 30 Jul 2004
Posts: 60
Cash Points ££ 275.20
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| Posted: Mon Nov 28, 2005 8:41 pm Post subject: |
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| Try to keep them for 6 years i.e. in line with the law. |
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Moneyforums
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Joined: 18 Jun 2004
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| Posted: Tue Dec 06, 2005 5:31 pm Post subject: |
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Heres info specifically from the Inland revenue on what needs to be kept and for how long
For businesses that are not limited companies, the basic requirement is that normally records must be retained for five years from the 31 January following the tax year for which the tax return is made. For example, for the 2002 tax return sent to you on 6 April 2002, to complete and send back to us by 31 January 2003, records must be retained until at least 31 January 2008.
For companies, the records for an accounting period will normally have to be retained for six years from the end of that period, so that if the accounting period ends on 31 December 2002 the records must be kept until 31 December 2008.
Individuals not carrying on a business who are required to complete a tax return will normally have to retain their records for at least 22 months from the end of the tax year to which they relate. For example, for the 2002 tax return issued on 6 April 2002, records will have to be kept until at least 31 January 2004. However, see Evidence needed to support capital gains or claims to allowable capital losses for information about assets that are bought and sold and the records to be kept in these situations.
Please note that in the following three situations the records have to be kept longer.
If there is any enquiry into the tax return that has not been completed by the date for which records normally have to be retained, the records for that period must be retained by you until that enquiry is completed.
Where no enquiry has been started, but the statutory period for starting the enquiry has not been reached by the date for which records normally have to be retained (usually because the tax return has been sent back late). In this case the records must be retained by you until the latest date for starting an enquiry has passed or the date such an enquiry is completed, if this is later.
The date on which you are requested to complete a tax return is after the date to which records normally have to be kept. In that case the records in existence at the date you are requested to complete the tax return must be retained by you until the latest date for starting an enquiry has passed or, if later, the date such an enquiry is completed.
What happens if I do not keep adequate records?
The rules allow for a specific penalty of up to £3,000 to be charged for each failure to maintain or retain adequate records to back up a tax return.
We will look at each case individually before deciding what penalty, if any, to charge. There is a sliding scale tariff reflecting the degree of seriousness of the failure to comply with the record keeping requirement. In most cases we will give you a warning that this specific penalty will be charged if the failure occurs again. However, in cases of proven deliberate destruction of records we may charge the full penalty without any prior warning.
The penalty will not be charged for any failure to keep records in accordance with these guidance notes that occurred before 6 April 1996.
If you are charged any penalties, you have the right to appeal against them to the Appeal Commissioners, an independent tribunal.
What records should I keep?
You should keep any information and documents that you have received, or have prepared, that will be used to complete entries in your tax return or claim form. Most of these records will be from the tax year or accounting period to which they relate, or soon afterwards.
However, you will sometimes need to refer to records that are already several years old. For example, if you dispose of an asset or something valuable that you have owned for a long time you may need to calculate a capital gain or loss (see Evidence needed to support capital gains or claims to allowable capital losses). At the very least you may need a record of the amount you originally paid for that asset.
The need to refer to old records can arise in other circumstances, so please bear this in mind as you read this booklet.
Of course, you may have already discarded any records relating to events that happened before April 1996, as there was previously no obligation to keep them. It does not matter if you have not kept such items, but you should hold on to any such records that you still have and which may be relevant in future.
What general records will normally be needed?
For most kinds of income, you will only need the records given to you by whoever provided that income (but see If you are in business (including the letting of property) where a business can be a sole trader, a partnership, a limited company or an unincorporated association onwards for more specific details, including income from self- employment, a business or let property).
If you have doubts about the accuracy of what you have been given, take the matter up with whoever provided the record, but bear in mind that you remain responsible for the accuracy of your tax return or claim.
Some records you may need will be in the form of information.
For example, from
your employer about your pay (including bonuses) and tax deducted, benefits-in-kind, expenses payments and possibly about share scheme arrangements
your former employer about a pension you receive
the Department for Work and Pensions (DWP) about your state pension or other taxable social security benefits
banks and building societies about the interest on your account(s)
each company in which you own shares about dividends you receive.
There may be circumstances in which you need to prepare your own records. The precise records to keep will depend on the types of income or gains, tax deductible expenses, personal allowances or other deductions and reliefs you put on your tax return or claim. See contents for an index of those examples.
Whatever records you keep, they should be sufficient to enable you to complete your tax return or claim accurately.
What if records are kept on computer?
You might keep some or all of your records on computer. If you transfer information from paper records into an electronic form, the paper records may be discarded, so long as the method used is capable of capturing all the information needed to demonstrate that a complete and correct tax return has been made. It should also be capable of providing that information in legible form.
However, you must still keep original vouchers showing that tax has been deducted from your income or for tax credits even though you may have microfilmed or imaged them.
If we open an enquiry into your tax return we may ask you to supply the original or backed-up computer records, rather than a paper print-out. We will ask you for details of the type of computer records you hold and any computer package you have used.
Examples of the sorts of records you may need to keep
If you are an employee, a director, or an office holder
For income, benefits-in-kind and expenses payments from your employment, the records you need to keep could include the following.
Your form P60, a certificate your employer will give you after 5 April (the end of the tax year) showing details of pay and tax deducted.
Any form P45 (Part 1A), a certificate from an employer showing details of pay and tax from a job you have left.
Any form P160 (Part 1A) you may be given when you retire and go on to a pension paid by your former employer.
Your payslips or pay statements (you will also need certificates or other proof of any foreign tax you have paid on your employment income).
A note of the amount of any tips or gratuities and details of any other taxable receipts or benefits not included in forms P60, P45 (Part 1A) or P160 (Part 1A). You should record these as soon as possible after you receive them, and not simply estimate them at the end of the year.
Forms P11D or P9D or equivalent information from all the employers you have worked for during the year, showing any benefits-in-kind and expenses payments given to you (see Appendix 1).
Information on any share options awarded or exercised or any share participation arrangements (see If you are in a share scheme or receive share-related benefits for further details).
Certificates for any Taxed Award Schemes in which you have participated.
Information from any person or company, other than your employer, who provided you with benefits-in-kind in connection with your employment.
Information about any redundancy or termination payment.
It would also be sensible to keep your forms P2 and P2K (PAYE Coding Notices) as they may help you to keep track of any earlier underpayments of tax that are being collected through PAYE. |
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cardking
Stranger
Joined: 11 Dec 2005
Posts: 9
Cash Points ££ 15.00
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| Posted: Sun Dec 11, 2005 6:10 pm Post subject: |
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Good financial advice but I keep my records for far longer. The Revenue have powers to go back up to 20 years if they suspect fraud. Being a cautious person, I think it's best to play safe and keep them for that long. My attic may be stuffed with old records but I know that should the Inspector come along asking questions, I'll have the answers, no matter how far back they want to go.
And my habit came in very handy when I made a compensation claim for a missold endowment policy recently. |
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iceman
Junior Saver
Joined: 30 Jul 2004
Posts: 60
Cash Points ££ 275.20
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| Posted: Sun Dec 11, 2005 8:10 pm Post subject: |
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20 years ?
I thought your only supposed to keep them for 3 years ? |
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