How Long Should I Keep Paperwork for?

It can be scary throwing away important documents. From bank statements to payslips, we all have a bedroom drawer bursting with hordes of paperwork, never quite knowing whether we’ll need them again in future. This handy guide will clearly explain how long you should keep your important documents for, so you can clear your home – and your mind.

How long to keep…

• Tax records – These should be kept for at least five years, as HMRC are authorised to audit you for unpaid tax or under-declared income.
• Bank statements – Despite receiving bank statements relatively regularly, hold on to these for at least one year, as you may need to refer  back to past purchases.
• Insurance documents – These will depend on the type of insurance you have taken out. Generally speaking, you should keep any insurance documents for as long as they are valid, as you may need it as proof to claim insurance.
• ATM receipts – ATM receipts only really need to be kept for about one month. Once receiving your bank statement, you should check to make sure the information on your statement matches your receipts. Once this is confirmed, you can dispose of your ATM receipts and just keep your bank statement.
• Product receipts for standard products – With general purchases for things like household appliances or electrical equipment, it is advised that you keep the receipt until the warranty expires. Disposing before this time may prevent you from returning any faulty items.
• Product receipts for expensive items – Items such as jewellery  or antiques may need proof of value if you one day choose to sell them, insure them or they become broken. Even if you have no present plans to sell the item, circumstances may change and so it is recommended you keep the receipt for expensive items forever.
• Work contracts – Work contracts should be kept throughout your employment and only disposed of twelve months after your employment has finished. This is in case of any disputes during or even after your employment in which you will need to refer to your contract.
• Mortgage documents – These should be kept for as long as you own your property.
• Payslips – Payslips should be kept for 3 years. This is because they contain a lot of important financial information that may be needed for filling out tax returns or for proof of earnings.
• P45 and P60 – Keep for 7 years or until you receive a new one. P45s have vital financial information that can be useful and are also usually necessary to give to an employer when starting a new job.

At Darvills Removals, we provide comprehensive domestic and commercial removals services throughout the Bradford, Halifax and Ilford area. Our highly trained team are available at short notice to deliver prompt, professional help to our customers. For more information, get in touch with our friendly staff today.