How long should I keep payslips ?

bk777

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How long should I keep payslips ?

Was just about to shred all payslips older than 24 months .... is there any reason to keep them beyond that ?

I read somewhere that you may need them to prove pension contributions as they are not recorded on P60's etc.

Thanks in advance for your guidance ...
 
It would be worth keeping them for 6 Years.The Revenue people can go back this far for routine checking of any tax claims for refunds,i.e. medical expenses claimed over this period.Of course if you had a P21 assessment for each of these 6 years in all probability all is perhaps in order. It is worth checking payslips to see that all Cumulitative pay SRCOPS Tax credits and PRSI weeks with the correct contribution Class are in order.It is possible,but most unlikely,that but there may be Minor errors. I'm not so sure about the Pension contribution part of your query.I do not know who you would have to prove the deduction of contributions to? The P60 will only show the Taxable Portion of your Salary, e.g. Salary €40,000.00c less contribution to pension of say 20%.This amounts to €8,000.00c, so the Taxable portion of your salary is €40,000.00c less €8,000.00c i.e €32,000.00c, you will only pay tax on €32,000.00c at whatever your Marginal tax Rate is.Please do bear in mind that the Full Salary is Liable to PRSI/USC deduction without any relief at all. As stated the P60 will only show €32,000.00c,but it will state that this is salary less pension contributions.
See (A) PAY Paragraph 1 of P60. I hope this is of some assistance to you
 
Probably keep at least the last one from each year as the ones I have seen have the cumulative details on them.
 
Trainspotter - few years ago when I had all P21s up to date, Revenue came back to me to stay there was an error and they were recording an underpayment by me for one of the years about 10 yrs previously. they must have been doing spot checks or something but thankfully I had kept all the tax returns and the corresponding backup documentation (I'm a bit of a nerd in relation to Revenue :). Happily for me I was able to disprove Revenue's underpayment but without my back up documents you're at their mercy as they will just reduce your credits and theres not much you could do. I now have over 15yrs P21s stored away (doesn't take much space and you could always scan them and keep that way).

to OP : I just keep last payslip of each year as it will have cummulatives for everything.
 
I agree, keep the last payslip of the year and p45/60. I have kept random ones and it's interesting to look back.

Also keep your first one, I wish I did. My first weekly wage in the HSE was £60 gross (Irish pounds), there was a bit of tax but I remember feeling so rich every week with my £58 or so to spend on whatever I wanted. It's still shoes.
 
I'm of a like-mind Monbretia :) have most of mine, except payslips that were little envelopes which I mostly disposed of. Not happy with getting only digital payslips now - printing them out isn't quite the same!
 
thankfully I had kept all the tax returns and the corresponding backup documentation
(I'm a bit of a nerd in relation to Revenue :).
Happily for me I was able to disprove Revenue's underpayment but without my back up documents you're at their mercy

This is the most important point, and it's not just payslips, but bank statements and receipts. I keep everything. If 'thesimpsons' doesn't convince you then my old boss should, he got caught for around 2 million and the best advice he gave me was keep everything always, otherwise he would have paid many multiples of his back taxes and penalties and interest.
 
Thanks for all the replies guys. Very helpful .....

Btw is the P21 balancing statement some revenue should send automatically .... not sure if I have these ?
Can I request these for previous years of I do not have them ?
 
revenue don't sent P21's automatically, you need to request one and at the same time you can claim for any unclaimed medical costs, tuition fees or anything you might be entitled to. You can request up to 4 years back, however, Revenue can do an audit of you going back as many years as they like.

I don't have my first payslip but I do remember getting the grand sum of £12.01 pounds for working Friday evening and all day Saturday back in 1979.
 
I'm up there with all you hoarders. Most importantly always check your P60 especially the PRSI contributions section if you have changed jobs or had sick leave during the year and request a P21 each year (to add to your hoard)
 
The technically correct answer is six years...that's how long one is obliged to maintain such information.
 
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