How long to retain household records like receipts, bills, statements, payslips etc
- Thread starter Quigley
- Start date
Re: How long to retain household records like reciepts, bills, statements, payslips e
insurance doc - keep them for a least four or five years - some firms are uncooperative when you are looking for evidence of no claims for named persons for example.
payslips - straight in the bin
bills - straight in the bin after you pay them
tax documents etc - since the Revenue only allow claims going back 4 years holding on to anything after that time is pointless - unless you are self employed.
insurance doc - keep them for a least four or five years - some firms are uncooperative when you are looking for evidence of no claims for named persons for example.
payslips - straight in the bin
bills - straight in the bin after you pay them
tax documents etc - since the Revenue only allow claims going back 4 years holding on to anything after that time is pointless - unless you are self employed.
Re: How long to retain household records like reciepts, bills, statements, payslips e
Unless they are after money from you and you want to prove otherwise.
Unless there is a time limit on the revenue claiming back from the taxpayer??
Unless they are after money from you and you want to prove otherwise.
Unless there is a time limit on the revenue claiming back from the taxpayer??
Re: How long to retain household records like reciepts, bills, statements, payslips e
I would keep these for several years (they don't take up much space) in case I or Revenue need to review (or audit!) my tax affairs. Also recent ones may be needed when opening new bank accounts, applying for loans etc.
As above some of these may be needed as proof of address for account/loan etc. applications. I also keep these for a few years due to past incidents of incorrect billing by certain service providers.
Basically if you have a small lever arch file case or drawer then you can easily store several years' worth of such documentation without too much hassle.
I would keep these for several years (they don't take up much space) in case I or Revenue need to review (or audit!) my tax affairs. Also recent ones may be needed when opening new bank accounts, applying for loans etc.
As above some of these may be needed as proof of address for account/loan etc. applications. I also keep these for a few years due to past incidents of incorrect billing by certain service providers.
On MED1 online claims Revenue say to keep relevant documentation for 6 years. While the individual can only backdate claims by 4 years Revenue can go back as far as they want as far as I know. I err on the side of caution and retain most of my Revenue correspondence just in case. Some of my past (legitimate!) tax affairs might well need supporting evidence to be accepted by Revenue (e.g. covenants to nephews/nieces in the 90s etc.).
Basically if you have a small lever arch file case or drawer then you can easily store several years' worth of such documentation without too much hassle.
Re: How long to retain household records like reciepts, bills, statements, payslips e
Assuming you're shredding these before hand.
Medical expenses - Murphy's Law says it will be 5 years and 11 mobnths after a claim that you're checked!
Assuming you're shredding these before hand.
Medical expenses - Murphy's Law says it will be 5 years and 11 mobnths after a claim that you're checked!
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Re: How long to retain household records like reciepts, bills, statements, payslips e
Is there anything that backs up the fact that the Revenue can go back as far as they like?
If they can, it would be sensible to save tax related stuff for more than 6 years or so.
There must be a cut off point where a case gets written off - I wouldnt want to be questioned by the Revenue aged 65 on my tax affairs when I was 20 years old.
Nothing to hide, am just curious.
Is there anything that backs up the fact that the Revenue can go back as far as they like?
If they can, it would be sensible to save tax related stuff for more than 6 years or so.
There must be a cut off point where a case gets written off - I wouldnt want to be questioned by the Revenue aged 65 on my tax affairs when I was 20 years old.
Nothing to hide, am just curious.
Re: How long to retain household records like reciepts, bills, statements, payslips e
Well didn't stuff like the bogus non resident accounts and undeclared life assurance policy etc. investigations trawl back through several decades? On that basis alone I would (and do) play it safe and retain documentation for even longer then 4 or 6 years.
Not sure about the letter of the law - maybe there is some cut off point or statute of limitations but I've never heard of one.
Re: How long to retain household records like reciepts, bills, statements, payslips e
P60s and P45s (to a lesser extent payslips) should be kept until you retire and are happy you have received the correct state pension. This is especially true if you are in and out of work over the years and need to prove how many insurable weeks/stamps you have earned.
P60s and P45s (to a lesser extent payslips) should be kept until you retire and are happy you have received the correct state pension. This is especially true if you are in and out of work over the years and need to prove how many insurable weeks/stamps you have earned.
Re: How long to retain household records like reciepts, bills, statements, payslips e
Good point. I always shred or burn stuff like that when it does come time to ditch it.
Re: How long to retain household records like reciepts, bills, statements, payslips e
I have every payslip and tax document that I ever received over a working lifetime of (so far) c. 22 years. It all takes up one lever arch hanging file about 2cm thick and a tiny fraction of my home office drawer. Hardly onerous stuff...
I have every payslip and tax document that I ever received over a working lifetime of (so far) c. 22 years. It all takes up one lever arch hanging file about 2cm thick and a tiny fraction of my home office drawer. Hardly onerous stuff...