# How long to retain household records like receipts, bills, statements, payslips etc



## Quigley (30 Jan 2008)

Going through months of household documentation and was wondering how long im supposed to keep
insurance doc
payslips
bills
tax documents etc

THANKS


----------



## anseo (30 Jan 2008)

*Re: Keeping of receipts*

You'll only need them after you throw them out.


----------



## mathepac (30 Jan 2008)

*Re: Keeping of receipts*

Tax documents - for ever and ever amen!


----------



## davidoco (31 Jan 2008)

*Re: How long to retain household records like reciepts, bills, statements, payslips e*



Quigley said:


> Going through months of household documentation and was wondering how long im supposed to keep
> insurance doc
> payslips
> bills
> ...



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.


----------



## Conshine (31 Jan 2008)

*Re: How long to retain household records like reciepts, bills, statements, payslips e*



davidoco said:


> 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.


 
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??


----------



## ClubMan (31 Jan 2008)

*Re: How long to retain household records like reciepts, bills, statements, payslips e*



davidoco said:


> payslips - straight in the bin



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.



> bills - straight in the bin after you pay them



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.



> 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.


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.


----------



## quinno (31 Jan 2008)

*Re: How long to retain household records like reciepts, bills, statements, payslips e*



davidoco said:


> payslips - straight in the bin
> 
> bills - straight in the bin after you pay them


 
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!


----------



## Conshine (31 Jan 2008)

*Re: How long to retain household records like reciepts, bills, statements, payslips e*



ClubMan said:


> While the individual can only backdate claims by 4 years _Revenue _can go back as far as they want as far as I know.


 
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.


----------



## ClubMan (31 Jan 2008)

*Re: How long to retain household records like reciepts, bills, statements, payslips e*



Conshine said:


> Is there anything that backs up the fact that the Revenue can go back as far as they like?


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.


> 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.


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.


----------



## Towger (31 Jan 2008)

*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.


----------



## ClubMan (31 Jan 2008)

*Re: How long to retain household records like reciepts, bills, statements, payslips e*



quinno said:


> Assuming you're shredding these before hand.


Good point. I always shred or burn stuff like that when it does come time to ditch it.


----------



## Quigley (31 Jan 2008)

*Re: How long to retain household records like reciepts, bills, statements, payslips e*

Thanks anseo...i think youre right 

I finished sorting everything out and i now have 4 large lever arch files of stuff..........that really is too much for a household


----------



## ClubMan (31 Jan 2008)

*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...


----------



## vector (18 Apr 2008)

*Re: How long to retain household records like reciepts, bills, statements, payslips e*

It is rumoured that confucius said the size of a household lever arch file  depends on whether one is paid weekly or monthly


----------

