I've got stacks and stacks of statements at home, because I thought I had to keep them, for tax assessment purposes, for seven years. I've just done a little research, and found that I can recycle rather a lot of that pile.

How long must I retain my records?

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.

There are a couple of exceptions, which make it prudent to keep them for a bit longer. I'm going for three years, and I'll keep all my P60s too, but that'll really be a weight off my shelves!

Published 04/06/2006 Updated 24/08/2006 Tags Advice
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