Dr. Deth
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If personal - at least 3-5 yrs. business, possibly up to 7 due to possibility of audits |
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claimbankchargesback
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6 years is the set period for keeping paperwork.
However, if you have access to your statements through on line banking going back that long, then you obviously don't have to keep paper copies as you can just print them off.
If you`ve lost your bank statements and need them, you can get access to the last 6 years worth for £10 under the data protection act, and my site below explains how to do this. |
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AMANDA L
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i also asked this question once and i was told that the tax man look back 5 yrs. |
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plank
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Keep them for 7 complete tax years and when they are older than this then either shred them or burn them completely. Shredding is obviously kinder to the environment. |
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Scobill
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As you can see from other answers this is a bit of a personal choice . I certainly have about 4 or 5 years at any one time but to be honest I cant remember ever having to consult them !!!
The one important thing is that bank statements like all personal documents must be shredded before putting them in recycle bin . |
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JQT
 |
What country are you in?
In the US, IRS can audit individual income tax for up to 3 years from the date you file. So if you go back and admend 2005 that would open up your 2005 record for another 3 years.
Business accounts is 7 years.
However, if IRS suspects fraud they can go back for as long as they like.
Best wishes. |
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hirebookkeeper
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The IRS can come after you for any length of time if they suspect fraud.
The general rule is seven years.
I say keep anything that may come back to haunt you. |
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dels replies
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I have got a file for mine.. Nothing to do with tax,I don't pay any. Mine go back about 10 years. No special reason,just habit.might have a clear out one day. |
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lulu
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Banks only keep records going back 6 years - so i would suggest that amount of time |
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FMAACMSkipppy
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Hi,
You can usually find them on line if you register with the bank.
or scan them into your computer, that is an easy option.
Skip |
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Mike O
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keep them on the computer and keep them forever! or store them forever. I know this sounds extreme but the tax folks can go back about ten years FROM THE DATE THEY DISCOVER A PROBLEM. so let's say you get audited for your 2003 return, if they find something and want to go back longer, they can (and do). if you are squeaky clean, keep them for 7 years and chunk them. if not, hold on tot hem. |
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ANF
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Six months is considered the time to keep them. If the tax people want to though they can ask your bank for details up to 20 years |
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The philosopher
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7 years if in self employment. 5 I think if on payroll. If the IR find anything and query it they can go back indefinitely. |
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jaycee - 48
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I NORMALLY KEEP THEM 6 MONTHS AND THE SHRED THEM UP NEVER EVER JUST THROWN THEM AWAY IF YOU HAVENT GOT A SHREDDER THEN BUY ONE THEYRE CHEAP ENOUGH. |
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