Should I throw away my statements?

[filthiestfis]

I have current account statements as well as credit card statements at home since I opened my account 9 years ago. Im thinking of throwing them away and just keeping the last 12 months or so. Is this a wise idea?

[Ethel]

Keep the last three years.

[filthiestfis]

Is there a reason why the last 3 years?

[Ethel]

I was wrong. The taxman can demand to see your bank statements up to 6 years, so keep those that long.

Credit cards statements are a good proof of purchase, if you have lost receipts.

[terambulan]

Depends if your in business or self-employed.

If neither then statements for last year only necessary as by that time you will know if you're overdrawn.

[anniebird]

If you do not wish to keep any statements DO NOT THROW THEM AWAY. They can be used by criminals to obtain credit in your name. All such paperwork and old utility bills, which can also help criminals with identity fraud, must be shredded.

[Skyline D]

The taxman can ask for six years in addition to the year you are actually in. Which can in effect actually mean 7 years. I'd always advise you keep seven years.

As annie said, I'd tear them up or shred them before binning too.

[filthiestfis]

Hi
Thank you all for your answers. Yes, I always use a shredder for bank statements, transaction slips, address on envelopes etc. I am not self employed or in business so does this mean that there is no reason for the taxman to ask me for the last 7 years worth of statements? Some of you are saying that I should keep 6/7 years of them and others that one year is enough.

[Skyline D]

Whether you are in business or not is technically irrelevant. As a British taxpayer you are required to keep records for 6 years (which in practice means 7 years) in case the Revenue wish to look into your affairs.

In practice of course if you only pay tax on PAYE there's absolutely no reason the revenue would ever want to look at your records and you would be perfectly safe to destroy them and never be asked for them in 9,999 cases out of 10,000. If by some sheer chance they did though you could be prosecuted for not keeping the records and would be unable to defend yourself against suggestions you had untaxed income in earlier years.

It's up to you, on your own head be it if you destroy records within 6 years.

[B00]

Well im beggered then- i read them, then shred them immediately.

[filthiestfis]

LOL Boo. Ok I will keep them from 2002 to present.

[smudge]

I've got bank statements going back 10 years, although businesses have to keep records for 6 years.

Well that was the case when I was at work, so it may have changed since then..

[annie0000]

- I shred mine without reading them at all!

(it's okay, I monitor them through on-line banking and have transferred to electronic statements where I can ;)

[smudge]

Something very strange happening on this website!

I looked to see if you'd already rec'd any answers & there weren't any! I post, then find many from yesterday!!??

[B00]

In all seriousness, in this day and age of computerisation and electronification (heh!) do we really need to keep drawers full of bank statements?

Surely, if Mr Tax Man wants records of our statements they can easily be got anyway?

[smudge]

Trouble is BOO - if they're tucked away in the archives, trying to get a bank to supply you with copies of statements, can be like trying to get blood out of a stone!

I've never had to do it, but know of people who have & it was very frustrating for them.

Also depends on which bank you use of course!

[B00]

Aye well Smudge- should Mr Tax Man come aknockin' at my door, then I'm really up that creek without a paddle ;-)