Bank Statements

[simonoly]

How long should i keep my bank statements for

[zmudge]

If you pay tax, six years.

With compliments zmudge

[vicars]

If you are in business then you should kepp record for 6 years - for example you can be fined if you are registered for vat nd do not keep ALL records for 6 years. If you are employed or not employed, i.e. not self employed or have your own company then I would recommend up to 3 years. There are no reasons why the Inland Revenue will look at your records unless they query a tax return (if you are a higher rate tax payer for example that has to file a return). I would recommend 3 years though because you may need them for mortgage purposes (proof of address for last 3 years for example) and it may cost you a penny or two to get them printed out again by your bank.

[zmudge]

If you pay tax in any capacity then you are legally obliged upon pain of a nasty penalty to keep all relevant documents (including bank statements) for six years. Similarly if you are a company of any sort you are obliged to retain all records for six years. There are no exceptions whatsoever.