Do you have important paper documents stored in boxes or filing cabinets and just don’t know when to get rid of them. Well we have some answers for you, just keep on reading! (Information for Nov 2021).
How long should I keep my accounting records for (Limited Company)?
You must keep your accounting records for six years after the end of the last financial year they relate to. These documents include all money spent and received by the company, all goods bought and sold, assets that the company own and more. There is a full list on the Government website of what details you need to keep.
There are a few exceptions to this rule and some documents need to be kept longer. A few examples are machinery that you expect to last longer than 6 years or records that show a transaction that covers more than one accounting period.
How long should I keep my accounting records for (self-employed)?
You must keep your records for at least five years after the 31st January submission deadline of the relevant tax year. E.g. if you sent your 2019/2020 tax return online by 31st January 2021 then you need to keep all your records until 31st January 2026. Full details are on the Government website.
If you send your records back late, you have to keep your records for longer, check out the Government website for full details.
How long should I keep my car insurance records for?
You need to keep this document for as long as it is valid if it is for personal car insurance and may be helpful to keep for one year. If it is business car/van insurance it needs to be kept for 7 years with your accounting paperwork.
A reminder though to ensure you do keep hold of your vehicle registration form, MOT certificate and any loan paperwork relating to your car.
How long should I keep my payslips for?
You should keep your payslips for up to 22 months after the end of the tax year. You do need to keep P60’s for six years.
How long should I keep my utility bills for?
If you are not self-employed then there is no minimum amount of time you need to keep your utility bills for. The majority of suppliers will let you access your bills on an online account and keep records for you for a few years online. If you get paper bills it may be useful to keep them for up to two years in case you need them for reference.
How should I dispose of my personal or business paperwork and records?
Always ensure that personal/business information is disposed of securely. You can shred it yourself on a home/office cross cut shredder or bring it to a confidential shredding service like us at UShred!
All information in this article is relevant for November 2021. Please double check all information for your personal or business records on the Government website.