How long should you keep payslips for?

[Gerry1time]

I was always told when I started work that you should keep each month's payslip you receive, but was never really told why.

I know have years and years of the fuckers built up in a file, and I've never once had need to go back to them.

Anyone think of any good reasons why I should keep them, or shall I just shred and recycle?

 

[moochedit]

I think your suppossed to keep wages and bank statements for 7 years, although if you are not self employed, i would think it's unlikely you'll be asked for them by the inland revenue. Not sure if i have 7 years still.

 

[pogofish]

And here we go again!

If employed, you need to keep payslips, statements etc for at least 22 months from the end of the tax year they relate to.

Self-employed are advised to keep relavent paperwork for longer under different regs IIRC.

The old five/seven year thing was done away with yonks ago.

And it is worth keeping them - I've twice been hit by inspectors and the first time, I had lost a few months worth of payslips/paperwork and got several years of shit from them, up to and including moves for prosecution till their own lawyers threw the case out. Second time, my records were 100% and it went off swimmingly.

 

[Gerry1time]

Ah, thanks, sounds like a hassle then. Might just hang on to them for now, maybe chuck some from my early days of temping perhaps.

 

[StoneRoad]

And it is always a good idea to keep a check on things.....

some years ago, my then employer changed the bods who did the payroll.
and it took the new lot several months to get everything back into order. or so we all thought, but several of us had inorrect deductions for paye and ni for quite a while......and when I was made redundant, that was fouled up as well, so I had to argue the toss in several different places. So I was glad I has kept all the paperwork.

IIRC you can claim back tax if there has been such problems, or if you find out that you should have had an allowance that was not actually claimed, for a max of six years. (I got about £250 the last time this checking was done for me)