how long do you need to keep records

gubby

Can someone tell me how long I need to keep records ie bank statements, receipts, invoices etc.
I really need to clear out. I have stuff from 2001

Jim2007

gubby wrote: »

Can someone tell me how long I need to keep records ie bank statements, receipts, invoices etc.
I really need to clear out. I have stuff from 2001

Given all the computer outages etc these days I'd be careful about what you dispose of as there is little guarantee that you'll be able to get copies again in the future if needed.

I'd start by retaining everything for at least 7 years due to that statute of limitations. After that I'd apply common sense...

For instance if you have an old loan already paid off more that 10 yeas ago then I'd just hold onto the final statement and the confirmation letter that the loan has been cleared.

Another example would by your car insurance, there I'd keep everything necessary to confirm my no claims bonus at the very least.

For electrical goods and so on, I'd keep the documents to support the guarantee and the option to return the item under the environment provisions now or in the future.

I'd also hold on to anything need to support my tax return for at least 10 years or more - deposit certificates, dividend certs etc....

I'd also hold on to statements of income etc.... that how your contributions to pension funds and PRSI contributions indefinitely. Just in case any issues arise in calculating pension entitlements in the future. This happened to my father in law here in Switzerland, he was a teacher so paid by the state, but when he came to retire they could find no evidence that he had paid contributions for the first 10 years of his working life - lost in some computer conversion somewhere along the way.

Logo

I've heard that house insurance documents should be kept indefinitely. The reasoning was that if a structural issue like subsidence arises, the problem didn't just occur during the current year - but probably developed over a number of years. Not sure if there's any truth in it though...

Jim2007

Logo wrote: »

I've heard that house insurance documents should be kept indefinitely. The reasoning was that if a structural issue like subsidence arises, the problem didn't just occur during the current year - but probably developed over a number of years. Not sure if there's any truth in it though...

Absolutely anything that you might have to rely on later on. Better to err on the side of safety.

gubby

thanks people

gubby

what about bank statements... I have some since 1996