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P60
12-Jun-2012, 06:24 PM
Post: #1
P60
How many years should the P60 end of year tax form be kept for.
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12-Jun-2012, 08:38 PM
Post: #2
 
I don't think there is any requirement to keep it unless you intend to claim back some overpaid tax.

Martin ~
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11-Aug-2012, 01:28 PM
Post: #3
 
With most business documents the legal requirement is to keep business documents for 6 years(at least thats what it was, no reason to suspect its changed), so after that it is assumed that most businesses will be shredding or diminishing their stock of paperwork. I couldn't destroy the P60's in my files until 6 years has elapsed. The employee is not bound by the same rules I don't think but may be called on in the 6 year period to account for some tax/payment if a business has been inspected and found to have something unusual in their paperwork from up to 6 years ago. In that case they may ask people connected to the business for information on something.

Eg. your P60 might show you have paid lots of tax, but the tax details sent to the tax office show you earned very little and not eligible for tax.

The P60 proves how much you have paid so I would keep it for a while at least.

ps. I have never thrown any receipts/invoices/tax/bank paperwork out in 27 years, I think I am due for a sort out shortly Smile
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11-Aug-2012, 02:44 PM
Post: #4
 
David is right, you should keep P60s for 6 years. If HMRC ever decide to look into your affairs, this is how far back they are entitled to go.
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