How long to keep record after ILR granted

[khalidmirza]

Dear friends

My apologies if it is a repeat question
How long should we keep all documentary evidence after ILR granted. Presently holding five years documents, like pay slips, bank statements, copies of all applications and correspondence with UKBA, bills,contract copies etc etc.

Senior gurus to advise please. some one suggested that nor we need to hold last 6 months record. Do you suggest that we might need all these documents at any later stage. It is too much paper work to handle
Please help

[vinny]

20 years.

[gidoc]

Vinny,
This relates to Tax matters not really to ILR.

[vinny]

like pay slips, bank statements, copies of all applications and correspondence with UKBA, bills,contract copies etc etc.

Indeed. However, some documents also relates to tax matters. These should be kept for at least 20 years.

[khalidmirza]

like pay slips, bank statements, copies of all applications and correspondence with UKBA, bills,contract copies etc etc.

Indeed. However, some documents also relates to tax matters. These should be kept for at least 20 years.

Thank you Vinny. I did not know that. So you suggest that p60 and correspondance with hmrc is to be kept . can you please suggest
1 Do we need all payslips
2 Do we need all bank statements
3 Do we need to keep all job contracts
4 Do we need to keep all evidence of economic activity except tax part for all these years
5 Do we need all utility bills
If answer to all this is YES, I start looking for flat to store all these documents for 20 years

[vinny]

I would suggest that you keep any documents related to your tax returns.

[gidoc]

Business/ self employment related documents need to be retained for 5 years but for employees there is no statuatory requirements to keep documents beyond one year of the tax return filing date.

20 year limit is for recall if there are tax disputes but that doesnt mean you need to keep your payslips for that periond of time.In fact most people do not even file tax returns

[vinny]

See also Completing your tax returns.

Although there may be no statutory requirements, keeping long term records may potentially save you thousands of pounds.