Originally posted by northernladuk
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Previously on "Any reason to keep paper bank statements / fees ?"
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Originally posted by dx4100 View PostGot a garage full of paperwork that I need to do something with really. Whats the rules for keeping stuff ? 7 years or is it more ?
Personally always keep physical copies of everything but its getting a bit ridiculous out in the garage now :PHow long to keep records
You must keep records for 6 years from the end of the last company financial year they relate to, or longer if:- they show a transaction that covers more than one of the company’s accounting periods
- the company has bought something that it expects to last more than 6 years, like equipment or machinery
- you sent your Company Tax Return late
- HMRC has started a compliance check into your Company Tax Return
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Got a garage full of paperwork that I need to do something with really. Whats the rules for keeping stuff ? 7 years or is it more ?
Personally always keep physical copies of everything but its getting a bit ridiculous out in the garage now :P
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Update:
- burning does not work well: too much smoke and need to separate sheets still.
- drowning it in water in a garden bin: didn't do much after 1 month even with concrete mixer attachment finish at the end, think need bleach but then hard to dispose of this mess at the end
- commercial shredders are all seem to be for big volumes, not individual consumers
At the end decided half is not risky to toss in a paper bin as it is, and used a home shredder for the rest while watching a movie with ANC headphones.
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I do that with stuff like old cars' service history records, national trust memberships etc, have it it the sink overnight then drain and put into a box that goes into paper recycling bin. If someone manages to go through the trouble of extracting information from there, I would say fair enough - they earned it. But still over paranoid about financial details.
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Originally posted by northernladuk View PostLeave the bag out in a rainstorm then chuck in recycle bin. Not much use to anyone after that.
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Originally posted by Lumiere View Post
Yeah, that's what I had in mind, trying to justify purchase from decluttering pov .. getting rid of piles of paper in the house but getting a metal bucket in the garden.
What can it be used for after, if leaves are not a problem ? Warming hands Brooklyn style perhaps when outside ..
My neighbours were also gasing as with wood burner a few years ago, after some passive aggressive windows closing they stopped using it completely, ideally don't want to provoke them so they think it is fair game again. Won't be delivered in time for diwali, need to wait until the New Year or bbq season.
What do you do with ashes, it is probably toxic due to ink to be damped under the trees ?
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Originally posted by gixxer2021 View Post
I bought something like this to burn the piles of stuff I would otherwise have to shred -
https://www.amazon.co.uk/Galvanised-...zcF9hdGY&psc=1
I don’t worry about the smoke as the neighbours all have wood burners that plague me with smoke all winter…
What can it be used for after, if leaves are not a problem ? Warming hands Brooklyn style perhaps when outside ..
My neighbours were also gasing as with wood burner a few years ago, after some passive aggressive windows closing they stopped using it completely, ideally don't want to provoke them so they think it is fair game again. Won't be delivered in time for diwali, need to wait until the New Year or bbq season.
What do you do with ashes, it is probably toxic due to ink to be damped under the trees ?
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Originally posted by Lumiere View Post
I know, I know .. wanted to time it to that evening, to not give neighbours an excuse to complain about smoke ..unfortunately still had half of the volume in files and folders.
I have a small bbq but it is only big enough to fit ashes from a single letter from HSBC about £2 fee. Don't really want to have a wild fire in the garden.
https://www.amazon.co.uk/Galvanised-...zcF9hdGY&psc=1
I don’t worry about the smoke as the neighbours all have wood burners that plague me with smoke all winter…
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Bank statements: download the PDF each month.
Receipts: scan and bin. Attach the scan to the relevant transaction in Xero.
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Originally posted by northernladuk View PostBank statements aren't enough as it doesn't have a VAT number on them? Or have I got that completely wrong? Either way I change reward cards regularly so won't work for me but keep the receipts so makes no difference to me
I still keep the paper receipts. Throw them in one tray to be entered in to FA. Once entered, clipped together, ticked and thrown in another tray. every 6 months, punch them, throw in a folder and forget. When I run out of space in my cupboard I throw the oldest folder in the loft. When we have a loft clear out I chuck folders up to 7 years away. I'm not normally to fussed about shredding 7-10 year old receipts, most which have faded, don't have that credit card and are (currently) registered to old address. Niece and nephew used to love shredding stuff when they were younger so just got that out ad let them at it. I'd have to pay the buggers now
Made half an attempt to photo/scan them but never got to grips with it so just carry on the old way.
Leave the bag out in a rainstorm then chuck in recycle bin. Not much use to anyone after that.
For official documents I am trying to move to Office Lens batch scanning -> OneNote archive, but only do it with selected documents, not banks statements .. think it is time to get rid of those.
Also keeping paper copies of dividend minutes and vouchers because of wet signatures and potential problems if losing.
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Yeah bin+water may work, will still be readable .. not sure if scammers could use 10yo company bank statements for anything though. Burning feels more pleasant on the other hand.
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Originally posted by pr1 View Postre: log burner, you've just missed bonfire night
I have a small bbq but it is only big enough to fit ashes from a single letter from HSBC about £2 fee. Don't really want to have a wild fire in the garden.
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Bank statements aren't enough as it doesn't have a VAT number on them? Or have I got that completely wrong? Either way I change reward cards regularly so won't work for me but keep the receipts so makes no difference to me
I still keep the paper receipts. Throw them in one tray to be entered in to FA. Once entered, clipped together, ticked and thrown in another tray. every 6 months, punch them, throw in a folder and forget. When I run out of space in my cupboard I throw the oldest folder in the loft. When we have a loft clear out I chuck folders up to 7 years away. I'm not normally to fussed about shredding 7-10 year old receipts, most which have faded, don't have that credit card and are (currently) registered to old address. Niece and nephew used to love shredding stuff when they were younger so just got that out ad let them at it. I'd have to pay the buggers now
Made half an attempt to photo/scan them but never got to grips with it so just carry on the old way.
And how do you easily get rid of big IKEA bag volume of bank documents without access to log burner or industrial shredder ?
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Once something has been scanned and/or saved in the accounting software in pdf format I get rid of it. Whether or not that's wise I guess I'll find out one day...
re: log burner, you've just missed bonfire night
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Any reason to keep paper bank statements / fees ?
Given they can also be downloaded from bank's website for last 7(?) years which would satisfy HMRC's 6 years requirement, and for own reference all data should be in accounting software.
What do you keep in paper form apart from expenses receipts ?
And how do you easily get rid of big IKEA bag volume of bank documents without access to log burner or industrial shredder ?Tags: None
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