WHAT TO KEEP AND WHAT TO BIN

KEEP FOR EVER

◆ Marriage/birth/death certificates, wills, house deeds, and adoption records are only issued in paper form. Losing any of these is a major hassle and can be costly to replace. Keep the paper copies in a locked and fire-resistant security box. ◆ Your car’s V5C logbook is also a paper document, which you must pass on to the new owner if you sell your car. Keep it safe! ◆ Life insurance: make sure your beneficiaries know where this is kept and who the main contact is. ◆ Pensions: keep all your documentation, otherwise you could miss out on hardearned money. Always tell your pension providers when your contact details change. ◆ Medical records: a medical exemption certificate lasts for five years or until your 60th birthday. Keep a note of your NHS number as you will need this if you change GP. Keep hold of your child’s Personal Child Health Record (the red book) if you have a paper version (there’s now a digital version, the eredbook). ◆ National Insurance number: if you’ve lost your NI card, you should be able to find the number on a payslip, P60 or tax return. If not, you can apply for a replacement card. ◆ Pets: keep proof of their vaccinations. A pet passport lasts for ever, provided rabies vaccinations are up to date.

KEEP FOR THEIR LIFETIME

◆ Passport ◆ Driving licence: the paper counterpart to a driving licence has had no legal status since June 2015. You should destroy yours but keep your photocard licence. However, paper-only licences issued before 1998 are still valid and must not be destroyed. ◆ Vehicle documents: you need to hang on to car insurance, road tax and proof your car has passed its MOT until they expire. Either keep hard copies in a locked box or store digital copies in a safe place. ◆ Rental agreements: keep until you have received your deposit back from your landlord or letting agent in case you need to argue anything. ◆ Extended warranties have different time limits depending on the manufacturer so make a note of the expiry date.

KEEP FOR TWO YEARS

◆ Tax records, including your P60, coding notices from HMRC and proof of interest paid on bank accounts.

KEEP FOR ONE YEAR

◆ Payslips only need to be kept until you receive your P60. ◆ Utility bills: keep a record for a year, in case of problems and so you can compare when it comes to deciding on a new deal. ◆ TV licence: these too can be done online now, so if you pay by direct debit there’s no need to worry. Otherwise, make a note of when you need to review.

SELF-EMPLOYED?

◆ Keep records of your business income so you can fill in tax returns and for five years after the 31 January tax return deadline. ◆ For a limited company, you need records of the company itself and its income. You need to keep records for six years after the end of the financial year. If paperwork isn’t your strong point, hire an accountant to help. ◆ If you’re a sole trader running an unlimited business, you need to keep a record of your business income and expenses for your tax return alongside your personal income. Keep these records for five years. For more about business finances, visit goodhousekeeping.com/uk/consumer-advice