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How long should you keep your payslips? [closed]
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How long should you keep a payslip from your company? Should you keep ones from previous employments?
I've never been asked for one but I feel I should keep them - is this correct?
salary
asked Aug 21 '13 at 12:45
Liath
1,2731218
closed as off-topic by Jan Doggen, CincinnatiProgrammer, Michael Grubey, MrFox, acolyte Aug 21 '13 at 19:23
This question appears to be off-topic. The users who voted to close gave this specific reason:
- "Questions seeking legal advice are off-topic as they require answers by legal professionals. See: What is asking for legal advice?" – Jan Doggen, CincinnatiProgrammer, Michael Grubey, MrFox, acolyte
add a comment |Â
up vote
4
down vote
favorite
How long should you keep a payslip from your company? Should you keep ones from previous employments?
I've never been asked for one but I feel I should keep them - is this correct?
salary
asked Aug 21 '13 at 12:45
Liath
1,2731218
closed as off-topic by Jan Doggen, CincinnatiProgrammer, Michael Grubey, MrFox, acolyte Aug 21 '13 at 19:23
This question appears to be off-topic. The users who voted to close gave this specific reason:
- "Questions seeking legal advice are off-topic as they require answers by legal professionals. See: What is asking for legal advice?" – Jan Doggen, CincinnatiProgrammer, Michael Grubey, MrFox, acolyte
Hi Liath, where are you located and what country do you work in?
– jmort253♦
Aug 22 '13 at 4:23
add a comment |Â
up vote
4
down vote
favorite
up vote
4
down vote
favorite
How long should you keep a payslip from your company? Should you keep ones from previous employments?
I've never been asked for one but I feel I should keep them - is this correct?
salary
asked Aug 21 '13 at 12:45
Liath
1,2731218
How long should you keep a payslip from your company? Should you keep ones from previous employments?
I've never been asked for one but I feel I should keep them - is this correct?
salary
asked Aug 21 '13 at 12:45
Liath
1,2731218
asked Aug 21 '13 at 12:45
Liath
1,2731218
asked Aug 21 '13 at 12:45
Liath
1,2731218
asked Aug 21 '13 at 12:45
Liath
1,2731218
1,2731218
closed as off-topic by Jan Doggen, CincinnatiProgrammer, Michael Grubey, MrFox, acolyte Aug 21 '13 at 19:23
This question appears to be off-topic. The users who voted to close gave this specific reason:
- "Questions seeking legal advice are off-topic as they require answers by legal professionals. See: What is asking for legal advice?" – Jan Doggen, CincinnatiProgrammer, Michael Grubey, MrFox, acolyte
closed as off-topic by Jan Doggen, CincinnatiProgrammer, Michael Grubey, MrFox, acolyte Aug 21 '13 at 19:23
This question appears to be off-topic. The users who voted to close gave this specific reason:
- "Questions seeking legal advice are off-topic as they require answers by legal professionals. See: What is asking for legal advice?" – Jan Doggen, CincinnatiProgrammer, Michael Grubey, MrFox, acolyte
Hi Liath, where are you located and what country do you work in?
– jmort253♦
Aug 22 '13 at 4:23
add a comment |Â
Hi Liath, where are you located and what country do you work in?
– jmort253♦
Aug 22 '13 at 4:23
Hi Liath, where are you located and what country do you work in?
– jmort253♦
Aug 22 '13 at 4:23
Hi Liath, where are you located and what country do you work in?
– jmort253♦
Aug 22 '13 at 4:23
add a comment |Â
4 Answers
4
active
oldest
votes
up vote
2
down vote
accepted
If you are in the UK, the tax year goes from 6th April to 5th April and I would advise payslips be kept either until the form P60 is received at the end of the tax year, or until a form P45 is received after leaving the job. If you wish to be extra cautious keeping them another year couldn't hurt.
If you are talking about the UK, keep in mind that the tax office can go back up to 6 back years if there is any query on your tax affairs. Payslips are not legal documents so they may not help you with this.
Forms such as the P60 or part 1 of any P45 MUST be kept for seven years (the current and six back years). There may be a US version of this but I'm not sure.
answered Aug 21 '13 at 12:58
Michael Grubey
4,20432252
You are suppose to keep your tax records for several years in the US. What you have to keep depends if on several factors. The IRS posts guidelines on what you should keep and the length of time you should keep them.
– Ramhound
Aug 22 '13 at 12:58
add a comment |Â
up vote
2
down vote
Almost every payslip I've ever received included year-to-date information. I check for accuracy and only keep the most recent for the last slip from each job for any tax and/or calendar year. Again, this assumes all necessary information is aggregated correctly.
add a comment |Â
up vote
2
down vote
In the United States you should keep the end of year one, it has all the information on that will appear on the W-2 plus additional company related information like vacation balance. Keep the end of year, or end of job ones with your annual tax forms.
During the year it is OK to keep them all and then destroy all but the end of year or end of job ones during tax prep time. It is a good idea to review them when they are received to make sure that the pay and deductions match what you expect. I have known people who didn't review the slips periodically and never noticed that the company was withholding taxes for the wrong state.
Follow the IRS guidance for keeping tax forms.
answered Aug 21 '13 at 13:59
mhoran_psprep
40.3k463144
add a comment |Â
up vote
0
down vote
The law defines the minimal time you must keep your payslips, and it depends on the country you work in.
But it's wise to keep them forever. They don't take much place and the don't weight much. And you never know when they can be needed.
Just to illustrate, in Poland, during the WW II, almost every work evidence was destroyed, which has a consequence in lower pension for the people unable to prove they have worked before the war. The evidence can be any document - a payslip would fit well.
Of course the problem is, it would have to survive the war intact, but it's like a backup. If you have the backup, the chances of loosing your data is lowered, even through it will never be 0.
I've worked many jobs where I received a weekly payslip - quickly becomes an enormous stack of paper.
– Kirk Broadhurst
Aug 21 '13 at 21:36
@KirkBroadhurst - Boxes and Boxes of papers are not a problem in today's digital age. You can fit thousands of documents on a optical disk drive, encrypted on cloud drive, or located on some other external storage device.
– Ramhound
Aug 22 '13 at 13:00
That's true but you still need to manage the information - where is it? is it encrypted or do I need to log in to retrieve it? what exactly do I have there? Payslips aren't something that needs to be kept IMO - I just keep the most important things.
– Kirk Broadhurst
Aug 22 '13 at 14:28
add a comment |Â
4 Answers
4
active
oldest
votes
4 Answers
4
active
oldest
votes
active
oldest
votes
active
oldest
votes
up vote
2
down vote
accepted
If you are in the UK, the tax year goes from 6th April to 5th April and I would advise payslips be kept either until the form P60 is received at the end of the tax year, or until a form P45 is received after leaving the job. If you wish to be extra cautious keeping them another year couldn't hurt.
If you are talking about the UK, keep in mind that the tax office can go back up to 6 back years if there is any query on your tax affairs. Payslips are not legal documents so they may not help you with this.
Forms such as the P60 or part 1 of any P45 MUST be kept for seven years (the current and six back years). There may be a US version of this but I'm not sure.
answered Aug 21 '13 at 12:58
Michael Grubey
4,20432252
You are suppose to keep your tax records for several years in the US. What you have to keep depends if on several factors. The IRS posts guidelines on what you should keep and the length of time you should keep them.
– Ramhound
Aug 22 '13 at 12:58
add a comment |Â
up vote
2
down vote
accepted
If you are in the UK, the tax year goes from 6th April to 5th April and I would advise payslips be kept either until the form P60 is received at the end of the tax year, or until a form P45 is received after leaving the job. If you wish to be extra cautious keeping them another year couldn't hurt.
If you are talking about the UK, keep in mind that the tax office can go back up to 6 back years if there is any query on your tax affairs. Payslips are not legal documents so they may not help you with this.
Forms such as the P60 or part 1 of any P45 MUST be kept for seven years (the current and six back years). There may be a US version of this but I'm not sure.
answered Aug 21 '13 at 12:58
Michael Grubey
4,20432252
You are suppose to keep your tax records for several years in the US. What you have to keep depends if on several factors. The IRS posts guidelines on what you should keep and the length of time you should keep them.
– Ramhound
Aug 22 '13 at 12:58
add a comment |Â
up vote
2
down vote
accepted
up vote
2
down vote
accepted
If you are in the UK, the tax year goes from 6th April to 5th April and I would advise payslips be kept either until the form P60 is received at the end of the tax year, or until a form P45 is received after leaving the job. If you wish to be extra cautious keeping them another year couldn't hurt.
If you are talking about the UK, keep in mind that the tax office can go back up to 6 back years if there is any query on your tax affairs. Payslips are not legal documents so they may not help you with this.
Forms such as the P60 or part 1 of any P45 MUST be kept for seven years (the current and six back years). There may be a US version of this but I'm not sure.
answered Aug 21 '13 at 12:58
Michael Grubey
4,20432252
If you are in the UK, the tax year goes from 6th April to 5th April and I would advise payslips be kept either until the form P60 is received at the end of the tax year, or until a form P45 is received after leaving the job. If you wish to be extra cautious keeping them another year couldn't hurt.
If you are talking about the UK, keep in mind that the tax office can go back up to 6 back years if there is any query on your tax affairs. Payslips are not legal documents so they may not help you with this.
Forms such as the P60 or part 1 of any P45 MUST be kept for seven years (the current and six back years). There may be a US version of this but I'm not sure.
answered Aug 21 '13 at 12:58
Michael Grubey
4,20432252
answered Aug 21 '13 at 12:58
Michael Grubey
4,20432252
answered Aug 21 '13 at 12:58
Michael Grubey
4,20432252
answered Aug 21 '13 at 12:58
Michael Grubey
4,20432252
4,20432252
You are suppose to keep your tax records for several years in the US. What you have to keep depends if on several factors. The IRS posts guidelines on what you should keep and the length of time you should keep them.
– Ramhound
Aug 22 '13 at 12:58
add a comment |Â
You are suppose to keep your tax records for several years in the US. What you have to keep depends if on several factors. The IRS posts guidelines on what you should keep and the length of time you should keep them.
– Ramhound
Aug 22 '13 at 12:58
You are suppose to keep your tax records for several years in the US. What you have to keep depends if on several factors. The IRS posts guidelines on what you should keep and the length of time you should keep them.
– Ramhound
Aug 22 '13 at 12:58
You are suppose to keep your tax records for several years in the US. What you have to keep depends if on several factors. The IRS posts guidelines on what you should keep and the length of time you should keep them.
– Ramhound
Aug 22 '13 at 12:58
add a comment |Â
up vote
2
down vote
Almost every payslip I've ever received included year-to-date information. I check for accuracy and only keep the most recent for the last slip from each job for any tax and/or calendar year. Again, this assumes all necessary information is aggregated correctly.
add a comment |Â
up vote
2
down vote
Almost every payslip I've ever received included year-to-date information. I check for accuracy and only keep the most recent for the last slip from each job for any tax and/or calendar year. Again, this assumes all necessary information is aggregated correctly.
add a comment |Â
up vote
2
down vote
up vote
2
down vote
Almost every payslip I've ever received included year-to-date information. I check for accuracy and only keep the most recent for the last slip from each job for any tax and/or calendar year. Again, this assumes all necessary information is aggregated correctly.
Almost every payslip I've ever received included year-to-date information. I check for accuracy and only keep the most recent for the last slip from each job for any tax and/or calendar year. Again, this assumes all necessary information is aggregated correctly.
answered Aug 21 '13 at 13:28
user8365
add a comment |Â
add a comment |Â
up vote
2
down vote
In the United States you should keep the end of year one, it has all the information on that will appear on the W-2 plus additional company related information like vacation balance. Keep the end of year, or end of job ones with your annual tax forms.
During the year it is OK to keep them all and then destroy all but the end of year or end of job ones during tax prep time. It is a good idea to review them when they are received to make sure that the pay and deductions match what you expect. I have known people who didn't review the slips periodically and never noticed that the company was withholding taxes for the wrong state.
Follow the IRS guidance for keeping tax forms.
answered Aug 21 '13 at 13:59
mhoran_psprep
40.3k463144
add a comment |Â
up vote
2
down vote
In the United States you should keep the end of year one, it has all the information on that will appear on the W-2 plus additional company related information like vacation balance. Keep the end of year, or end of job ones with your annual tax forms.
During the year it is OK to keep them all and then destroy all but the end of year or end of job ones during tax prep time. It is a good idea to review them when they are received to make sure that the pay and deductions match what you expect. I have known people who didn't review the slips periodically and never noticed that the company was withholding taxes for the wrong state.
Follow the IRS guidance for keeping tax forms.
answered Aug 21 '13 at 13:59
mhoran_psprep
40.3k463144
add a comment |Â
up vote
2
down vote
up vote
2
down vote
In the United States you should keep the end of year one, it has all the information on that will appear on the W-2 plus additional company related information like vacation balance. Keep the end of year, or end of job ones with your annual tax forms.
During the year it is OK to keep them all and then destroy all but the end of year or end of job ones during tax prep time. It is a good idea to review them when they are received to make sure that the pay and deductions match what you expect. I have known people who didn't review the slips periodically and never noticed that the company was withholding taxes for the wrong state.
Follow the IRS guidance for keeping tax forms.
answered Aug 21 '13 at 13:59
mhoran_psprep
40.3k463144
In the United States you should keep the end of year one, it has all the information on that will appear on the W-2 plus additional company related information like vacation balance. Keep the end of year, or end of job ones with your annual tax forms.
During the year it is OK to keep them all and then destroy all but the end of year or end of job ones during tax prep time. It is a good idea to review them when they are received to make sure that the pay and deductions match what you expect. I have known people who didn't review the slips periodically and never noticed that the company was withholding taxes for the wrong state.
Follow the IRS guidance for keeping tax forms.
answered Aug 21 '13 at 13:59
mhoran_psprep
40.3k463144
answered Aug 21 '13 at 13:59
mhoran_psprep
40.3k463144
answered Aug 21 '13 at 13:59
mhoran_psprep
40.3k463144
answered Aug 21 '13 at 13:59
mhoran_psprep
40.3k463144
40.3k463144
add a comment |Â
add a comment |Â
up vote
0
down vote
The law defines the minimal time you must keep your payslips, and it depends on the country you work in.
But it's wise to keep them forever. They don't take much place and the don't weight much. And you never know when they can be needed.
Just to illustrate, in Poland, during the WW II, almost every work evidence was destroyed, which has a consequence in lower pension for the people unable to prove they have worked before the war. The evidence can be any document - a payslip would fit well.
Of course the problem is, it would have to survive the war intact, but it's like a backup. If you have the backup, the chances of loosing your data is lowered, even through it will never be 0.
I've worked many jobs where I received a weekly payslip - quickly becomes an enormous stack of paper.
– Kirk Broadhurst
Aug 21 '13 at 21:36
@KirkBroadhurst - Boxes and Boxes of papers are not a problem in today's digital age. You can fit thousands of documents on a optical disk drive, encrypted on cloud drive, or located on some other external storage device.
– Ramhound
Aug 22 '13 at 13:00
That's true but you still need to manage the information - where is it? is it encrypted or do I need to log in to retrieve it? what exactly do I have there? Payslips aren't something that needs to be kept IMO - I just keep the most important things.
– Kirk Broadhurst
Aug 22 '13 at 14:28
add a comment |Â
up vote
0
down vote
The law defines the minimal time you must keep your payslips, and it depends on the country you work in.
But it's wise to keep them forever. They don't take much place and the don't weight much. And you never know when they can be needed.
Just to illustrate, in Poland, during the WW II, almost every work evidence was destroyed, which has a consequence in lower pension for the people unable to prove they have worked before the war. The evidence can be any document - a payslip would fit well.
Of course the problem is, it would have to survive the war intact, but it's like a backup. If you have the backup, the chances of loosing your data is lowered, even through it will never be 0.
I've worked many jobs where I received a weekly payslip - quickly becomes an enormous stack of paper.
– Kirk Broadhurst
Aug 21 '13 at 21:36
@KirkBroadhurst - Boxes and Boxes of papers are not a problem in today's digital age. You can fit thousands of documents on a optical disk drive, encrypted on cloud drive, or located on some other external storage device.
– Ramhound
Aug 22 '13 at 13:00
That's true but you still need to manage the information - where is it? is it encrypted or do I need to log in to retrieve it? what exactly do I have there? Payslips aren't something that needs to be kept IMO - I just keep the most important things.
– Kirk Broadhurst
Aug 22 '13 at 14:28
add a comment |Â
up vote
0
down vote
up vote
0
down vote
The law defines the minimal time you must keep your payslips, and it depends on the country you work in.
But it's wise to keep them forever. They don't take much place and the don't weight much. And you never know when they can be needed.
Just to illustrate, in Poland, during the WW II, almost every work evidence was destroyed, which has a consequence in lower pension for the people unable to prove they have worked before the war. The evidence can be any document - a payslip would fit well.
Of course the problem is, it would have to survive the war intact, but it's like a backup. If you have the backup, the chances of loosing your data is lowered, even through it will never be 0.
The law defines the minimal time you must keep your payslips, and it depends on the country you work in.
But it's wise to keep them forever. They don't take much place and the don't weight much. And you never know when they can be needed.
Just to illustrate, in Poland, during the WW II, almost every work evidence was destroyed, which has a consequence in lower pension for the people unable to prove they have worked before the war. The evidence can be any document - a payslip would fit well.
Of course the problem is, it would have to survive the war intact, but it's like a backup. If you have the backup, the chances of loosing your data is lowered, even through it will never be 0.
answered Aug 21 '13 at 19:11
user1023
I've worked many jobs where I received a weekly payslip - quickly becomes an enormous stack of paper.
– Kirk Broadhurst
Aug 21 '13 at 21:36
@KirkBroadhurst - Boxes and Boxes of papers are not a problem in today's digital age. You can fit thousands of documents on a optical disk drive, encrypted on cloud drive, or located on some other external storage device.
– Ramhound
Aug 22 '13 at 13:00
That's true but you still need to manage the information - where is it? is it encrypted or do I need to log in to retrieve it? what exactly do I have there? Payslips aren't something that needs to be kept IMO - I just keep the most important things.
– Kirk Broadhurst
Aug 22 '13 at 14:28
add a comment |Â
I've worked many jobs where I received a weekly payslip - quickly becomes an enormous stack of paper.
– Kirk Broadhurst
Aug 21 '13 at 21:36
@KirkBroadhurst - Boxes and Boxes of papers are not a problem in today's digital age. You can fit thousands of documents on a optical disk drive, encrypted on cloud drive, or located on some other external storage device.
– Ramhound
Aug 22 '13 at 13:00
That's true but you still need to manage the information - where is it? is it encrypted or do I need to log in to retrieve it? what exactly do I have there? Payslips aren't something that needs to be kept IMO - I just keep the most important things.
– Kirk Broadhurst
Aug 22 '13 at 14:28
I've worked many jobs where I received a weekly payslip - quickly becomes an enormous stack of paper.
– Kirk Broadhurst
Aug 21 '13 at 21:36
I've worked many jobs where I received a weekly payslip - quickly becomes an enormous stack of paper.
– Kirk Broadhurst
Aug 21 '13 at 21:36
@KirkBroadhurst - Boxes and Boxes of papers are not a problem in today's digital age. You can fit thousands of documents on a optical disk drive, encrypted on cloud drive, or located on some other external storage device.
– Ramhound
Aug 22 '13 at 13:00
@KirkBroadhurst - Boxes and Boxes of papers are not a problem in today's digital age. You can fit thousands of documents on a optical disk drive, encrypted on cloud drive, or located on some other external storage device.
– Ramhound
Aug 22 '13 at 13:00
That's true but you still need to manage the information - where is it? is it encrypted or do I need to log in to retrieve it? what exactly do I have there? Payslips aren't something that needs to be kept IMO - I just keep the most important things.
– Kirk Broadhurst
Aug 22 '13 at 14:28
That's true but you still need to manage the information - where is it? is it encrypted or do I need to log in to retrieve it? what exactly do I have there? Payslips aren't something that needs to be kept IMO - I just keep the most important things.
– Kirk Broadhurst
Aug 22 '13 at 14:28
add a comment |Â
Hi Liath, where are you located and what country do you work in?
– jmort253♦
Aug 22 '13 at 4:23