Personal financial records: what information do we need to keep?

Financial paperworkFinancial paperwork is needed for so many things in life, and keeping records organised and easily accessible makes more sense than scrabbling around looking for official bits of paper when you need them in a hurry.


What personal financial information are you most likely to need?

Income from employment

If you’re in employment the most important documents are your wage slips and P60, which is a summary of salary, tax and National Insurance for the financial year. If you intend to borrow money the lender will ask for several recent wage slips as proof of earnings, and without this proof it’ll take longer to obtain the loan.

Employee benefits like running a company car require various pieces of supporting information, such as business mileage and the cost of any car repairs. Find out which receipts you need to keep to complete form P11D (summary of all employer-related expenses and benefits) at the end of the tax year. Financial paperwork

Money going out

After submitting a tax return, HMRC may ask to see proof of the expenses claimed, so having an organised file of tax-related documents and receipts will make the whole process easier.

Insurance documents

From house contents to mobile phone insurance, it’s hoped that you will never need these documents but if the worst does happen, having them to hand will speed up the claims process.

Warranties and guarantees

If the washing machine or fridge freezer stops working you’ll be glad you know where the warranty is, and if they’re all in one place you can shred the old ones as they expire.

It’s a good idea to buy a concertina file for all financial paperwork so that everything’s clearly labelled and in one place.

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