Files over 6 Years Old...

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

    Files over 6 Years Old...

    I've been doing a tidy up of my old files.
    I have invoice folders for my estate agency from 2010/2011/2012.
    Should i be disposing of everything older than 6 years?
    Should i keep soft copies?
    Regarding ASTs and rent statements, should i be getting rid of everything over 6 years, including soft copies?
    Is this part of the data protection act and/or the GDPR?

    #2
    Keep ANYTHING that may help any later CGT calculations and also investigations by council over old council tax. (ie, pretty much for ever..)
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

    Comment


      #3
      Keep everything IIWY.

      HMRC can go back as long as they like if they suspect criminality. How will you prove you aren't a criminal if you don't have the papers?

      Comment


        #4
        Thanks for the replies.
        I thought due to the data protection act we need to dispose of all paperwork?
        Or does this just apply to tenants paperwork?

        Comment


          #5
          Originally posted by VictoriaH View Post
          I thought due to the data protection act we need to dispose of all paperwork?
          Or does this just apply to tenants paperwork?
          You can keep it as long as you have a legitimate, documented, reason for it.

          For most data for the running of the business, that effectively means "indefinitely" (because, as Artful says above, the tax man could come calling, or someone could take legal action (it seems that the 6 years limitation may not be from when an act occurred, but from when someone became aware that an unlawful action occurred)).

          Comment


            #6
            Originally posted by JK0 View Post
            Keep everything IIWY.

            HMRC can go back as long as they like if they suspect criminality. How will you prove you aren't a criminal if you don't have the papers?
            Do you have to prove that you aren't a criminal?

            Comment


              #7
              Originally posted by Kape65 View Post

              Do you have to prove that you aren't a criminal?
              With HMRC, it seems so.

              Comment


                #8
                Thank you for your replies
                With the regards to the Data Protection Act/ GDPR rules - what data do we need to dispose of?

                Comment


                  #9
                  Originally posted by VictoriaH View Post
                  Thank you for your replies
                  With the regards to the Data Protection Act/ GDPR rules - what data do we need to dispose of?
                  I would keep all the things you mentioned in your first post.

                  Comment


                    #10
                    In order to stay compliant with GDPR, you should destroy any hard copy documents which have been scanned and saved somewhere after 1 year, the documents which are saved should be encrypted or file passwords used. This is to prevent sensitive data being breached and then used by criminals, an external hard drive is ideal for this, if you really want to be save have a back up of the drive as well.

                    Comment


                      #11
                      I guess a cynic might wonder if the government were trying to raise cash in an underhand way...

                      They accuse you of fiddling your taxes, but don't allow you to keep the papers proving you didn't.

                      Comment


                        #12
                        Originally posted by ash72 View Post
                        In order to stay compliant with GDPR, you should destroy any hard copy documents which have been scanned and saved somewhere after 1 year
                        What bit of GDPR requires this?

                        As far as I can see, the requirement is to keep the data secure.

                        Comment


                          #13
                          The requirement is to keep the data secure and up to date and to delete it when the purpose for which it was collected has passed.

                          HMRC can't work beyond 6 years unless the crime is one of a very specific list (and that would be hard for a landlord to qualify for).
                          When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                          Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                          Comment


                            #14
                            The Tax office say minimum period for keeping records is 6 years

                            https://www.taxation.co.uk/files/recordkeeping.pdf

                            Comment


                              #15
                              I have everything dating back over 10-20 years - for tax purposes but also for DPS schemes as they can still sue you after six years and a folder for each property - keeping it safe in house all hard copies and latest things are on the computer you never know - just make sure that when you do dipose of things they are done correctly like shredded or something and if you sell your computer make sure all the files are removed - good way is to keep on a USB - thats what I do anyway

                              Comment

                              Latest Activity

                              Collapse

                              Working...
                              X