Shred them. They are over 10 years old. If you are really worried scan them using your phone and put them in a digital folder somewhere, but they aren't much use.
Annual P60s......does anyone keep their's
- Thread starter Dave7
- Start date
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Shred them. They are over 10 years old. If you are really worried scan them using your phone and put them in a digital folder somewhere, but they aren't much use.
BoldonLad
Not part of the Elite
- Location
- South Tyneside
strictly speaking the petrol part wasn't wholly, exclusively and necessarily in the course of business, in fact it was unnecessary!
Its as well to keep everything as HMRC do make mistakes, so you need your own back-up to correct them.
Indeed they (HMRC) can! When my wife retired, HMRC made an incredible mess of her relatively simple tax affairs (state pension, plus, two small “works” pensions). They even managed to send her five different notices of coding, which arrived in the post, on the same day!
It took them two years, and, the intervention of our MP, to sort it out. Incredible.
- Location
- Somewhere wet & hilly in NW England.
Only recently noticed this (ie last tax year 2021-2022) but if you have a Gov Gateway a/c then monthly pay/stoppages/source are all available in the yearly drill-downs.
Not checked if it is on previous years tbh. May just be a new feature.
Not checked if it is on previous years tbh. May just be a new feature.
NorthernSky
Guru
i think i've a couple from the past few years but everything else has been shredded
Regular.Cyclist
Über Member
- Location
- South West Scotland 🏴
I get them as a PDF now so easy to keep. I hold onto them for a few years then delete them.
byegad
Legendary Member
- Location
- NE England
After the first Mrs Byegad and I divorced I paid maintenance for my boys. Every year HMRC sent me a form to fill in, as my income was PAYE, the only 'assets' I 'owned' were debts following the divorce, it was obvious that the only thing they could be interested in was the maintenance payments. I duly filled out the form each year with the vast majority of the 'returns' being filled in a NONE. As a consequence my P60 was a vital document. Once one of the boys moved in with me the payments stopped, she was not paying me, and I was not paying her. Still I got two more forms to return until I wrote a note enclosed with the last one outlining the circumstances. They lost interest at that point.
Many years later I got a bonus from work which for some reason they didn't tax. A couple of years went by and HMRC contacted me asking for back tax and fining me £100, presumably for their mistake!
I duly paid it.
Again time passed and we, the present Lady Byegad and myself inherited my out-laws house, upon which Lady Byegad had been paying a mortgage, long since paid off. HMRC were all over us like flies on 'the proverbial', we owed Capital Gains Tax. Presumably because when we married we didn't put her parents out on the street. They billed us both for the tax, and on mine I had a credit of.......£1.57. Owed by HMRC to me for overpayment of tax on my bonus 20 odd years before. No apology, no interest just a credit.
HMRC are an unprintable bunch of ne'er do wells, to say the least. But I should be careful, they might find out where I live.
Many years later I got a bonus from work which for some reason they didn't tax. A couple of years went by and HMRC contacted me asking for back tax and fining me £100, presumably for their mistake!
I duly paid it.
Again time passed and we, the present Lady Byegad and myself inherited my out-laws house, upon which Lady Byegad had been paying a mortgage, long since paid off. HMRC were all over us like flies on 'the proverbial', we owed Capital Gains Tax. Presumably because when we married we didn't put her parents out on the street. They billed us both for the tax, and on mine I had a credit of.......£1.57. Owed by HMRC to me for overpayment of tax on my bonus 20 odd years before. No apology, no interest just a credit.
HMRC are an unprintable bunch of ne'er do wells, to say the least. But I should be careful, they might find out where I live.
bikingdad90
Guru
PAYE and Capital gains tax is a self assessment. HMRC require you to get your tax correct, it’s not HMRC or your employers responsibility.
If your bonus from work wasn’t taxable it was either an error through the Payroll or it was some kind of ex-gratia payment and HMRC have miscategorised it because the submission from the employer didn’t put it in the right field.
On the capital gains front, I am assuming the outlaws will designated 50% to you and when you sell the “gifted” asset it generates a tax liability. The gain is calculated based on market value at date of transfer against sales value. The only exemption to this are spouses. HMRC have followed the letter of the law.
HMRC colleagues are under resourced, over worked and have to try and work out what has gone on from limited information. If you speak to them, they are actually very helpful and try their best to assist you, they are not scary if you want to operate your taxes in a benign compliant manner. Most of the stories in the papers are from people and organisations who have tried to be high risk or interpret the tax definitions in a particular way when it’s not clear, resulting in the case going to the UTT for clarification of the definition after confirming at FTT if the law has been followed or not.
I do understand that enquiries can overwhelming when it’s not something you know much about.
