Do You Need Old Payslip? Here’s What You Need to Know

Payslips are an essential part of our work lives, as they provide us with important information about our earnings, deductions, and benefits. However, over time, they can pile up and take up valuable space. So, the question arises, do you need an old payslip? The short answer is yes, but it depends on a few factors. In this article, we’ll discuss the importance of old p60, when you need them, and how to store them properly.

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Why are old payslips important?

Old p60 are important for several reasons:

1. Tax purposes: You may need old p60 to file your taxes, especially if you have deductions or benefits that you want to claim.
2. Employment verification: Your old payslip can serve as proof of your employment history, which can be useful when applying for loans or other financial services.
3. Pension or retirement benefits: Some pension plans require proof of your earnings over the years, which can be provided by your old p60.

When do you need old payslips?

Here are a few scenarios where you may need old payslip:

1. When applying for a loan: Lenders may require proof of income, which can be provided by your old p60.
2. When applying for a new job: Your potential employer may ask for proof of your employment history, which can be provided by your old payslip.
3. When applying for government benefits: Some government benefits require proof of your income, which can be provided by your old p60.

How long should you keep old payslips?

The length of time you should keep old p60 depends on your personal situation. Here are a few guidelines:

1. Tax purposes: You should keep your old p60 for at least 7 years, in case the IRS decides to audit you.
2. Employment verification: You should keep your old payslip for as long as you are employed with that company. If you leave the company, you can keep your p60 for up to 7 years.
3. Pension or retirement benefits: You should keep your old p60 for as long as you are receiving pension or retirement benefits.

How to store old payslips?

It’s important to store your old p60 in a safe and organized manner. Here are a few tips:

1. Use a filing cabinet: A filing cabinet is a great way to keep your payslips organized and easy to find when you need them.
2. Store them digitally: You can scan your p60 and store them on your computer or in the cloud. Just make sure to back up your files regularly.
3. Keep them in a safe: If you’re concerned about security, you can keep your p60 in a fireproof safe.

FAQs:

Q: Do I need to keep all of my old p60? A: No, you only need to keep the p60 that are important for tax purposes, employment verification, or pension/retirement benefits.

Q: Can I throw away my old p60 once I’ve scanned them? A: It’s best to keep a hard copy of your p60 in case your digital files are lost or corrupted.

Q: How often should I back up my digital p60 files? A: It’s recommended to back up your files at least once a month.

Conclusion: