I seem to be having conflicting views on how long to keep payroll records. Some say 6 years plus current, others say 3 plus current.
Which is correct?
Thank you.
Replies (3)
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Read HRMC
http://www.hmrc.gov.uk/paye/payroll/day-to-day/records.htm#05
current + 3 previous years for payroll.
Three years - here is the ruling..
'an employer must keep, for not less than 3 years after the end of the tax year to which they relate, all PAYE records which are not required to be sent to the Inland Revenue by other provisions of these Regulations'.
Income Tax (PAYE) Regulation 2003 (SI 2003/2682) Reg 97
Ah PAYE versus payroll
Here is the dilema, not all payroll records relate to PAYE and you may need them during the period covered by Limitaions legislation. I go for 6 as a rule.
It helps when/if you get Insurance claims from years ago, if for no other reason. It's amazing how many people say they were employed by Co X and they never appeared on a payroll.
D