🚨 Martin Lewis Alert! 🚨 Listen up, folks! The financial guru is sounding the alarm about keeping your tax records up to date. 📄💼 HMRC isn’t messing around and has some serious power, so make sure your paperwork is sorted!
💡 On his recent BBC podcast, Martin tackled a burning question about organising financial documents. If you’re trying to digitise them, know this: while the usual advice is to keep finance docs for six years, HMRC expects self-assessment records for 22 months after the tax year ends. For limited companies, it’s a solid six years. Martin suggests playing it safe and keeping them for six years minimum. Better safe than sorry!
The real kicker? 🏦 HMRC can demand detailed financial info, calling banks and even your employer if they must. And trust us, you don’t want a tax investigation creeping into your life!
📚 Martin advises keeping track of major transactions. For instance:
– Loans
– Credit cards
– Mortgages
– Car finance deals
– Two yearly bank statements showing key charges
– Travel bookings and other pricy purchases along with warranties
Why keep all this? 🤔 You never know when a mis-selling scandal might hit, like the car finance deals from 2007-2024. Holding onto those documents could help claim an average compensation of £83, though payouts are expected around 2027.
Martin’s advice? Keep sign-up, upgrade, and closure paperwork handy for any big product or service. It’s all about proving what you had. 💪🏼 So dive into those files, dust off the old folders, and make sure you’re covered! 📂✨
✅ Like and share if you found this helpful! Stay savvy and protect yourself. Keep those financial affairs in shipshape! ⛵️