Do You Really Need to Keep that Paperwork? Rules to Follow

How much paperwork do you have lying around? From old mortgage and investment paperwork to receipts for large purchases, many of us have quite a bit of paperwork situated around our house. Of course, you don’t want to get rid of a crucial documents only to learn you need them for an HRMC compliance check or audit. But you also don’t want to keep it indefinitely. So, when it is time to get rid of these old documents.

the law for keeping mortgage and business paperwork with HMRC and the government

Here’s what you need to know

A Look at Enquiry Time Limits according to the HRMC Handbook,

As of 25 May 2017, the HRMC has up to 15 months from the date you file a return to initiate an enquiry. After this date, tax returns are usually considered “final.”

With that being said, if you feel that you have made an “error or mistake,” you have four years from the end of the year of the assessment to contact the HRMC. Keep in mind these are strict rules regarding what can be corrected.

If the HRMC suspects you provided false information due to “careless behaviour,” they have up to 6 years to file an enquiry.

However, if the HRMC believes that you were “deliberately false” with the information you provided, they can go back 20 years.

The HRMC suggests that you retain your return records for a minimum of 22 months from the end of the year the tax return is for. You can seek professional advice on this matter with one of the leading accountants in Streatham, London.

Real Estate and Mortgage Documents
Typically, it is a good idea to retain your year-end mortgage statements for 3 years. This also applies to property tax payments and Private Mortgage Insurance (PMI). You can choose to hang on to cancelled cheques or bank statements as proof of your deduction. You also have the option of holding on to the actual bills you received.

Be sure to retain receipts for any energy tax credits, such as the installation of energy efficient windows, heating and cooling systems, doors, and solar panels, for as long as you own the property plus 3 years. This also applies to receipts for capital expenses, including home improvement projects and additions. This allows you to provide proof of your deductions and may be beneficial when selling the property.

Real Estate Investments
Landlords should file LLC agreements for any real estate investments for as long as the LLC exists. Landlord insurance policies should be kept until the policy is updated. It is also recommended that landlords retain insurance payment receipts for 3 years.

Other Investments
You should hang onto any records regarding nondeductible contributions to an IRA, ISA, or PPP. To cut down on paper, scan them, save them, and shred the paper copies. When it comes to quarterly statements on any type of investment, keep them until the annual statement arrived. Annual statements should be retained indefinitely.

Insurance and Warranties
Although it doesn’t apply to the HRMC, there is some insurance and warranty paperwork you’ll want to keep. Whether you are a homeowner or are renting the place, it’s strongly suggested that you keep a detailed inventory sheet of your possessions. Any expensive items should include serial/ model numbers and photos. You should keep this for as long as you own the item. Retain any warranties or service contracts until the warranty or contract has expired. This includes car purchases or leasing deals as stipulated by HMRC.

Bank Records, Credit Cards, Bills, and Pay Check Stubs
Thanks to technology, there is really no reason to keep paper copies of your bank statements. You should be able to pull up cancelled cheques online and other types of payment confirmations, if needed. Be sure to shred any paper bank records before disposing of them. This is also true of credit cards. You should be able to find any information you need online, meaning it’s okay to go ahead and shred your statements after looking over them.

After rectifying your monthly bills against your bank statements to make certain everything is correct, you can shred them. This also applies to your paycheck stubs. After ensuring they match up with what is on your P60, shred away.

Medical Records
It’s suggested that you retain your pertinent medical records for 5 years. If they are lost, you can go back to your GP, who will likely provide a copy for a small fee.

Miscellaneous Documents
Property trusts and wills should be retained indefinitely or until they are updated with a new version. Home sale clauses that accompany a divorce decree should be held onto until your ex sells the property, plus at least 3 years.

If you employ live-in help, such as a nanny or housekeeper, keep their entire employee file for a minimum of 4 years after they have moved on.

On a final note, it’s important to remember that you should never simply throw away documents that include your identifying information. Always shred them first!


Finance and Leasing Figures

The latest figures published yesterday, on Monday January 31st by the Land Registry suggest that house prices in the UK have fallen by 1.3% in 2017.

In December 2011 an average property is the UK was priced at 160,400 pounds (unchanged from November 2016) and yet lower than in 2015.
The report also revealed that they only city in Great Britain to see annual price growth in 2011 was London. House prices in the capital rose by 2.8% and reached 345,300 pounds.

The biggest annual decline was registered in the North East of England, it constituted 7.1%. An average house in the North East was priced at 99,500 in December 2016.

Commenting on the findings of the Land Registry, Howard Archer of IHS Global Insight, said: “Prices will fall 5% in 2012 amid low wage growth, rising unemployment and major concerns over the economic outlook.”
The detailed house prices report is available on the official website of the Land Registry.

Also worth a mentioned is the growing stats on car purchases and leasing agreements that seems somewhat counterintuitive to trends and the pending Brexit issues we are all having to face.

More and more new cars are being sold and bought these days and much of that success lends to car leasing and PCP agreements that are enjoying a large spike in demand.

With diesel prices set to fall over coming years consumers feel less risk leasing a car versus buying one.

Turbulent times ahead?

David E1.

Home Ownership Costs Continue to Rise?

The latest research by Halifax revealed that the cost of owning and running a home hit 4-year high in January 2017.

2017 housing statistics

As such, the average cost that homeowners faced was 9,393 pounds, which compares t0 9,406 in January 20012. This compares to 9,149 at the same time last year (a 2.7% increase).
The highest increase was associated with utility bills. For example, gas and electricity bills rose by 281 pounds, which compares to only 31 pounds rise in garden tools cost.
Commenting on the findings, Martin Ellis, Halifax’ chief economist, said: “The typical costs of owning and running a home has increased over the past year, returning the overall level to that of four years ago… The prospect of declining consumer price inflation through much of 2017 may help the costs associated with running a home to ease as well, providing some welcome relief to homeowners.”
You can learn more about the research by Halifax on the company’s official website.

For business
For businesses, a likely Hard Brexit could spell doom. Import and export businesses may find it particularly hard as new, independent deals get thrashed out during the next 24 months.

senior officials UK parliment

Some senior bank figures have been equally hard in their talk to make assurances that a ‘free trade deal’ which includes financial services may not be the best move – whilst most continue to support an economy that stays within the single market.
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This article was kindly donated on behalf of interior designers in Bristol OEG Interiors, a leading commercial design and planning company from the South West of England.
Thanks ya’ll.

David @E1.

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We are investors and lenders that operate a loan and funding company that strives to provide enabling financial environment for investors, entrepreneurs and businessmen.
We provides financing to Small-cap, large companies, start up, corporate bodies & publicly traded companies. Our mission is to add value by providing not only financial resources and industry knowledge, we maintain successful long term relationships with our portfolio companies. Our expertise lies only partly in creating flexible financial structures.
Contact us to see how we can help make your business grow financially.
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Loans and financing are available on the following lending options:
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  • Hard money loans,
  • Personal loans Debt consolidation loans e.t.c.

One of the Best Cash Rich Saving Deals.

Recently, the Kent Reliance Banking service, also known as KRBS, a Kent based building society, launched a best buy savings deal for cash-rich investors.

The bond, which is a one-year fix, is available for savers with a minimum deposit of 50,000 pounds.

piggy bank image depicting how to save money

Savers have an opportunity to choose between monthly and yearly payouts. Those, who choose to receive their interest on a monthly basis, get a 3.6% interest rate, while those who choose to get their interest once a year, get a 3.66% interest rate.

The savings deal does not allow for early withdrawals or additions.

Moneyfacts, an online comparison tool, awarded this Limited Edition Bond by the Kent Reliance Banking service four stars out of five.

Commenting on the new deal, money experts at the Independent, said: “Fixed rates can be attractive, unless interest rates generally move up and the rate you’re stuck with ends up looking paltry. However, with no rate increases expected for months, the account could prove worthwhile.”

Let’s hope the British Pound stabilises and begins to recover some of its worth over the next 12 months.

Who really knows what post Brexit is going to look like. Seems like the perfect time to have some savings.

This blurb article was published on behalf of Meanwhile Creative, a leading office, desk and studio space provider with offerings in Bristol and Cardiff.

David @e1

David is a head mortgage advisor and E1 and regularly posts useful information within the lending sector.

Conveyencing Services Boost!


home metics image


Conveyancing services in Great Britain might soon be more demanded than ever as more buyers return to the UK property market.


A recent research from the National Association of Estate Agents revealed that house hunters showed greater activity in January 2011 than they did at the same time last year. Also, it demonstrated that more sellers entered the UK property market in the first month of this year.


As such, the number of people registered with estate agents in December reached 227, whereas in January this figure grew to 252.


The number of houses for sale also increased from 64 per branch in December to 69 per branch in January 2016.


Commenting on the findings, Mr. Jones of the National Association of Estate Agents, said that “it is encouraging to see activity levels begin to increase following the downturn we saw in December where bad weather and the Christmas festivities kept many house hunters away.”


Such significant improvements on the market are certain to make more customers turn to conveyancing services.

New CMS Service

From now on, UK conveyancing solicitors will find it easier to follow the policies of lenders as the Council of Mortgage Lenders (CML) in cooperation with Convey centric and Landmark Information Group, has launched the LENDER monitor Policy Search.

The option is available at the official website of the Council of Mortgage Lenders and helps conveyancers save time and effort when reviewing lenders’ requirements.

Let us remind that CML Lender’s Handbook consists of 2 parts, the first of which is common guidance from all lenders, and the second of which is specific requirements for conveyancers.

It is the second part that is oftentimes updated and might result in problems in conveyancers, who miss the changes.

Commenting on the launch of the new search, experts claim that it “it provides a simple and reliable way to access the latest amendments to the CML Handbook, saving solicitors a great deal of time, as well as reducing their potential exposure to risk should they not be aware of the latest amendments.”

CQS Status Achieved!

Many law firms in England and Wales understand how important it is to get the CQS status to attract new customers.
More and more soliciting companies understand the importance of proper accreditation and, thus, undergo the assessment by the Law Society.
As it was reported recently, another company from Shoe smiths secured a CQS status for itself. Access Legal, which is considered the largest law company in England and Wales, recently went through the accreditation process and got the Conveyancing Quality Scheme status.
Commenting on the achievement, Desmond Hudson of the Access Legal, said: “”Firms that have gone through the CQS application and assessment process have gained the quality mark in recognition of the high standards they have met in residential conveyancing… Access Legal from Shoe smiths’ commitment to securing it is further acknowledgement of the high standards the scheme embodies.”
At the moment, almost 655 law and soliciting firms in England and Wales have gone through the CQS accreditation.

How to Not Get a Buy to Let Mortgage

How not to look for a BTL Mortgage Buy to let mortgages, they’re so complicated, how do you know where to start? Before you even do anything, you need to get your head round the spelling- you might come across the internet, some spell it buy to let mortgages or buy to let mortgages, buy let mortgage before realising yes its buy to let mortgages you want, then why, do I come across articles describing buy to let mortgage, buy to let mortgage and buy let mortgage.

home loans and mortgages image

Mortgage advice I suppose, don’t come cheap, so instead of using a mortgage broker you might want to compare best mortgages and check buy to let uk best mortgage deals and offers available. So where do you go? I believe mortgage brokers know what they are doing and where to look, but what do you do about your buy let mortgage? Do you check out the best buy to let uk mortgage rates online?


Do you search for 100 mortgage quotes and hope that out of 100 mortgage quotes, there will be one buy let mortgage you are looking for?

Do you need buy to let mortgage advice and find mortgage brokers in on the job?

But then again, what if they only do buy to let remortgage packages?

And surely a buy to let mortgage calculator would be simpler?

But would a buy to let remortgage broker be able to find the current best buy to let mortgage in the uk?

Because aren’t buy to let mortgages different to a buy to let remortgages?

Maybe it would be simpler to get your neighbour to help you find a buy let mortgage or remortgage quotes, after all, you did babysit their kids last night. But they’re probably more likely to tell you where to go, after politely explaining that with modern technology, you can use a buy to let mortgage calculator and do it yourself. Or maybe you should ring that kind young fellow who came knocking to your door, saying that he was a mortgage broker and knew the best buy to let fixed rate mortgage and best buy to let mortgage rates, he definitely looked reliable. But with him, you could risk being conned and lied to, which would never happen if you used a buy to let mortgage calculator. But didn’t Sally say that buy to let fixed rate mortgages would be the best buy to let mortgage to have? Phone is ringing. No, buy to let mortgage rate first, life second. Wish Paul would leave me alone, although he would be able to give me some mortgage advice, he got a buy to let commercial mortgage recently, did he not?

May be he was just remortgaging? Oh all this is doing my head in- all these adverts saying best buy to let mortgages here, best buy to let mortgages there, it’s like you can’t escape the best buy to let mortgages. Soon buy to let mortgages will be engraved in my eyes, as will all those buy to let mortgage rates. What do you do if a company’s buy to let mortgage rates are high, but they have a cool advert, which promise best mortgages? Another fixed rate mortgage offer, another cheap buy to let mortgage deal comparison of 100 mortgages. 100 mortgages to compare?!!! I think I’m starting to like the square eyes look, not sure about the automatic typing of buy to let UK thing my hands are doing though, getting quite scary. Ooh, buy to let mortgage on a repayment sounds jazzy. But I still haven’t decided between tracker mortgages and fixed rate mortgages, I don’t know what the best mortgage is for me.

Buy to let fixed is self-explanatory, but tracker mortgages are not as easy to absorb, what do they track? All mortgage providers publish best mortgage and remortgage deals and there are plenty buy to let mortgage best rate comparisons, but how do I know what I need? Didn’t Sally recommend to check self-cert mortgages or was that the offset buy to let mortgage, I am sure she was talking about remortgages? I thought offset mortgages were only available for residential properties…I need to find the best mortgage….best mortgage….buy let mortgage, buy let mortgage, buy let mortgage….

Wake up to find I’m late for work and that the computer was on throughout the night. Well, there goes the electricity bill…I better call to a mortgage broker for a mortgage advice. I am already dreading remortgaging….