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Payroll record keeping and storage There have been two significant changes this year, firstly the number of respondents keeping records for six years plus the current tax year has increased by 26.49% . VIEW YEAR-ON- YEAR DATA
HOW LONG DO YOU RETAIN PAYROLL RECORDS?
80%
Current tax year + six years
8%
More than six years
Secondly, the more than six years option has dropped by 25.89% to just 7.91% . The most popular answer for the duration if more than six years, was seven or ten years.
6%
Current tax year + five years
4%
Current tax year + three years
Data comparison between in-house and outsourced respondents shows that in-house teams are keeping the data for longer:
2%
Current tax year + four years
0%
Current tax year only
IN-HOUSE 6 = 80.91% 6+ = 8.55%
OUTSOURCED 6 = 77.22% 6+ = 5.06%
0%
Current tax year + one year
0%
Current tax year + two years
A clear pattern is forming, with the year-on-year figures showing a continuous decline in records being stored in a mix of paper and digital formats, down a further 10.18% this year.
HOW DO YOU STORE PAYROLL RECORDS?
28% Records are stored in a mix of digital and paper formats
While on the other side there is a continuous increase in all records being stored digitally, up by 8.57% this year.
6% Records are stored fully in both digital and paper formats
Response data shows that no outsourced service teams indicated that all their records are stored in paper format. The options of ‘stored in a mix of paper and digital’ and ‘both fully in paper and digital’ are both lower than in-house responses at 18.99% and 7.59% respectively, compared with 29.63 and 5.98% respectively.
65% All records are stored digitally
1% All records are stored in paper format
VIEW YEAR-ON- YEAR DATA
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In most cases percentages have been rounded to two decimal places for clarity and may not add up to 100%. Graphics may have been rounded to whole percentages.
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