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  • FIRST POST
    • caper7
    • By caper7 4th Oct 17, 3:39 AM
    • 70Posts
    • 19Thanks
    caper7
    How to add up interest/dividends for tax return
    • #1
    • 4th Oct 17, 3:39 AM
    How to add up interest/dividends for tax return 4th Oct 17 at 3:39 AM
    I have always made a list of all interest and dividends, added them up and then, as you round down income, knocked off the pence to get a whole number.

    However, if I round down each number in the list before adding up, my sum total is obviously slightly less.

    I have always done things the first way, but which way is right?
    Is there a rule about such things?
Page 1
    • purdyoaten2
    • By purdyoaten2 4th Oct 17, 7:26 AM
    • 722 Posts
    • 324 Thanks
    purdyoaten2
    • #2
    • 4th Oct 17, 7:26 AM
    • #2
    • 4th Oct 17, 7:26 AM
    Add up including pence and round down the total.
    Last edited by purdyoaten2; 04-10-2017 at 9:21 AM.
    purdyoaten lost his password
    • Pennywise
    • By Pennywise 4th Oct 17, 8:01 AM
    • 9,417 Posts
    • 17,125 Thanks
    Pennywise
    • #3
    • 4th Oct 17, 8:01 AM
    • #3
    • 4th Oct 17, 8:01 AM
    Add up including pence and round down the total?
    Originally posted by purdyoaten2
    Is the right answer!
    • 00ec25
    • By 00ec25 4th Oct 17, 8:59 AM
    • 5,559 Posts
    • 4,955 Thanks
    00ec25
    • #4
    • 4th Oct 17, 8:59 AM
    • #4
    • 4th Oct 17, 8:59 AM
    your total income is the sum of all the parts. Each part is a figure with pence. You round the final total, not each figure.
    • polymaff
    • By polymaff 4th Oct 17, 9:53 AM
    • 1,804 Posts
    • 779 Thanks
    polymaff
    • #5
    • 4th Oct 17, 9:53 AM
    • #5
    • 4th Oct 17, 9:53 AM
    Yes, there is a rule.

    From SA100:

    "please fill in this [SA100] form using the following rules:

    enter your figures in whole pounds - ignore the pence

    round down income and round down expenses and tax paid"

    Implies, to me, that the rounding takes place as you "fill in this form", not as you assemble your data.
    • purdyoaten2
    • By purdyoaten2 4th Oct 17, 10:01 AM
    • 722 Posts
    • 324 Thanks
    purdyoaten2
    • #6
    • 4th Oct 17, 10:01 AM
    • #6
    • 4th Oct 17, 10:01 AM
    Guidance:

    When filling in your tax return round down income figures to the nearest pound (e.g. £22.99 becomes £22). For expenses round up the figures (e.g. £486.22 becomes £487).

    You can also round up tax credits and tax deductions. If there are a number of tax credits (e.g. a list of dividends) you should round up the total figure not each individual amount.
    purdyoaten lost his password
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