Round up all income/expenses or just totals?

[Deleted User]

I have just gone through all my income/expenses and calculated all individual income/expenses including the pence without rounding to the nearest pound, e.g. £55.08 and NOT £55.

I have rounded off the total figures of income/expenses but after reading around I think I may need to recalculate all figures based on rounding up and down rather than just rounding the final amount?

I thought I was being super accurate and that would be a good thing!

Davide123

You've not said for what purpose, but for TR round up expense and income down.

Pennywise

Your book-keeping, lists, etc need to be to the penny. The totals can then be rounded when entering them into the tax return boxes.

[Deleted User]

Thanks!

It is for SA TR.
Looks like I do individual income/expenses to the penny then round up or down the totals to the nearest pound.

Regshoe

[Deleted User] wrote:

Thanks!

It is for SA TR.
Looks like I do individual income/expenses to the penny then round up or down the totals to the nearest pound.

Correct (as Pennywise indicated).

In fact if you do your tax return online (which at this point you presumably will be) and you enter the pence then you will probably see the system automatically rounding for you.