How to add up interest/dividends for tax return

caper7

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?

[Deleted User]

Add up including pence and round down the total.

Pennywise

[Deleted User] wrote:

Add up including pence and round down the total?

Is the right answer!

00ec25

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

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.

[Deleted User]

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.