Rounding Income

Norwooder

When submitting a tax return do you round down untaxed savings interest in aggregate or by line item?

For example if I have £9.90 from bank 1 and £9.90 from bank 2 is my total a) £19 (£19.80 rounded down) or b) £18 (£9 + £9)?

polymaff

Nice try! I'm afraid that it is aggregate.

uknick

The online system rounds down income to the nearest pound. When I do my online SA, I add up all my interest including pence and then round it down. In your example I'd enter a total of £19.

Norwooder

Thought it was worth a go!

pramsay13

I normally put in the exact amount including pence and the software does the rounding.

polymaff

Norwooder wrote: »

Thought it was worth a go!

For reference, SA100:

please fill in this form using the following rules:

• enter your figures in whole pounds – ignore the pence

• round down income and round up expenses and tax paid,
it is to your benefit


i.e. the rounding occurs when you fill in SA100 - not whilst you derive the figure you will be using to fill in SA100