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Self assessment whole pounds or pounds and pence
When entering figures into the online self assessment form do you put in the full amount as in pounds and pence or just whole pounds. If whole pounds do you just omit the pence or round to nearest whole pound.
I can enter pounds and pence on the website but for a previous return I became very stressed and paid for it to be done. Expensive. But I was sent a paper copy of an Internet tax return and it only shows whole pounds and omits all pence values.
Thanks
Comments
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Filing online enter pounds and pence, rounding is automatic, don't stress about it.
If boxes are pre-populated (pensions, income) just leave them as they are.2 -
I always enter to the nearest penny and the system rounds it up or down to the nearest pound. When it's to my benefit to round it down it does that and when it's to my benefit to round it up the system does that instead
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Yes, income figures are rounded down and tax ones are rounded up.
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When I did my self assessment this year there seemed to be a glitch where tax paid on employment was rounded down instead of up. I ended up manually entering a rounded up value.
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The preamble instructions on the front page of the pdf SA100 tax return is crystal clear, you round down reportable income and round up allowable expenses/ tax paid, to your benefit -
Not clear to me why there is any confusion/debate on this point.
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I did go looking for an authoritative citation on the gov.uk SA pages but was unable to find a clear definition like that (there's a reference in the HMRC manuals but specifically citing 2007/08!) - anyone self-assessing via the usual online route is obviously unlikely to be viewing a PDF of the offline version, but is there an equivalent statement somewhere within the normal online navigation or the relevant notes?
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Can't assist beyond the pdf.
I have never used HMRC on line filing system preferring third party paid for software which defaults to HMRC rounding instructions when I insert relevant income and expenses.
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OP certainly implies that they're using the HMRC portal, but I don't know what the split is between those using that versus third party software, although they collectively account for 97.25% of returns!
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Apparently over 50% of SA100s are filed via third party software. However it appears a large percentage of that cohort use an accountant so their filing is via commercial bulk filing software.
The stats show that of the DIY filers who don't use an accountant, 97% use HMRCs filing system.
Seems people who don't use an accountant, either don't know of the alternative software providers or object to idea of paying to do so. Seems I am one of the 3% who know and prepared to pay.
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Out of curiosity, what makes you decide to pay - reassurance, complexity of tax affairs?
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