Tax figures self assessment?

Landlord Discussion Legal
1

For the self assessment if say the income was say £7,020,90 I’m rounding this down to £7,020,00? And say the expenses are £556.10 I have to round this up to £557? And if so how should I calculate this, do I do it from the rounded figures which will make the final income £6,463.90 then I round that down to £6,463 as the final income?

Also I do not round any of the actual individual expenses up say an item bought for £5.20 that would stay as that not rounding up to £6, only the total expenses number gets rounded up?

2

I believe that you are too late to submit a paper based self assessment form so your only option for this year is to use the online self assessment process which does all the rounding for you. I find the online process much easier anyway.

3

Yes I am aware of that unfortunately I’m having some issues trying to file online so have to do it by post that’s why I just wanted to know about the figures.

4

I think you just round up each individual figure and then add them up. You don’t re-round the total.