Personal Tax Rounding

mike150185

The PTAX exam asks for answers in "whole pounds". Do we round to the nearest pound or just leave off the pence figure as per boxes 6-9 on a VAT return?

e.g. if I work out a taxable benefit as £2107.80, do I put £2107 or £2108 or are both acceptable?

NickCraggs

You should round in the tax payer's favour. So that is round income and BIK down, and expenses and allowances up.