Personal Tax

mini_schnauzer
mini_schnauzer Registered Posts: 347 Dedicated contributor 🦉
in AAT Level 4 (Level 8 in Scotland)
Hi

Do you round figures when calculating taxable benefit etc.
I have always been taught to round up (i.e. If the answer is £87.50, I would round it up to £88) - but my Kaplan book is rounding down, so the example would be £87.
Which is correct? Or is it best to show your workings to the pence then round the total benefit.

Thanks in advance for your answers!

Comments

  • Gem7321
    Gem7321 Registered Posts: 1,438 Beyond epic contributor 🧙‍♂️
    In tax I was always taught to round whichever way is most beneficial to the taxpayer, so when it's calculating benefits round down. But always show your workings!
  • mini_schnauzer
    mini_schnauzer Registered Posts: 347 Dedicated contributor 🦉
    Many thanks
  • taskey
    taskey Registered Posts: 1,800 Beyond epic contributor 🧙‍♂️
    Gem7321 wrote: »
    In tax I was always taught to round whichever way is most beneficial to the taxpayer, so when it's calculating benefits round down. But always show your workings!

    good to know

    Tracy

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