Personal Tax- Schedules of Data not matching with Tax comp/SA100. Rounding of values

personal-tax-schedules-of-data-not-matching-with-tax-comp

Personal Tax- Schedules of Data not matching with Tax comp/SA100. Rounding of values

13th January 2023

IRIS Personal Tax- Schedules of Data not matching with Tax comp (there is a difference by a few £ pounds or missing dividend income)- shareholdings, disposals, dividends , income, interest, Other income with penny values

This normally affects a Schedules of Data with any Shareholding/Disposal/Dividend claims OR Tax Deducted OR Interest Income – especially if they have penny entries (eg £8.05) . There is an automated rounding up/down of the values which will show up as a difference of totals from the Schedules of Data compared to the Tax computation/SA100. The Tax Computation and SA100 are correct as it has to run the rounding up/down of values.

HMRC only looks at the Tax computation and SA100 and not the Schedules of Data report.

If you want to edit the Schedules of Data (so to show to your client)- save it as WORD file and manually edit values and text if required. Note the Schedules of Data report is designed to show what’s entered into PT (before any rounding of values), which is why it can be different compared to the Tax Comp/SA100.

Interest Income Totals – Schedules of Data total shows a higher total value then the Tax comp. This is because of HMRC rules applying an automated rounding up or down on penny values which is changing the total Interest income on the tax comp (and not on Schedules of data). If you want to test then round up/down the penny values to whole £ and you will see the values now match on the tax comp. This automated rounding cannot be overridden.

Income with tax deductions and ‘Total Tax paid at source’ incorrect– The expected ‘Tax refund/ Tax deducted at source’ on Tax comp/SA100 is different to the totals in the Schedules of data. This can come from the automated rounding up/down of income and paid tax values with penny values (For example ‘Tax paid’ entries in Other income eg £8.05 entry may be rounded up to £9, so you may have a different Tax paid/refund total on the Tax comp/SA100 (eg 95p higher) then expected (which follow HMRC rules).

If you still disagree with the calculation: You can manually round up/down the penny values and it will change the tax refund/ Tax deducted at source on the Tax comp/SA100. You can then add an Additional information under Reliefs/Misc/additional/ sa100 to state the full values and why you changed them (however it may not match the exact value you want if it has penny entries). Personal tax does not have a report of the breakdown of the rounding up/down of penny values as it follows HMRC rules.

Using the HMRC Test Case generator to compare – The HMRC TCG system only allows whole £ entries and does not permit penny values. Also it requires the data from a generated SA100 Tax return from PT (which means its has already rounded up/down penny values).

Dividend total on Schedules is incorrect. The schedules of data is missing dividend values. Open the Dividend entry and see if there are 2+ entries for the tax year, then delete all dividend entries add each back in manually. Recheck Schedules and it will now match the Tax comp total etc.