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Rounding errors in tax calculations?
My accountant told me to pay myself a minimum salary of 666.67 a month. NIS calculated as director. Employee tax code 647L
Now when I put this number into HMRC PAYE calculator it produces me the tax 25.20, on payslips from my accountant also figures the same number but FreeAgent shows 25.35. The same is happening with NI, my accountant gives me a figure 20.97 while free agent shows 20.95, ER NI - my accountant 24.40, FE 24.37. Is it the rounding error or did I enter some data incorrectly? The difference between 25.20 and 25.35 is 15p, so its quite a big rounding error.
The difference is not a huge problem, however I would prefer to be consistent with official rates. Also when I import the bank statements to FE the matching unfortunately doesn't work.
Now when I put this number into HMRC PAYE calculator it produces me the tax 25.20, on payslips from my accountant also figures the same number but FreeAgent shows 25.35. The same is happening with NI, my accountant gives me a figure 20.97 while free agent shows 20.95, ER NI - my accountant 24.40, FE 24.37. Is it the rounding error or did I enter some data incorrectly? The difference between 25.20 and 25.35 is 15p, so its quite a big rounding error.
The difference is not a huge problem, however I would prefer to be consistent with official rates. Also when I import the bank statements to FE the matching unfortunately doesn't work.
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Inappropriate?Check with your accountant but in my opinion the difference isn't worth worrying about.
