This is the method used to calculate management fee.
The management fee is calculated separately for each individual rent payment rather than as a single percentage of the total rent received.
The rounding is done to the nearest penny, following the standard accounting method known as “round half away from zero.”
That means:
- Any amount ending in less than 0.5p rounds down.
- Any amount ending in more than 0.5p rounds up.
- When it’s exactly 0.5p, it rounds away from zero (so £0.005 becomes £0.01).
This method is commonly used in financial systems to ensure consistent and unbiased rounding across all transactions.