VAT rounding rules

Ruth Burling
Ruth Burling Registered Posts: 2 New contributor 🐸
in General accounting discussion
Hi, can anyone remind me what the rules were for rounding VAT? I thought it was round down to .4 of a penny and up from 0.5 penny upwards. Is that correct?

Comments

  • Bluewednesday
    Bluewednesday Registered Posts: 1,624 Beyond epic contributor 🧙‍♂️
    You always round VAT down
  • AK002
    AK002 Registered Posts: 2,492 Beyond epic contributor 🧙‍♂️
    VAT should always be rounded down, HMRC are 'nice' like that LOL..
  • Ruth Burling
    Ruth Burling Registered Posts: 2 New contributor 🐸
    Vat rounding rules

    Thanks very much! :001_smile:

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