ITX Box 6-9 Rounding

stranger
stranger New MemberRegistered Posts: 12
Hi

I wonder if anybody noticed that AAT suggested answers to CBA rounded up Box 6-9 if the pence are 50p or over. According to all textbooks, all pennies are ignored and £ are not rounded up. Is this an AAT error?

Comments

  • KaySarah
    KaySarah Well-Known Registered Posts: 215
    ITX Rounding

    In the "good old days" when the VAT Return was done on paper - boxes 6-9 were indeed whole pounds only (pennies ignored) ... however with Online Filing of VAT100 directly from Sage there is no rounding at all and the pennies are left intact.

    I guess, if you want to pass the exam, you will need to pay attention to the way AAT does it even though it appears incorrect.

    Not very helpful I know as students won't know when/if AAT correct their error so we will know which way to answer the exam questions.
  • anisurrahman
    anisurrahman Well-Known Registered Posts: 130
    Hi Stranger

    I passed my ITX exam last week and from my experience I would suggest to follow AAT instruction.

    Good Luck

    Ronnie
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