Indirect Tax Exam

Netherwood26
Netherwood26 Feels At HomeRegistered Posts: 78
Hi

Please can someone clarity re the ITX Part 2 section completing a VAT return for boxes 6 - 9 do you round the VAT up or down to the nearest whole pound? I know that VAT is normally rounded down to the nearest penny but kaplan book when completing boxes 6 - 9 round up to the nearest whole pound?

Cheers

Martyn

Comments

  • janwal
    janwal Experienced Mentor Registered Posts: 1,189
    Hi Martyn

    When I did mine all I did was knocked the pence off (round down) and I passed, I think it does have a small tolerance in it as some had round up and others round down and most of us passed first time.

    Good luck with it.

    Jan
  • Netherwood26
    Netherwood26 Feels At Home Registered Posts: 78
    Cheers Jan :-)
  • amyjayne27
    amyjayne27 Trusted Regular Registered Posts: 314
    Hi Martyn,

    I just did a mock exam for this and my tutor noted not to round up as I had done, just knock the pence off as Jan said.

    Good luck!
  • SarahJS
    SarahJS Trusted Regular Registered Posts: 273
    I remember reading somewhere (sadly can't remember where) that up and down will be accepted, but the right way to do it is knock off he pence, as has been posted above.
  • Netherwood26
    Netherwood26 Feels At Home Registered Posts: 78
    Thanks Amy
  • Netherwood26
    Netherwood26 Feels At Home Registered Posts: 78
    Thanks Sarah
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