Indirect Tax Exam

Netherwood26

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

janwal

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

Cheers Jan :-)

amyjayne27

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

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

Thanks Amy

Netherwood26

Thanks Sarah