Tax rounding on returns

Clarekaye

When doing boxes 6-9 on the tax returns do you just cut the pennies off (as osborne books say) or round it up/down (as aat mock exams do)?

Actually bit nervous about this exam, how did you all find it all? I keep over thinking things and mess it up instead of thinking more simply :001_unsure:

janwal

Hi Clare

I just dropped the pence in the CBA as did most people.

The CBA isn't that bad, just read the questions and make sure you do exactly what it asks. The biggest bit is filling in the VAT Return so make sure you can do that blindfolded as it is the biggest mark.

Good luck with the exam

Jan :001_smile:

Mollypod88

I'm finding this one really hard.

I just can't get my head around the tax return!

Jo Clark

Hello Mollypod

Which book are you using? I can highly recommend the BPP book for Indirect Tax as there are lots and lots of practice returns for you to complete. Have you attempted the questions on the Osborne website?

Shout if you need any help.


JC

Mollypod88

Jo Clark wrote: »

Hello Mollypod

Which book are you using? I can highly recommend the BPP book for Indirect Tax as there are lots and lots of practice returns for you to complete. Have you attempted the questions on the Osborne website?

Shout if you need any help.


JC

Hi JC,

I'm really struggling with this exam. I cant seem to learn how to fill in the form. I'm getting confused with countries in the EC and not in the EC Do you have the link for the Osborne site?

Thank you

Jo Clark

Mollypod88 wrote: »

Do you have the link for the Osborne site?

Thank you

http://www.osbornebooks.co.uk/indirect_taxation

Clarekaye

I passed whooop!
I did the exam in about 20 mins and thought crikey I must have missed something so went over it again.

Got caught out on the second to last question about bad debt/purchase figure but when I got my feedback sheet I exeeded in the vat return, did not meet in 3 areas and the rest were 'met' which I was a little confused about cos most of them you can only get wrong or right.

I'll just back up what others say, make sure you can do the vat return as it seems to be the one with all the marks :thumbup:
Mollypod whens yours and how you getting on with it now?

janwal

Congratulations Clare :thumbup:

Mollypod88

Clarekaye wrote: »

I passed whooop!
I did the exam in about 20 mins and thought crikey I must have missed something so went over it again.

Got caught out on the second to last question about bad debt/purchase figure but when I got my feedback sheet I exeeded in the vat return, did not meet in 3 areas and the rest were 'met' which I was a little confused about cos most of them you can only get wrong or right.


I'll just back up what others say, make sure you can do the vat return as it seems to be the one with all the marks :thumbup:
Mollypod whens yours and how you getting on with it now?

Well done for passing

I'm still finding it really hard. I just don't know what I can do to make it click!!

Clarekaye

Thanks, when is your exam can you not just go for it and maybe you will just fly through it when your in there in the environment?

I study through Eagle and they use osbourne books, I dont know if anyone can recomend any websites/books that may help I also found at work and home when I had a scrap of paper just to write down box 1-9 and a description of what goes in just to drill it into my brain may have helped.

Mollypod88

I have spreadsheets on 28th August and then Tax on 19th September.

It's just the return thats holding me back. I can't seem to get my head around EC and non EC countries. It's like I'm just guessing at every question :huh:

Clarekaye

I was stuck on that for a while then in my head I started remembering to think opposites

Like if it is then its not vat chargeable
If its not than it is vat chargable

and the imports & exports I just thought which ever sounded wrong would be right, I have always known imports as imports so it should actually be a aquisition

I really hope I havent confused you too much its so hard trying to explain over here.
Good luck for spreadsheets!

Mollypod88

Clarekaye wrote: »

I was stuck on that for a while then in my head I started remembering to think opposites

Like if it is then its not vat chargeable
If its not than it is vat chargable

and the imports & exports I just thought which ever sounded wrong would be right, I have always known imports as imports so it should actually be a aquisition

I really hope I havent confused you too much its so hard trying to explain over here.
Good luck for spreadsheets!

Yeah I'm still confused! lol

I sat spreadsheets today and I think it went well ... So now I can focus on tax!