VAT return rounding help please

topcat

Hi all,

how do you round on a VAT return please?

As the Kaplan book rounds in some boxes but not others in the answers..

Thank you

crispy

Hi,

I think the offical call is to round down - but don't think you would get a fail for this though, especially being the undisputable leader of the gang

topcat

crispy wrote: »

Hi,

I think the offical call is to round down - but don't think you would get a fail for this though, especially being the undisputable leader of the gang

brilliant i thought this but Kaplan seemed to confuse the situation a lot. Thanks for your help appreciated

Cudey

Well, Boxes 1-5 are all 2 decimal places anyway so no rounding. Boxes 6-9 you use standard rounding rules as it's only VAT amounts you round down.

janwal

When we did VAT you just knock off the pence, so if 12987.68 becomes 12987 no rounding, if 12987.6875 for 2 decimal places 12987.68 hope this helps .

Petana

I am revising for ITX this weekend. The BPP materials say: Amounts in boxes 1 to 5 are given in pounds and pence rounded to down to nearest pence. All other amounts are given to the nearest pound below.

topcat

Petana wrote: »

I am revising for ITX this weekend. The BPP materials say: Amounts in boxes 1 to 5 are given in pounds and pence rounded to down to nearest pence. All other amounts are given to the nearest pound below.

Thanks for this seems to work perfectly with what i have been doing

Petana

No worries. I passed the exam this morning. It was quite easy, lots of people left about the same time as me ( 45 minutes in to the exam). As long as you can pass the AAT online assessments, you will be ok.:thumbup1: