VAT return rounding help please

Options
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

Comments

  • crispy
    crispy Registered Posts: 466 Dedicated contributor 🦉
    Options
    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
    topcat Registered Posts: 452
    Options
    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
    Cudey Registered Posts: 138 Dedicated contributor 🦉
    Options
    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
    janwal Registered Posts: 1,189 Beyond epic contributor 🧙‍♂️
    Options
    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
    Petana Registered Posts: 72 Epic contributor 🐘
    Options
    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
    topcat Registered Posts: 452
    Options
    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
    Petana Registered Posts: 72 Epic contributor 🐘
    Options
    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:
Privacy Policy