Personal Tax - Rounding Rules

I've got my PT exam tomorrow morning, so this might be a bit late to ask but, what are the correct AAT rulings of rounding tax?
My Kaplan book states not to round tax figures and that the pence SHOULD be shown. However they do say to follow the task rulings.

The reasoning for this post is because in the PT 2014 rules online sample assessment, task 6 doesn't state to round to whole pounds, yet the answers are.

I understand that benefits and pension contributions should be rounded down though?

As it's computer marked, it's ridiculous that I could lose marks by £1!!!!

Comments

  • angmc
    angmc Registered Posts: 73 ? ? ?
    Good luck with your exam, I'd be interested to know how it went and if the rounding instructions in the actual exam are clear.
  • CeeJaySix
    CeeJaySix Registered Posts: 645
    From past conversations I'm led to believe that unless told specifically to round one way or the other, either is acceptable. Don't hold me to that though.

    In practice you should always round in favour of the taxpayer.

  • Tom_H96
    Tom_H96 Registered Posts: 2
    The exam went well thanks, but I had the same thing come up on task 6 again! I stuck to my guns and didn't round as it didn't say whether to or not!

    My view is that if I put the exact answer and don't round it, surely I'll get some marks.

    Another question that stumped me was whether to include a certain cost in the property income! I would type the question but I don't think you're allowed as they use the same questions for everyone
  • hasan
    hasan Registered Posts: 65
    Hi guys

    Was the exam similar to the practice papers online on the AAT website in terms of layout and questions in general
Privacy Policy