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Personal Tax Rounding
mike150185
KentRegistered Posts: 41
The PTAX exam asks for answers in "whole pounds". Do we round to the nearest pound or just leave off the pence figure as per boxes 6-9 on a VAT return?
e.g. if I work out a taxable benefit as £2107.80, do I put £2107 or £2108 or are both acceptable?
e.g. if I work out a taxable benefit as £2107.80, do I put £2107 or £2108 or are both acceptable?
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Best Answer
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NickCraggs
Registered, Tutor Posts: 60
You should round in the tax payer's favour. So that is round income and BIK down, and expenses and allowances up.Nick Craggs FMAAT AATQB ACA, AAT Branch Member and Distance Learning Director at First Intuition
firstintuition.co.uk/5