VAT - round up or down?

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:23AM in AAT student discussion
Hiya<BR><BR>Just refreshing myself on VAT at the weekend and was wondering what the rules are with rounding up or down. I assumed that you should round to the nearest whole number, but my textboook tells me that you should stick to either rounding up or rounding down, regardless of what the figure is. As long as you stick to one or the other, it will be fine. <BR><BR>However, I am a bit confused about whether, in the exam, I should decide to round either up or down? Will they mark me down if I have rounded up when they think I should have rounded down. And how do I decide?<BR><BR>I know it sounds silly, but I don't want to lose silly marks for not understanding this concept.<BR><BR>If anybody has anything they could help me out with this it would be much appreciated.<BR><BR>Many Thanks

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    VAT - round up or down?

    Hi<BR><BR>I was always taught to round down.<BR><BR>This comes from my college tutors, our company chartered accountant and indeed from the HMCE Vat man when we were audited.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    VAT - round up or down?

    Thank you for clearing that up. That's as much confirmation as I need!!!!<BR><BR>Cheers again.

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