Indirect Tax Exam

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Netherwood26
Netherwood26 Registered Posts: 78 Epic contributor 🐘
in AAT Level 3 (Level 6 in Scotland)
Hi

Please can someone clarity re the ITX Part 2 section completing a VAT return for boxes 6 - 9 do you round the VAT up or down to the nearest whole pound? I know that VAT is normally rounded down to the nearest penny but kaplan book when completing boxes 6 - 9 round up to the nearest whole pound?

Cheers

Martyn

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  • janwal
    janwal Registered Posts: 1,189 Beyond epic contributor 🧙‍♂️
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    Hi Martyn

    When I did mine all I did was knocked the pence off (round down) and I passed, I think it does have a small tolerance in it as some had round up and others round down and most of us passed first time.

    Good luck with it.

    Jan
  • Netherwood26
    Netherwood26 Registered Posts: 78 Epic contributor 🐘
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    Cheers Jan :-)
  • amyjayne27
    amyjayne27 Registered Posts: 314 Dedicated contributor 🦉
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    Hi Martyn,

    I just did a mock exam for this and my tutor noted not to round up as I had done, just knock the pence off as Jan said.

    Good luck!
  • SarahJS
    SarahJS Registered Posts: 273 Dedicated contributor 🦉
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    I remember reading somewhere (sadly can't remember where) that up and down will be accepted, but the right way to do it is knock off he pence, as has been posted above.
  • Netherwood26
    Netherwood26 Registered Posts: 78 Epic contributor 🐘
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    Thanks Amy
  • Netherwood26
    Netherwood26 Registered Posts: 78 Epic contributor 🐘
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    Thanks Sarah

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