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• # 117244
• Wed 31 Oct 2018 03:09 PM

I've recently done a 2nd mock exam after failing the first one - with decent improvement second time - however there are 2 things (edit - now just one) that I really don't understand - 

The Cash Accounting Scheme - VAT Returns - they used VAT figures including decimal places eg 45.73

but when it came to the Total Sales for Box 6 - they suddenly rounded the Sales figure down to the lower £

I had a number like 214.73 but the answer was supposed to be £214.00 - so lost 4% just like that.

I am so worried that with a borderline case that I will fail the proper exam because of something like this.

My computerised section also had rounding dramas which carried through to profit and loss , balance sheet , trail balances etc - and just stresses me out. 

Trying not to panic - but feeling more and more despondent.

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• # 117280
• Fri 09 Nov 2018 08:04 PM

Heathcliffe

On a VAT Return boxes 1 to 5 are completed in pounds and pence but when completing boxes 6 to 9 you ignore the pence.

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• # 117292
• Thu 15 Nov 2018 12:04 PM

Hi Heathcliffe 

Applegarth is right, when you submit the VAT to HMRC boxes 1-5 are all completed to the penny.  The rest of the boxes are all rounded down to the nearest £ .  This is just the way they are done. 

Please don't feel despondent - read the questions and they will normally tell you what to expect from the answer. 

Most say that they want the answer to the penny but I think in the exam it says something like "unless it is obviously in £" 

I hope that helps - keep your head up. 

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