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15-07-2008, 14:06
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HMRC and Rounding
I received an invoice this week for £35 +VAT
The VAT element was listed as £6.12 but by my calculation, the 17.5% comes to £6.125, so should be £6.13. However, my accountant says that HMRC recommend you round down, so £6.12 is correct. Is this really correct? Can anyone point me to some info? I've found this but it doesn't seem to specifically state yes or no!
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15-07-2008, 14:16
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Yes - HMRC round in your favour.
Similarly a cost of £125.01 is £126 in your tax return and sales of £30,000.99 are £30,000 according to HMRC logic. Bonkers but for once they are being nice!
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15-07-2008, 17:55
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To be honest - a fraction of a penny and rounding... it's not worth typing a sentence. (ie. HMRC is unlikely to ever kick up a fuss on which way the rounding goes).
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15-07-2008, 18:01
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I always got informed to round down - all those 0.0000005p will make the difference
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