The pound sterling has depreciated in value by 96% since its introduction. Should we not now consider dropping the "pence" altogether from all our commercial, legal, tax, financial, retail, computer software, audting, accounting, reporting etc. etc. systems?
Some examples are tax tables, national insurance tables, tax liabilities, dividend payments, tax deducted at source, mortgage payments, accounting systems software, etc. etc. What are we achieving by "balancing" the bank accounts to the pence?
Nagin Khajuria
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Don't be so cruel Neil
There is no need to be so cruel Neil. Newcastle may be ahead of Liverpool in footbal but it is too early to claim victory.
I don't want to be "credited" with credit balances of pennies dropping from circulations. I am hard up as it is and the last thing I want is more debts!
They say take care of pennies and pound will take care of itself!
Also, Penny wise pound foolish.
Happy New Euro!
Save the... pence!
Drop the pence??? Why not go one better than that, and drop the pound, drop our economy, drop our political independence, drop our gold reserves, drop our whole democracy in fact, right down the toilet (or down the Bruxelles pit - same thing)?
Excuse me....What was that....sorry? Oh, I see, Blair's already planning all that? Oh well, typical, whenever I get an idea, someone's always thought of it before me. Drat!
Tom it is not that bad!
tom I don't think it is that bad unless one is talking from the Conservative Party's point of view!. Italians, French and Germans seems to be the happiest buch on this planet today because they can use their money anywhere in Europe dare I say including UK which is dithering!.
As to dropping pennies in accounting, I thought it is already happening!. In fact large companies are even dropping £'000 when submitting CT comps.
For accounting purposes you still need pennies to balance the books otherwise qualified accountants won't have anything else to charge for! Not everybody can be speacialists in Tax. Some people have to make a living by doing bank reconciliations and control accounts. A difference of 12 p in a control account indicates there is a serious malfunction in the system of internal control and book-keeping! Auditors can find the difference and charge £1000 plus VAT for the hard work!
I'll help
If we just round down all amounts to the nearest pound that should do.
I suggest that pence saved on rounded down debits should be sent to me. The pence on credits can be sent to Jay. I'm sure he'll know what to do with them!
Hapy new year to all, by the way!