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| *Ostroff, Fair and Company>>>United Kingdom Taxes |
\what is the formula to work out how much vat you have paid? |
Hello, I'm aware that 拢10.00 plus 17.5% vat is 拢11.75, I'm also aware that 拢11.75 minus 17.5% s not 拢10.00. If I had paid a bill of 拢10.00 including vat what is the mutliplier/divider to work out how much was vat? and what was the net amount?... Does this make sense?..... Andy net amount is 拢10 x 0.851 vat paid is 拢10 x 0.149 easy! Divide whole amount by 117.5 then multiply by 100. Enjoy. Sorry that gives you amount minus VAT. But you get the picture. edit: didn't read properly: x = n - ( n / 1.175 ) where n is amount after VAT Divide the vat inclusive figure by 1.175 to get the net amount. Subtract the net amount from the gross amount to get the VAT amount. University of Life Take the VAT inclusive amount, divide by 117.5 and multiply by 100. E.g. you're right that taking 17.5% of the full amount doesn't give you the right answer - in this case, 拢11.75 divided by 117.5 give 0.1 (10p) , multiply that by 100 give you 10 (the 拢10 pre-vat amount). For an approximate answer (e.g. if you're doing it in your head) the vat amount is approx 1/6th. Thus the vat on the total is approx 1/7th (e.g 拢60 + vat - say 1/6th, 拢10 += 拢70. Actual amount is 拢70.50. So the vat on something costing 拢70 - 1/7th, 拢10 , actually 拢10.50 but near enough for mental arithmetic purposes!) This wasn't my source, but may be useful to you:http://www.startinbusiness.co.uk/flowcha... |
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