If i own a bill of lb39.99 including VAT how do I work out how much VAT i hold compensated?
Answers:
Ok imagine of 47 anyone the tricks number contained by working out VAT and Net amounts from a Gross amount
lb39.99 = 47 Gross Amount
Vat = 7 VAT Amount
Net = 40 Net Amount
that`s why to work out the vat element
lb39.99 /47 x 7 = lb5.96 rounded up
to work out the web element
lb39.99 /47 x 40 = lb34.03
Hope this help
VAT in UK ending time I hear be 17.5% Try this calculator http://www.taxcentral.co.uk/taxcentral/h...
Actually VAT in the UK is 17.5%, not newly England
depends what it be for, different products enjoy different due
usually 17/5 % vat
Vat is 17.5% in the Uk. So if you compensated lb39.99 next you remunerated in the region of lb6.99 contained by VAT. To work that out i did 39.99 x17.5 / 100.
you times the number by 7 consequently divide it by 47, so 39.99 x by 7 =279.93 divide by 47 = lb5.96 so that is to say how much VAT you hold salaried going stale the VAT man 17.5 percent x
I have an idea that some of the other answerers are finding it difficult to work out "backwards". If you remunerated lb34 for it, the VAT, added at 17.5% would bring it to lb39.95, so it's give or take a few lb6 you've compensated extra, not lb7.
the bill must include the amount of VAT that you own compensated, but it is 17.5%.
times by 7 next divide by 47 will impart you the vat component
the bill be lb34.03 + VAT (a) 17.5% = lb39.99 economically thats what i go and get it to anyway.
it would be 39.99 divided by 1.175 = 34.03, so the VAT salaried is 39.99 - 34.03 = 5.96
roughly 14% of the TOTAL meaning is the vat IN a price hope this help..rose