What is the sum to discount VAT from a gross total please?
Answers:
devide the gross amount by 1.(VAT percentage) to acquire the lattice sum - the difference is VAT
e.g. VAT percentage is 16%, total amount is 116,--
116/1.16= 100 = Net amount, VAT = 16,--
This may be a bit long winded, but here goes-
Gross amount divided by 117.5 (that is 100% of the amount plus the standard UK VAT rate of 17.5%). Multiply the answer by 100. This give you the Net amount.
Gross amount minus Net amount give you VAT amount.
e.g. Taking the gross amount as lb100
100 / 117.5 =0.851
0.85 x 100 = 85.10 (net amount)
100 - 85.10 = 14.90 (VAT amount)
Hope this help.