what is the NET and VAT amount? Could you please show your working out as well?!... sorry.. i'm rubbish at maths!!
2007-03-21 03:33:15 · 9 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
vat is 17.5%, think of gross amount as always 117.5% and net as 100%
£550 is 117.5% so divide it by 1.175 to get what it would be at 100%
£468.09
2007-03-21 03:43:10 · answer #1 · answered by Anonymous · 1⤊ 0⤋
oh not trying to be rude but some of the people who answered obviously didnt read that workings were required.
with maths you dont just just put figures out on the table when someone doesnt know or understand how to work something.
firstly most of you are putting 1.175 where did that come from and as for the 7/47 thats throwing somebody in at the deep end.
angelique got it spot on and samthedog with 1% showed another way to work.
i fully understand what these figures mean because i'm a payroll and accounts student but to someone who doesn't its just figures with no meaning.
7/47 comes from 17.5/117.5 which will give the vat amount leaving 100/117.5 as the net amount
2007-03-21 11:13:51 · answer #2 · answered by babyonlyne 3 · 1⤊ 0⤋
£550 inclusive of VAT
to figure out the amount without VAT 550 divided by 117.5 multiplied by 100 = £468.09 NET
for the VAT just subtract the net from the gross
2007-03-21 10:43:03 · answer #3 · answered by Anonymous · 1⤊ 0⤋
If the rate of VAT is 17.5% you get the net amount by dividing by 1.175, so a gross amount of £550 gives a net amount of £550 divided by 1.175 which is £468.09. Easy enough if you've got a calculator!
2007-03-21 10:51:04 · answer #4 · answered by yprifathro 3 · 1⤊ 0⤋
Gross amount £550.00 divided by 1.175 Vat = Net amount £468.09
2007-03-21 10:46:29 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Assuming that the VAT is charged at 17.5% then the following applies.
550 = 117.5 % (100 + 17.5 )
therefore divide this amount by 117.5 to get 1%.
To find the VAT multiply this by 17.5, which gives us £ 81.91 to the nearest penny.
Simple subtraction lets u do the rest.
2007-03-21 10:44:47 · answer #6 · answered by samthedog 3 · 1⤊ 0⤋
Divide by 1.175 and this will give you the pre VAT amount.
£550.00 divided by 1.175 = £468.09.
2007-03-21 10:43:35 · answer #7 · answered by ? 3 · 0⤊ 0⤋
Net £468.08.
£550 / 1.175 =
2007-03-21 10:39:18 · answer #8 · answered by Anonymous · 1⤊ 1⤋
£550 X 7 divided by 47 = £81.91 vat...... Simple answer without going on like some do, BELOW AND ABOVE..........BORING. if some can't understand that, then god help them !
2007-03-21 10:44:56 · answer #9 · answered by Anonymous · 0⤊ 1⤋