I have a invoice total for £100 pounds incluid VAT.
so I need to know how much I pay for VAT.
2007-10-13 10:17:09 · 8 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
easy ...
Original item is 100% and VAT is 17.5%.
SO, total Invoice is 100% + 17.5% == 117.5%
So if Invoice is £100 = 117.5%,
then 1% = 100/117.5 = 85.1p
and VAT = 17.5% = 17.5 * 85.1p = £14.89
(I wonder how many people say "£17.50" :-) )
2007-10-13 10:19:08 · answer #1 · answered by Steve B 7 · 1⤊ 1⤋
I'm a tax inspector. The easiest way to do this is to use the fraction 7/47ths.
Therefore if VAT included divide by 47 and times by 7. 100 / 47 * 7 = £14.89.
If VAT not included 100 / 40 * 47 gives £117.50.
Obviously if you want to know the amount before VAT the fraction to use is 40/47ths. 100 / 47 * 40 = £85.11
2007-10-13 10:34:49 · answer #2 · answered by Andy 1 · 0⤊ 0⤋
If the invoice states including vat then £100 is minus £17.50
2007-10-13 10:20:36 · answer #3 · answered by Ollie 7 · 0⤊ 1⤋
£100 divided by 7/47ths is £14.89
so £100 less 17.5% VAT of £14.89 is £85.11
2007-10-13 12:58:25 · answer #4 · answered by stormydays 5 · 0⤊ 0⤋
Divide by 117.5 and then move the decimal place two places to the right. In other words multiply by one hundred
2007-10-13 10:30:42 · answer #5 · answered by Scouse 7 · 0⤊ 0⤋
100/1.175
= £85.11
Which means £14.89 of your £100 is vat
2007-10-13 10:20:47 · answer #6 · answered by Al 4 · 2⤊ 0⤋
inc VAT then £17.50 would be VAT
2007-10-13 10:19:25 · answer #7 · answered by Anonymous · 0⤊ 1⤋
£17.50
2007-10-13 10:20:16 · answer #8 · answered by yogi972 2 · 0⤊ 1⤋