babyonlyne
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ok every one assumes that vat is 17.5% but there are different rates of vat depending on what you are purchasing.
so far 17.5% on top of 170.08 is 29.76 but if vat is included then it would be 25.33 making you item pre tax value £144.75
if vat is 5% on top of 170.08 its 8.50 but if tax is already included it would be 8.10 making the pretax value 161.98
if its 0% then the cost of the item is what you pay no added tax.
however there are three vat rate classifications and ofcourse exempted items eg post stamps
17.5% is the standard rate used on most goods and services ie toys, cars, computer games, adult clothes and electrical equipment.
5% is the reduced (lower) rate used for fuel and power used in the home or by registered charities.
0% is known as zero-rated. VAT is not charged on most food, books, newspapers and young children’s clothes. These are considered essential items
you should be aware that these are changeable and will be done so when the yearly bidget is announced so for the next budget zero rated could be 1% lower rate could rise or fall and so could the standard rate of 17.5%. its all down to the chancellor.
businesses registered for vat must earn annually at least 58000 taxable income and can reclaim vat paid on purchases and are allowed to charge vat on items sold
so where does your item fit in |
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Sapphire
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If the VAT is already included in this figure then multiply by 7 and divide by 47 ie £25.33 is included.
If you wish to add VAT to this figure multiply by 0.175 ie £29.76. |
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pu55y perfect
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170.08 x 17.5% on your calculator |
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astonishingmonkeyman
 |
Sapphire is spot on - I can't better that. |
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icequeen55uk
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I make it £29.75, but I am an idiot when it comes to Maths. |
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ROBERT M
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VAT is £17.50 on every £100. meaning 17.5p on every £1. |
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bevflower
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You multiply the number (170.08) by 17.5% that will give you the VAT.
In this case it is - 29.75 |
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jduck1979
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To work it out on a calcutor, or a Spreadsheet (total price), tap in
170.08 + 117.5% (don't hit the = button) = £199.844
To work out just the V.A.T
170.08 + 17.5% = £29.764
£170.08 + £29.764 = £199.844 |
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King Orca
|
You can get the VAT element by:
Multiply by 7,
Divide by 47
Eg;
170.08 x 7 =1190.56 / 47 = 25.33p
144.75 (net)
25.33 (vat)
170.08 (gross)
Hope that makes sense |
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frostini2000
|
The "multiply by 7 and then divide by 47" method will get you an approximation only.
Indeed, as VAT is currently at the rate of 17.5%, you calculate 17.5% of the basic amount.
If you need to use a calculator, then use a calculator. |
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srracvuee
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Multiply by 171/2%///£29.75 if you dont want to do it yourself |
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jayktee96
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If it's already included, I divide by 1.175. £170.08/1.175 = £144.75 nett. leaving £25.33. VAT.
If added - then £170.08 x .175 = £29.76. |
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janemull
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the same way as you would work out vat on any othe figure |
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