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 Do I have to report interest earned on a savings account? |
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| Hi, I hope you guys might be able to help me out here. I've been self-employed since July 2005 and I believe that this year I will have to complete my first self-assessment. I am definitely ... |
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The FairTax plan is a ... |
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 On what date do taxes (if owing) have to be paid? |
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jools1001 | How do you take the VAT off a figure? |
I used to know this.... you can divide the figure by X, then times it by Y and the result is the nett figure.
Anyone know what the X and Y are??? |
 |
 
Lynda Lou
|
To find out what the amount was before VAT was added, you divide by 1.175. To find out what the VAT is included in a figure, you divide by 47 and multiply by 7. For instance take £235, divide by 1.175 gives you £200. Also, if you take £235, divide by 47 and multiply by 7, you get £35. The VAT on £200 is £35. |
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aberdeen302004
 |
to take the VAT out of £100.....
100 divide by 1.175 = 85.11
there ya go!! |
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mark b
|
you can divide the total by 1.175 its the easiest way. |
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SteveT
|
I always just divide it by 1.175.
However, if you want to do it your way you can multiply by 100 and then divide by 117.5 |
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Mrs Fun Stuff
|
Divide it by 117.5 and times it by 100.
If vat is 17.5 where you are! |
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supremecritic
|
divide by 117.5
then times by 100 to find value excluding vat |
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jojo
 |
total divide by 100 x 17.5(vat) = vat total
total - vat |
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ashypoo
 |
where X is the net price, and Y is the inclusive price.
X / 100 * 117.5 = Y
X = Y * 100 / 117.5
So to find the figure without VAT, take the figure inclusive of VAT, multiply by 100, divide by 117.5. The VAT is the difference between the two figures. |
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noggintrude
|
- 17.5% |
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Hibee
 |
First you have to know what rate of VAT was applied. Not all goods/services are rated at 17.5% |
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chunkie_monkee
 |
All you need to do is divide X by 1.175 and that is X - vat ie 100 / 1.175 = 85.10 and to add the vat back on all you have to do is multiply by 1.175 |
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putonyourflipflops
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take off 17.5% |
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