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Cony
How to know the VAT before of £100?
I have a invoice total for £100 pounds incluid VAT.
so I need to know how much I pay for VAT.
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" :-) )
Al
100/1.175
= £85.11
Which means £14.89 of your £100 is vat
Scouse
Divide by 117.5 and then move the decimal place two places to the right. In other words multiply by one hundred
Andy
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
stormydays
£100 divided by 7/47ths is £14.89
so £100 less 17.5% VAT of £14.89 is £85.11
Ollie
If the invoice states including vat then £100 is minus £17.50
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