My brain hurts!! - what`s the VAT calculation.....

[iandbeech]

..... for working out VAT on a gross figure to get the net figure?! It`s completely gone out of my head:)

[vixpy1]

does divide by .175 work?

Or even multiply.. doh

Nope.. that does'nt work either.. double doh!

>> Edited by vixpy1 on Wednesday 1st June 12:15

>> Edited by vixpy1 on Wednesday 1st June 12:16

[cwk]

Take the gross figure and multiply by 7/47 for the VAT element. By 40/47 is the nett.

Charles

[DinkyToy-boy]

Knock 20% off and add a little bit

[iandbeech]

vixpy1 said:

does divide by .175 work? Or even multiply.. doh Nope.. that does'nt work either.. double doh! >> Edited by vixpy1 on Wednesday 1st June 12:15 >> Edited by vixpy1 on Wednesday 1st June 12:16

Yes that`s close but it`s not working quite right!!!

[iandbeech]

cwk said:

Take the gross figure and multiply by 7/47 for the VAT element. By 40/47 is the nett. Charles

Can you make that calculator friendly as my brain can`t be arsed!

[vixpy1]

I have a spreadsheet, i type in the varous numbers then add make the net bigger and bigger until the vat and total match up..

but i'm very sad.

[vixpy1]

iandbeech said:

cwk said: Take the gross figure and multiply by 7/47 for the VAT element. By 40/47 is the nett. Charles Can you make that calculator friendly as my brain can`t be arsed!

multiply by .149

[cliffe_mafia]

multiply by 1.175

[crazylegs]

Don't you just divide by 1.175?

[Eric Mc]

The 7/47 fraction is the easiest way to do it. Why 7/47? Well, it's the simplified version of 17.5/117.5.

Example: VAT Inclusive amount £235.00

What is the Net amount? £235.00 x 40/47 = £200.00
What is the VAT amount? £235.00 x 7/47 = £35.00

[DinkyToy-boy]

cliffe_mafia said:

multiply by 1.175

I used to do that for years, but it always comes out some fraction of a penny out when you try to match the two figures up....

Multiply by 40 divide by 47

[iandbeech]

crazylegs said:

Don't you just divide by 1.175?

Well done Crazylegs you win!

Divide by 1.175 for gross to nett. Where did you get 0.149 Vixpy?

[JonRB]

7/47 is the magic number to use (as already pointed out)

Vixpy1: Change your spreadsheet so that the vat column is gross*7/47 and net is gross-vat.

See also:
www.pistonheads.com/gassing/topic.asp?t=130636


>> Edited by JonRB on Wednesday 1st June 12:29

[vixpy1]

iandbeech said:

Divide by 1.175 for gross to nett. Where did you get 0.149 Vixpy?

I'll get me coat.

[Ding]

Just to stir it up a bit.

That only applies if you have standard VAT.
If there is any fuel (gas/electricity) involved the rate is 5% or mileage should be 5.6%.

Of course some food is classed as essential and is VAT free!

Elizabeth

stirring mode off