Calculating VAT when it's not shown.

[BliarOut]

Is there a multiplier I can apply to an amount when the VAT component isn't shown eg. on a parking receipt?

I'm trying to fill in my VAT return/pay my expenses and some of my receipts don't show the VAT amount separately.

[Plotloss]

Theres a way to do it in Excel thats quite easy, hang on...

[BliarOut]

Good job I put all the amounts in Excel then

[aprisa]

times by 14.89%

Nick

[Plotloss]

=cellreference/117.5%

Then take that number from the original and you are left with the VAT

I think.

Edited by Plotloss on Tuesday 6th February 12:26

[pugwash4x4]

technically if they don't specifically show the VAT then you don't have a VAT invoice and thus can't claim VAT back. If it is for a largish amount of VAT then demand a VAT receipt at the time- for much smaller amounts i have had VAT officers just agree to let it pass!

[Eric Mc]

Multiply the VAT inclusive cost by 7/47 to get the VAT element.
Multiply the VAT inclusive cost by 40/47 to get the VAT Exclusive element.

Invoices of £250 (VAT Inclusive value) or less do not need to show the VAT content seprately - although the trader's VAT number must ALWAYS be shown for the invoice to be counted as a valid VAT invoice. The RATE of VAT being charged should still be shown as well.

Edited by Eric Mc on Tuesday 6th February 12:39

[BliarOut]

I'm only talking about poxy amounts for office stationery, parking etc... The receipts do show a VAT number, just not a VAT component in some cases.

[Griff Bitch]

Gross fig x 40/47 to give net fig,
Gross x 7/47 to give vat element.

Ok to do with small amounts, but large amounts request a VAT invoice.

[Eric Mc]

Use the 7/47 formula - it's the easiest.

Just be careful that you do not use it when it isn't appropriate. When using Excel it is easy to copy a formula into a column so that all entries have the formula applied to them. Watch out for things like train fares, stamps and postage, MOT bills, insurance costs, and council car parrking )as opposed to private car parking) which DO NOT have VAT included and there is therefore no VAT to reclaim..

[Griff Bitch]

oops, Should have been quicker