Vat Calculation

[Ric.ror]

If VAT is 20% and the amount of VAT is 751.70 what is the Gross and Net?

Cheers me dears

[barry1010]

Gross £4511.20
Net £3758.50

[barry1010]

Ooops - gross is £4510.20

[Ellipsis]

VAT is 20% of the net price

So ...

vat = net * 20%
net = vat / 20% = vat / 0.2 = vat * 5

So ...

net = £751.70 * 5 = £3758.50

And ...

gross = net + vat
gross = £3758.50 + £751.70 = £4510.20

[Ric.ror]

Ok - thanks for that
Now VAT at 5% is 199.7 again what is the Gross and Net please?

[Ellipsis]

VAT is 5% of the net price

So ...

vat = net * 5%
net = vat / 5% = vat / 0.05 = vat * 20

So ...

net = £199.70 * 20 = £3994.00

And ...

gross = net + vat
gross = £3994.00 + £199.70 = £4193.70

[Ric.ror]

Thank you so much for these answers - maybe more this afternoon

[barry1010]

I used this calculator
https://www.omnicalculator.com/finance/vat

[Ellipsis]

Well, hopefully you can apply the formula / template I've laid out above and learn it for yourself.

[Ric.ror]

Ok - just a quickie if Net is 5941.81 and VAT is 5% would 297.09 be ok with Gross being £6238.9?

[Ellipsis]

Yes, well done!

[Ric.ror]

You have all been so very helpful - those formulas and that calculator are fantastic
Thank you all so much

[jennyjoan]

the way I do that (I am not mathematical)

5% is 5 over 100 = 20 - so just divide5941.81 by 20 and voila -

[bobbinwales]

To find 5 % just do 10% in your head which is the easiest one to work out then half it

[barry1010]

That's right, bob - but that won't tell you the gross and net values if VAT is £199.70 at 5%

[bobbinwales]

I know but I was referring to 11:39 question

[bobbinwales]

But finding the net in your example is doable just as easy- x 10 then double it or vice verca.