vat

[in a mo]

Please could someone tell me how to work out the Vat content of an item
Thanks m
in a mo

[Ethel]

You can use a tool like this:

http://www.taxcentral.co.uk/taxcentral/home/va t/vatcalculator/default.asp

or calculate it yourself:
* Divide the VAT-inclusive price by 1.175 to arrive at the VAT-exclusive price, for example: �117.50/1.175 = �100 VAT-exclusive price
* Subtract the VAT-exclusive price from the VAT-inclusive price to arrive at the VAT element, for example: �117.50 - �100 = �17.50 VAT

So, if the item is �100.

100/1.175 = 85.10

The price before VAT is �85.10

100 - 85.10 = �14.90 and that is the amount of VAT

[Nosha123]

Divide the total amount by 47 and multiply that by 7.. that is the vat element....

[legrande758]

Depends what youre buying .The standard rate of vat in the uk is 17.5%.
But


There is a reduced rate of 5% vat for certain goods.
1. Schedule 7A: Reduced rate


INDEX TO REDUCED RATE SUPPLIES OF GOODS AND SERVICES


Children's car seats




Domestic fuel or power




Energy-saving materials: installation




Heating equipment, security goods and gas supplies: grant-funded installation or connection




Residential conversions




Residential renovations and alterations




Women's sanitary products



This is according to government website.

http://www.direct.gov.uk/en/MoneyTaxAndBenefit s/Taxes/BeginnersGuideToTax/DG_4015895




HOPE THAT HELPED ?

[north star]

The 'normal' rate of vat is 17.5% but some things are rated at 5%, gas and electricity for example (I think), some items at 0% standard food items for example, but not luxury foods, and other things are VAT exempt