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Calculating VAT at 20%

Discussion in 'Accounts & Finance' started by Sobie, Nov 2, 2010.

  1. Sobie

    Sobie UKBF Regular Free Member

    Posts: 302 Likes: 48
    Hi All,
    What is the new sum to calculate vat backwards at 20% from a total (ie I currently use 7/47 to get total)
    Thanks
    Rachel
  2. MyAccountantOnline

    MyAccountantOnline UKBF Regular Full Member

    Posts: 9,245 Likes: 1,829
    Hi Rachel 2/12ths works:)
    • Thanks Thanks x 2
  3. Tom McClelland

    Tom McClelland UKBF Regular Full Member

    Posts: 2,889 Likes: 789
    Divide the total by 6.

    20/120 = 1/6
    • Thanks Thanks x 3
  4. Sobie

    Sobie UKBF Regular Free Member

    Posts: 302 Likes: 48
    Thanks for the answers I can start calculating our new retail prices now.
    Rachel.
  5. akirk

    akirk UKBF Contributor Free Member

    Posts: 2,224 Likes: 575
    simpler on a calculator is to divide by 1.2

    £100 + VAT at £20 = £120.
    £120 / 1.2 = £100

    Alasdair