Calculating VAT at 20%

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

  1. Sobie

    Sobie UKBF Regular Free Member

    Posts: 307 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
    Posted: Nov 2, 2010 By: Sobie Member since: Jul 27, 2008
    #1
  2. MyAccountantOnline

    MyAccountantOnline UKBF Regular Full Member

    Posts: 9,609 Likes: 1,887
    Hi Rachel 2/12ths works:)
    Posted: Nov 2, 2010 By: MyAccountantOnline Member since: Sep 24, 2008
    #2
    • 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
    Posted: Nov 2, 2010 By: Tom McClelland Member since: Feb 10, 2008
    #3
    • Thanks Thanks x 3
  4. Sobie

    Sobie UKBF Regular Free Member

    Posts: 307 Likes: 48
    Thanks for the answers I can start calculating our new retail prices now.
    Rachel.
    Posted: Nov 2, 2010 By: Sobie Member since: Jul 27, 2008
    #4
  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
    Posted: Nov 2, 2010 By: akirk Member since: Jul 1, 2010
    #5