40 40iths

[Call Assistant UK]

I may not have said that right, but I used to use a formula before the vat changed to work out the vat element of sales and I'm sure it was refered to as 40 40iths.

Does anyone know what I am talking about and what exactly the formula is?

 

[SussexHazel]

To calculate the VAT from the gross figure = 7/47

To calculate the net from the gross figure = 40/47

 

[David Griffiths]

"The VAT fraction"

7/47 for 17.5%

Was 3/23 at 15%

40 / 40 would mean that it was all VAT!

 

[Call Assistant UK]

Yip, tanks folks - thats the ones.

Many thanks