Calculating VAT at 20%

[Sobie]

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

 

[MyAccountantOnline]

Hi Rachel 2/12ths works

 

[Tom McClelland]

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

Divide the total by 6.

20/120 = 1/6

 

[Sobie]

Thanks for the answers I can start calculating our new retail prices now.
Rachel.

 

[akirk]

simpler on a calculator is to divide by 1.2

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

Alasdair