v.a.t.

[brihamilton1]

im confused---- i put my expenses for parking in at work
the problem i have got is this
parking= £3.30----- v.a.t.=20%----- parking - v.a.t =£3.30-66p=£2.64?

ive been told this is wrong-----help

[ChuckFickens]

It's £3.30 / 1.2= £2.75 and you paid 55p vat

[scotman]

£3.30 inc VAT = £2.75 exc VAT

[brihamilton1]

thanks guys and dolls so its ----- cost/1.2

[brihamilton1]

see the problem i still have---- i was taught that 10% of £3.30=33P

[ChuckFickens]

Yes

And to add vat it's cost*1.2

So 2.75*1.2=3.30

[ChuckFickens]

It is...

But you don't pay VAT on the VAT, only on the original 2.75 working out 20% of 3.3 give you a too high result

[brihamilton1]

oh now its clear---dont pay vat on the vat----got it thank you

[tara20]

Easy way to add vat - divide by 5, multiply by 6 (10/5=2 x6=12)
To deduct -divide by 6 gives you vat (multiply by 5 for net)
Old fashioned, I know, but it works!

[Maydup]

Or

Divide by 1.2 to take VAT off
Multiply by 1.2 to add VAT on

[carmalee]

tara20 - that's a great tip -so easy - thanks

[ChuckFickens]

It is, if only somebody had said that before...

OH!

[boxtops]

I don't understand your problem - we put in our parking tickets, irrespective of VAT, if we paid £3.30, we claim for £3.30.

[brihamilton1]

yeah i get what ive paid but there are 3 colums i need to fill in--- 1) total paid
2)---vat
3)--- total paid minus vat

[boxtops]

Ah, I see - how complicated!

[brihamilton1]

yeah then we send to head office---- they get paid for working that crap out lol