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VAT workback

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5131elainen | 11:33 Thu 17th Feb 2011 | Business & Finance
4 Answers
Calculation please for working back VAT now it is at 20%
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Avatar Image milly143
How much VAT do I need to add?

Value x 0.200

What is the cost including VAT?

Value x 1.200

What was the cost before VAT was added?

Value / 1.200

How much VAT has been added?

Value - (Value/1.200)
11:36 Thu 17th Feb 2011
Avatar Image factor-fiction
To continue milly's excellent answer:..

How much VAT has been added?

Value - (Value/1.200) ....

= value x 0.2/1.2
= value x 1/6
= value ÷ 6
20:51 Thu 17th Feb 2011
Avatar Image milly143
Ah Factor, I'm having a rubbish morning so it was nice to see someone say something nice about something I did. Thanks! :o)
10:28 Fri 18th Feb 2011
Avatar Image R1Geezer
in a figure that already has VAT in it then the fraction for the principle is 5/6ths or if you prefer you can divide by 1.2
15:55 Fri 18th Feb 2011

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