Calculating Net and Gross from VAT
Turbo_Dave
Registered Posts: 23
Hello,
I am new to the forums and I am just wondering how you can calculate net and gross if you are only given the VAT.
The way I have been doing it for 20% rate:
VAT/0.2 = Net
Net + VAT = Gross
Are there any other ways behind the maths involves?
I am new to the forums and I am just wondering how you can calculate net and gross if you are only given the VAT.
The way I have been doing it for 20% rate:
VAT/0.2 = Net
Net + VAT = Gross
Are there any other ways behind the maths involves?
0
Comments
-
VAT x 6 = gross (assuming standard rated).2
-
Thanks CeeJaySix for your help that's an easier method!
When I did a bookkeeping course I was taught to divide the gross by 6 to find out the VAT but they never taught us why.
I assume it's to do with 1.2/0.2 = 6
If you are using 17.5% vat would it still be the same as to say 1.175/0.175 = 6.71?0 -
Yes but watch the rounding as that doesn't give you an exact decimal.2
-
Thanks CeeJay for your help.0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 318 NEW! Qualifications 2022
- 161 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 87 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 272 VAT
- 92 Software
- 273 Tax
- 135 Bookkeeping
- 7.2K General accounting discussion
- 200 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership