There is no such term as gross of VAT. The amount with VAT is called the gross amount while the net of VAT is the amount after the VAT has been deducted.
Not according to direct.gov.uk "When someone charges you VAT they multiply the original ('net') price of the item or service by the VAT rate to calculate the amount of VAT to charge. They then add the VAT amount to the net price to give the 'gross' price - the price you pay." http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/BeginnersGuideToTax/DG_4015895
Yes. Gross sales = Net Sales + VAT
The gross is normally figured before the VAT is added. The gross sales amount is used to determine how much the Value Added Tax will be.
The difference between vat exclusive and vat inclusive is that vat exclusive is the price before tax is added on. Vat inclusive is the price after tax has been added on.
For when the VAT rate was 17.5%, to get the amount before VAT you needed to divide by 1.175 Now the UK VAT rate is 20%, you need to divide by 1.2 Example: If the price before VAT was £100, and VAT is 20%, then the price after VAT is £120. So to work it out backwards: If you know the price after VAT is £120 and you want to know the price before VAT: £120 divided by 1.2 = £100 Hope that helps.
vat inclusive- Gross price (price after adding tax)vat exclusive-net price (price before adding tax)
It should
From net figure: assume Vat rate=16% Vat amount=16/100*net figure from Gross figure Vat amount =16/116*gross figure
There is no such term as gross of VAT. The amount with VAT is called the gross amount while the net of VAT is the amount after the VAT has been deducted.
Not according to direct.gov.uk "When someone charges you VAT they multiply the original ('net') price of the item or service by the VAT rate to calculate the amount of VAT to charge. They then add the VAT amount to the net price to give the 'gross' price - the price you pay." http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/BeginnersGuideToTax/DG_4015895
Work out 17.5% (current vat rate 2010) of the items price then minus the answer from the original price of the item
Yes. Gross sales = Net Sales + VAT
No, Net Amount is the amount before VAT is added. Once VAT is added it then becomes the Gross Amount. Net price is exclusive of VAT
If the VAT rate is V% then the cost price with VAT is = Cost Price*(1 + v/100)
The gross is normally figured before the VAT is added. The gross sales amount is used to determine how much the Value Added Tax will be.
VAT is now at 20%, so take the price and multiply by 1.2 to give price with VAT.