answersLogoWhite

0


Want this question answered?

Be notified when an answer is posted

Add your answer:

Earn +20 pts
Q: Is net of vat and vat inclusive the same?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Is net of vat is the same with vat inclusive?

vat exclusive


Difference between vat inclusive and vat exclusive?

vat inclusive- Gross price (price after adding tax)vat exclusive-net price (price before adding tax)


What is the difference between vat exclusive and vat inclusive?

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.


Is nett price inclusive of 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


Gross of vat and net of vat?

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.


What do you mean by VAT Inclusive?

all included


Calculate 15 percent vat in 545?

If the 545 is inclusive of VAT then the VAT element is 71.08, however if the 545 is exclusive of VAT then the VAT would be 81.75


Meaning of net of vat?

Net means after deductions, VAT is a form of tax, 17.5% in the UK. Net VAT should therefore mean before the VAT is added, as NET is the smaller amount, Gross is the larger.


Does net of vat mean before vat is added?

Yes


How do you work out vat on a calculator?

From net figure: assume Vat rate=16% Vat amount=16/100*net figure from Gross figure Vat amount =16/116*gross figure


What is the 17.5 percent vat on 1020?

£1,020 plus 17.5% Vat of £178.50 = £1,198.50 If the £1,020 is inclusive of 17.5% VAT then the VAT amount = £151.92


Journal entry of credit sale with vat?

simpleParty A/c Dr. (inclusive of vat)sale A/c Cr. (exclusive of vat)Vat output Cr.