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.
Yes. Gross sales = Net Sales + VAT
Divide by 1.whatever the rate is. ie If vat is 17.5% you would divide the gross by 1.175 to get the net figure, the vat is the difference between the two.
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
Multiply the VAT figure by 5 ie: VAT amount £20 x 5 gives you a net figure of £100.00.
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.
Net turnover is turnover reduced by taxes linked to it, like VAT. In other words, it is what you get for the products you sell and services you provide, minus VAT that had to be paid for them.
Yes. Gross sales = Net Sales + VAT
From net figure: assume Vat rate=16% Vat amount=16/100*net figure from Gross figure Vat amount =16/116*gross figure
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.
Divide by 1.whatever the rate is. ie If vat is 17.5% you would divide the gross by 1.175 to get the net figure, the vat is the difference between the two.
vat inclusive- Gross price (price after adding tax)vat exclusive-net price (price before adding tax)
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
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.
Multiply the VAT figure by 5 ie: VAT amount £20 x 5 gives you a net figure of £100.00.
The Gross Profit Margin = Gross Profit/Revenue*100 regardless of weather the Gross Profit is positive or negative (a loss). Therefor, it is acceptable to have a negative Gross Profit Margin.
the formula of calculating account receivable turnover = Net Sales/ average gross receivable