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
No, net sales do not include tax. It is the total amount of company sales after the deduction of returns, damaged goods and any discounts.
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 because credit sales contains vat
vat exclusive
Yes. Gross sales = Net Sales + VAT
No, net sales do not include tax. It is the total amount of company sales after the deduction of returns, damaged goods and any discounts.
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 because credit sales contains vat
vat exclusive
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.
Net cost does not include sales tax. The net cost of an item is the cost of the item after any discounts or returns and before any tax.
yes
Yes
To deduct VAT from a total figure, first identify the VAT rate applied. For example, if the total amount includes a 20% VAT, divide the total by 1.20 to find the net amount before VAT. Then, subtract this net amount from the total to isolate the VAT amount. Alternatively, you can multiply the net amount by the VAT rate to find the VAT directly.
what is meant by net price? does it include excise duty? If included, how is it claculated
From net figure: assume Vat rate=16% Vat amount=16/100*net figure from Gross figure Vat amount =16/116*gross figure