Help Required Vat formula Calculation

18 replies
Found 1st Dec 2008
Could someone give me the formula to work out the VAT from Gross figure? I used to use Gross figure multiplied by 7 and then divided by 47.

Hopeless at Maths, so help appreciated!

Cheers

18 Comments

Just do what you used to do then take 2.5% from the gross figure and take that off your total including the 17.5%. I think:oops:
I know that is not a good calculation but i too am hopeless at maths.

10% then 10% of that?

eg 150 / 10 = 15
15/ 10 = 1.5
total =16.5

Original Poster

badgerrules;3619956

Just do what you used to do then take 2.5% from the gross figure and take … Just do what you used to do then take 2.5% from the gross figure and take that off your total including the 17.5%. I think:oops:I know that is not a good calculation but i too am hopeless at maths.


Thanks, but I'm trying to do it in one cell in exel and not very good at amending it to do more that divide and multiply. : )

Divide the price by 1.175 and then times (multiply) by 1.15 to get the new price. Hope this helps.

Multiply the figure by 0.15 for the new vat or 0.175 for 17.5% this gives you the amount of VAT paid, then you subtract that from the original figure so

£100*0.15 = £15

100- 15 = £85

hope this is what you wanted

Original Poster

rellis3;3619977

Multiply the figure by 0.15 for the new vat or 0.175 for 17.5% this gives … Multiply the figure by 0.15 for the new vat or 0.175 for 17.5% this gives you the amount of VAT paid, then you subtract that from the original figure so £100*0.15 = £15100- 15 = £85hope this is what you wanted


Thanks very helpful and correct but that's to work out the vat when you know the net figure. I need to work out the vat from the Gross figure.

Banned

rellis3;3619977

Multiply the figure by 0.15 for the new vat or 0.175 for 17.5% this gives … Multiply the figure by 0.15 for the new vat or 0.175 for 17.5% this gives you the amount of VAT paid, then you subtract that from the original figure so £100*0.15 = £15100- 15 = £85hope this is what you wanted



that doesn't work does it?
as £85 + 15% doesn't = 100

I think its just divive by 1.15

100 / 1.15 = 86.95
86.95 + 15% = 100

(roughly)

Original Poster

windychef;3619971

Divide the price by 1.175 and then times (multiply) by 1.15 to get the … Divide the price by 1.175 and then times (multiply) by 1.15 to get the new price. Hope this helps.


Thanks also, but I've tried this and it doesn't work in my spreadsheet. I am not good with excel either, but it's definitley not the formulae I'm looking for.

Original Poster

colinsunderland;3620002

that doesn't work does it?as £85 + 15% doesn't = 100I think its just … that doesn't work does it?as £85 + 15% doesn't = 100I think its just divive by 1.15100 / 1.15 = 86.9586.95 + 15% = 100(roughly)


That's it! The spreadsheet now works. Cheers to everyone for taking the time to reply and get me on my way!

no probs
if your gross figure is say £100 , divide this figure by 1.15 which takes the 15% vat off then multiply it by 15% to calculate the vat figure.
da dar !

Banned

berni888;3620015

That's it! The spreadsheet now works. Cheers to everyone for taking the … That's it! The spreadsheet now works. Cheers to everyone for taking the time to reply and get me on my way!


thought you wanted the VAT, not the net amount?

VAT formula from gross is

@sum((gross*1.15)-gross)

The correct way is: 3 divided by 23!

Ref: HM Revenue & Customs.

Banned

berni888;3620015

That's it! The spreadsheet now works. Cheers to everyone for taking the … That's it! The spreadsheet now works. Cheers to everyone for taking the time to reply and get me on my way!


thought you wanted the VAT, not the net amount?

VAT formula from gross is

@sum(gross-(gross/1.15))

Banned

ifyoudontask?;3620090

The correct way is: 3 divided by 23!Ref: HM Revenue & Customs.


:w00t::?

I think you mean gross multiplied by 3 then divided by 23

Original Poster

csiman;3620094

thought you wanted the VAT, not the net amount?VAT formula from gross … thought you wanted the VAT, not the net amount?VAT formula from gross [email protected](gross-(gross/1.15))


So glad I checked back on thread, how're you guys to help if I don't know myself what I'm asking! I've knocked up a spreadsheet to tackle the same sum in various ways and I got myself confused (easily done) so the end sum was correct but when I looked at the vat and the net, the figures should've been in each others columns, but I'm getting it sorted now! Cheers

csiman;3620098

:w00t::?I think you mean gross multiplied by 3 then divided by 23



" For any sales od standard-rated goods or services that take place on or after 1 December 2008 you should charge VAT at the new rate of 15%. This means that cash businesses which currently calculate their VAT using the VAT fraction of 7/47 should, from 1 December 2008, use the new VAT fraction of 3/23."

HM Revenue & Customs.

Original Poster

:thumbsup:Sorted!
Net £100, to get Vat [COLOR="Red"]Net * 15%[/COLOR] = £15 Gross £115 (* means times)
Gross £115 to get vat [COLOR="red"]Gross /23 *3[/COLOR] = £15 (/ means divide)

the easiest way to work out the price is to multiply the total cost by 0.978 that will equal the new price
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