Math wizard needed for help in vat calc, Please

[Jacqui Too]

I'm doing the dreaded quarterly vat return and my head is in a spin as I can't for the life of me work out the 5% vat that is included in a total sum, I know I can't just minus the 5%[:-))]

 

Any kind maths wizard got a formular or just a figure for a total £45,000.00 including vat at 5%, whats the vat value?

 

Thank you inadvance, you just might save my sanity this morning [:D]

[Pierre ZFP]

Easy Peasy

VAT = 45000 * 5 / 105

=   2142.86

 

Net amount 45000- 2142.86 = 42857.14

 

 

[idun]

Simply if it is included you have 105 at the moment the original figure which is 100% plus 5% vat.

 Divide your 45000 by 105 and multiply it by 5.

 

45000/105=428.57     mulitply by 5  = 2142.86 and that is your VAT

 

If you want to check then

45000-2142.86 =42857.14  which is the figure without vat (HT) and then if you mulitply that by 5% so by 1.05 then it'll be your original figure.

 

edit, it is just the same as Pierres, just I divided then multiplied.

 

I wouldn't do this like this. But to explain, I think that this is the easiest way really or Pierre's. I just mulitply the original figure (45000) by .04761904, but it would be getting there in the future, if the rate changed that may prove a problem.

[Chancer]

Is vat 5% now in the UK? I thought it had gone up to 20%.

[idun]

It is 20%. Re the rest, I am out of touch, these days, but in the past some things were at different rates, so maybe there is a 5% for something in the UK, as there are two rates in France too.

 

One of my jobs would be to extract the VAT from various bills/invoices so that my company could reclaim it from HMRC.

[Jacqui Too]

[quote user="Chancer"]Is vat 5% now in the UK? I thought it had gone up to 20%.[/quote]

5% on all new builds [:D] and my new barn conversion comes under that [:P]

Thank you every one, thats brilliant, this forum is a mine of information.

[Chancer]

My confusion was becasue I thought the lower rate in France was 5.5%

[idun]

LOL I am out of touch with the UK and France apart from the 'big' 20% currently in the UK.

[pachapapa]

[quote user="Chancer"]My confusion was becasue I thought the lower rate in France was 5.5%[/quote]

No confusion the TVA rate IS 5,5% instead of 19.6%.

http://www.impots.gouv.fr/portal/dgi/public/popup?typePage=cpr02&espId=1&docOid=documentstandard_4693&temNvlPopUp=true

[Pierre ZFP]

So the calculation will be

45000 * 5.5 /105.5 = 2345.97

 

[Jacqui Too]

[quote user="Pierre ZFP"]

So the calculation will be

45000 * 5.5 /105.5 = 2345.97[/quote]

I'm in UK  VAT, not France TVA, but thanks [:D]

[Chancer]

Thankfully I havnt done a UK VAT return for 7 years, what goods or services are rated at 5% please?

[idun]

Utility bills Gas/Electric? I am out of touch, really I am.

 

[Jacqui Too]

[quote user="Chancer"]Thankfully I havnt done a UK VAT return for 7 years, what goods or services are rated at 5% please?[/quote]

My husband is a building contractor and I do the books that involve a VAT return quarterly, we only deal in building so I don't know what else other than new builds which include any building being made into a dwelling or dwellings that are uninhabitable for (I think) 5 or more years, that come into the 5% band.

[crossy67]

Simple way to find value before VAT is to divide total be 1.05.  Treat the percentage as it is, 0.05% of the total.  Works with any rate %age.  100/1.05=95.24 so vat is 7.76.  For 20% vat divide by 1.2 etc.

[Rabbie]

[quote user="Jacqui Too "]

[quote user="Chancer"]Thankfully I havnt done a UK VAT return for 7 years, what goods or services are rated at 5% please?[/quote]

My husband is a building contractor and I do the books that involve a VAT return quarterly, we only deal in building so I don't know what else other than new builds which include any building being made into a dwelling or dwellings that are uninhabitable for (I think) 5 or more years, that come into the 5% band.

[/quote]Also domestic fuel (Electricity, Gas, heating oil) comes in the 5% band

[Mr Ice-ni]

It is a sad reflection on educational standards that a Math wizard is required for such a calculation. Though I suppose using the word "math" rather than "maths" suggests the OP is American or watches too much American tv.

John

 

[Jacqui Too]

[quote user="Mr Ice-ni"]

It is a sad reflection on educational standards that a Math wizard is required for such a calculation. Though I suppose using the word "math" rather than "maths" suggests the OP is American or watches too much American tv.

John[/quote]

Theres allways one isn't there, that feels the need to take a shot,[:@]

It's a sad reflection on you that you need to chastise me, but if it got up your nose then it was worth the typo [kiss]

[Jay]

Both math and maths are quite correct, the argument about which to use has gone on for many years. Strictly speaking the calculation was nothing more than simple

arithmetic and could hardly warrant the title of math(s), although I suppose

arithmetic(s) is, even at this basic level, a branch of mathematics.

[Rabbie]

[quote user="Jay"]Both math and maths are quite correct, [/quote]Actually the correct word is "Mathematics" but then I am an old pedant[:D]