Jacqui Too Posted September 15, 2011 Share Posted September 15, 2011 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] Link to comment Share on other sites More sharing options...
Pierre ZFP Posted September 15, 2011 Share Posted September 15, 2011 Easy PeasyVAT = 45000 * 5 / 105= 2142.86 Net amount 45000- 2142.86 = 42857.14 Link to comment Share on other sites More sharing options...
idun Posted September 15, 2011 Share Posted September 15, 2011 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. Link to comment Share on other sites More sharing options...
Chancer Posted September 15, 2011 Share Posted September 15, 2011 Is vat 5% now in the UK? I thought it had gone up to 20%. Link to comment Share on other sites More sharing options...
idun Posted September 15, 2011 Share Posted September 15, 2011 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. Link to comment Share on other sites More sharing options...
Jacqui Too Posted September 15, 2011 Author Share Posted September 15, 2011 [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. Link to comment Share on other sites More sharing options...
Chancer Posted September 15, 2011 Share Posted September 15, 2011 My confusion was becasue I thought the lower rate in France was 5.5% Link to comment Share on other sites More sharing options...
idun Posted September 15, 2011 Share Posted September 15, 2011 LOL I am out of touch with the UK and France apart from the 'big' 20% currently in the UK. Link to comment Share on other sites More sharing options...
pachapapa Posted September 15, 2011 Share Posted September 15, 2011 [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 Link to comment Share on other sites More sharing options...
Pierre ZFP Posted September 15, 2011 Share Posted September 15, 2011 So the calculation will be45000 * 5.5 /105.5 = 2345.97 Link to comment Share on other sites More sharing options...
Jacqui Too Posted September 15, 2011 Author Share Posted September 15, 2011 [quote user="Pierre ZFP"]So the calculation will be45000 * 5.5 /105.5 = 2345.97[/quote]I'm in UK VAT, not France TVA, but thanks [:D] Link to comment Share on other sites More sharing options...
Chancer Posted September 15, 2011 Share Posted September 15, 2011 Thankfully I havnt done a UK VAT return for 7 years, what goods or services are rated at 5% please? Link to comment Share on other sites More sharing options...
idun Posted September 15, 2011 Share Posted September 15, 2011 Utility bills Gas/Electric? I am out of touch, really I am. Link to comment Share on other sites More sharing options...
Jacqui Too Posted September 15, 2011 Author Share Posted September 15, 2011 [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. Link to comment Share on other sites More sharing options...
crossy67 Posted September 15, 2011 Share Posted September 15, 2011 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. Link to comment Share on other sites More sharing options...
Rabbie Posted September 15, 2011 Share Posted September 15, 2011 [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 Link to comment Share on other sites More sharing options...
Mr Ice-ni Posted September 16, 2011 Share Posted September 16, 2011 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 Link to comment Share on other sites More sharing options...
Jacqui Too Posted September 16, 2011 Author Share Posted September 16, 2011 [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] Link to comment Share on other sites More sharing options...
Jay Posted September 16, 2011 Share Posted September 16, 2011 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. Link to comment Share on other sites More sharing options...
Rabbie Posted September 16, 2011 Share Posted September 16, 2011 [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] Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.