How to work out Vat rate?

Question

I no the old vat rate was 17.5% but what is it now? And how do you divide it cause the old you would divide by 117.5%

Thanks

! · Accepted Answer

20% for most things. 120 instead of 117.5.

swedenburg · Answer

settlement to furnish products/centers potential no longer something, this is the 'tax ingredient' which defines while a the tax could be accounted for and if the tax ingredient is till now the value upward thrust, the value would be 17.5% and after this is going to be 20%. watching products, the undemanding tax ingredient is while the products are further yet it quite is replaced by potential of the genuinely tax ingredient if: till now transport, an bill is issued or value made, despite occurs first, or if this has no longer got here approximately, After transport, an bill is issued as much as fourteen days. however, if the undemanding tax ingredient is till now the replace in value, and the genuinely tax ingredient is after, businesses have the discretion to apply the 'specific replace of value' provisions to cost on the decrease value.

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How to work out Vat rate?

2 Answers