VAT calculation

when calculating the vat on your total what is the calculation to get the vat paid on sales i.e. divide by47 x7 = vat on sales

Posted by John on Sep 29, 2009 5:37 AM BST

Hi John,

If the VAT rate is 17.5% the calculation is "divide by 47 then multiply by 7"
If the VAT rate is 15% the calculation is "divide by 23 then multiply by 3"

Cheers,

Posted by Mark McLaren (Solar Accounts) on Sep 29, 2009 9:15 AM BST