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When VAT was at 17.5% I'd calculate the VAT component of a sum by multiplying by 7/47.
Now VAT is at 15% what will the multiplication formula be?
Correction - that's going to be 3/23
Thanks for that.
Or you could multiply by 1.15
He want to take the VAT content out of a price - not add it
Ok my mistake, but is it not better to multiply by 0.15?
That wouldn't work
He'd need to multiply by 0.1304
must remember "0.1304"!
OK I was working it out for net rather than gross.
Confusing isn't it!
numbers eh? can't live with em can't live with out them
I multiply by 0.8696 now for amount without VAT.
Yup - that does it the other way
0.8696 + 0.1304 = 1
I've always just divided the total by 100 plus the rate of VAT. Multiply the result by 100 gives you the total without VAT.
Or just divide by 1.15!
Multiply to add or divide to take away as Harry too and Parad said.