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VAT Reduction

community
Grafter
Posts: 666
Registered: ‎31-07-2007

Re: VAT Reduction

@shutter
Strange you had not come across QED before  Sad
But then , I was a Grammar School  boy............
Community Veteran
Posts: 18,929
Thanks: 317
Registered: ‎12-08-2007

Re: VAT Reduction

Or as the inland revenue calculate it:
Multiply the gross amount by 0.851 will give you the value excluding 17.5% VAT then multiply by 1.15 will give you the new gross amount inclusive of 15% VAT.
£117.5x0.851=£100x 1.15= £115
community
Grafter
Posts: 666
Registered: ‎31-07-2007

Re: VAT Reduction


@artmo
yes, I knew of that way but I thought at the time that 0.851 wouldn't be as easy to remember as "Jumbo Jet" !  Smiley
itsme
Grafter
Posts: 5,924
Thanks: 1
Registered: ‎07-04-2007

Re: VAT Reduction

Is it because Inland revenue employees can't use the divide key?  Grin
The recipocal of 0.851 is 1.17508, so one can either divide by 1.175 or mulitply by 0.851
James
Grafter
Posts: 21,036
Registered: ‎04-04-2007

Re: VAT Reduction

Or get someone else to work it out for you Cheesy
community
Grafter
Posts: 666
Registered: ‎31-07-2007

Re: VAT Reduction

Yes, but make sure it's  "itsme"........he knows all about reciprocals, so he must be a mathematical genius!
techguy
Grafter
Posts: 2,540
Registered: ‎12-09-2008

Re: VAT Reduction

Quote from: Strat
Here's something to cheer you all up...

Speakers required Smiley

Very funny indeed Strat
*techguy falls under desk with laughter.
The kind of thing the internet was made for, that
Community Veteran
Posts: 6,735
Thanks: 12
Registered: ‎02-02-2008

Re: VAT Reduction

Multiply by .9787234  Shocked (115/117.5)
itsme
Grafter
Posts: 5,924
Thanks: 1
Registered: ‎07-04-2007

Re: VAT Reduction

115/117.5? Where did these values come from? Should be 1.15/1.175, the answer would be the same but you would lose marks on your exam paper.  Grin
pierre_pierre
Grafter
Posts: 19,757
Registered: ‎30-07-2007

Re: VAT Reduction

do it in one old price x 0.978723404255 = new price
what is happening to the fuel 5%vat?
198kHz
Champion
Posts: 3,577
Thanks: 464
Fixes: 15
Registered: ‎30-07-2008

Re: VAT Reduction

Good point pierre. AFAIK absolutely nothing  Cry
Remember you are unique - just like everyone else
techguy
Grafter
Posts: 2,540
Registered: ‎12-09-2008

Re: VAT Reduction

Didn't see any reference to it at all pierre.
Community Veteran
Posts: 6,735
Thanks: 12
Registered: ‎02-02-2008

Re: VAT Reduction

Quote from: itsme
you would lose marks on your exam paper.  Grin

Not if it was being marked by a mathematician. The units are irrelevant as long as they are consistent, it's a ratio.
Moderator
Moderator
Posts: 19,838
Thanks: 2,407
Fixes: 440
Registered: ‎11-01-2008

Re: VAT Reduction

Nothing is happening on the VAT on fuel.
So this reduction doesn't help anyone in basics, such as food, heating your home or getting about.
Fantastic.
Customer / Moderator
If it helped click the thumb
If it fixed it click 'This fixed my problem'
itsme
Grafter
Posts: 5,924
Thanks: 1
Registered: ‎07-04-2007

Re: VAT Reduction

Food does not carry VAT, unless it's takeaways and restaurants and these have to charge 17.5% which has been reduced to 15%. So may be cheaper to eat out if they pass on the reduction.