The Commerce Journal,Business and Local Businesses
*The Commerce Journal>>>United Kingdom Taxes

If i invoice someone 拢217.00 how do i work out how much vat to charge them i ?


If i invoice someone 拢217.00 how do i work out how much vat to charge them i ?

17.5%

is it including Vat or not?
not including vat it would be: 拢254.98
including VAT it is 拢184.68 and Vat: 拢32.32
good luck!!

217x 1.175 = 254.97

or you can do on your calculator 217 x 17.5 hit the % button, gives you what the VAT is 37.98 then hit + to add to your original 217

to take away VAT 217 divided by 1.175 = 184.68

you only need to if you're registered for VAT. are you?

Multiply by 1.175 to give the 拢217 plus VAT.

Divide 217 by 1.175 to find out how much 拢217 is *before* VAT.

17;5% it should equal 拢37;97 and a half pence

If you are adding VAT onto 拢217.00 just add 17.5% which comes to 拢254.98.

If you are taking the VAT away from 拢217.00 it's a little more complicated but not too tricky - You first multiply 217 by 7 and then divide it by 47, this gives 拢32.32 which is the amount of VAT that is included in a total payment of 拢217.00

multiply 拢217.00 by 17.5% = VAT, add that to 拢217.00 for your total

You key in 拢217 then multiply by 0.175 giving an answer of 拢37.97 VAT add that to the original price,
Making a total of 拢254.97

If you want a TOTAL price straight off, you key in 拢217 then multiply it by 1.175 giving a total price of 拢254.97
Good luck

You have to be VAT registered to charge it if not just include it in the price 拢217.00 +17.5% = 拢254.97

I don't know which country you are in - but if you have the same value added tax system that we do in the uk , then you have to charge 17.5% as this is what inland revenue will use when assessing how much you owe them.
do a sum of what is 1% of 拢217.00 which equals 拢2.17 and then times this by 17.5 which comes to 拢37.975 or knowing that we are taxed to the limit 拢37.98 just to be sure you have in your bank what the tax man will try to collect.
If there was more than 1 item at this price - you may be able to deal in whole numbers.

You only need to do this if you are registered to pay VAT on the goods you sell. If you are not liable tell the purchaser that you are "VAT Exempt".
If you have to charge them, its 17.5% on top of the purchase price. This 17.5% is paid to the government.
17.5% is 0.175 as a decimal fraction.
Multiply 拢217.00 by 0.175 and then add it to the 拢217.00 to give the total buyer's price.
Alternatively you can multiply 拢217.00 by 1.175
The total price is 拢254.975.
You should round this up (because the third decimal digit is 5 or greater) to give 拢254.98
The tax is 拢37.98, so you can see that when VAT is added to all the other taxes you pay, Income Tax, National Insurance, Motor and petrol taxes, taxes on insurance policies and everything else you could possibly think of, you are being ripped off by taxation in the UK.

vat calculator or read the HMRC rules, but don't give them any personal details if you send something to them. they'll just loose it.

Tags
  Atlanta   Other - Business & Finance   Other Taxes   United States Taxes   United Kingdom Taxes   Spain Taxes   Singapore Taxes   Mexico Taxes   Ireland Taxes   India Taxes   Germany Taxes
Related information
  • Income tax levels in the UK are grossly unfair and disproportionate to people who want to get on in life-TRUE?

    I believe this is true. Come move here to America and help us convince the Liberals in this country we are headed the same way....super high taxes!!!

    ...
  • Taxes in the uk?

    It depends what it is and how you come to be selling it. If you are in business manufacturing luxury yachts and you sell a yacht, then yes. If you are selling an entire business, you may have to pa...

  • 2 x CD'2 For Sale... Has 25million ....?

    Yeah, but it's only got poor people's details on it. I want the one with the rich people on it!

    ...
  • Can overseas assets/own business affect pension credit paid in the UK?

    Report them to the HMRC .. you might qualify for a reward :-)

    ...
  • If I stay overnight for work purposes -can I claim this back against my tax?

    It sounds as if you are staying in B&B to enable you to be nearer your work. In this case, the cost of the B&B is not deductable for tax. Only expenses incurred wholly, exclusively and nec...

  • Last year the uk finally paid for monies borrowed to fight the last war When did germany pay up?

    they gave them the virgin islands and some other territories and also set up israel and were forced to allow 100,000 jewish people a year there rather than the 1000 britian wanted think how differ...

  • If you had a million dollars what would you do with it , this is after its been taxed!!?

    I'd tithe ten percent, buy a house and furnish it. Then I would help my family in any way I could.

    ...
  • How can I get working tax credit without actually working?

    Why would you want to do that?

    ...
  •  

    Commerce Categories--Copyright/IP Policy--Contact Webmaster