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beachy | 15:26 Thu 10th May 2007 | Business & Finance
16 Answers
How do I find out how much the VAT was on an item that cost �42.27
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Divide �42.27 by 1.175 giving you �35.97 then take �35.97 away from �42.27
Giving the VAT Amount of �6.30
Question Author
Many thanks
I prefer: 42.27 x 14.89%. Same result but easier to do on a calculator.
Question Author
Does that mean whatever the total was (including vat) This should always be divided by 14.89% to reach the vat figure.
Did it cost �42.27 after VAT was deducted, or before. It makes a difference.
Question Author
Before -
To work it out on a calculator, either

a. (price) x 0.175 / 1.175
or
b. (price) x 0.1489

a is accurate, b is approximate but probably close enough.
-- answer removed --
I would have done:
�42.27 / 100
x 17.5.

Just so you know :)
Doughboi, that tells you what the VAT is if the price is excluding VAT. In this case the price is including VAT.
Question Author
Yes that is what I originally did but realised that wasn't giving the correct answer
Erm.. you are all assuming it was 17.5% VAT - there are other rates of course.

What was it you bought beachy?
Question Author
it was a book for work and as we are an educational department we don't usually pay vat. The invoice had arrived with the vat already included so therefore I had to work this outr before I could send the invoice for payment.
Hi beachy,

Its true that most but not all books are zero-rated. Some are standard (17.5%) rated.

You can get a full description of this that are and aren't from the VAT Guide (if you have a spare 3 hours) but what you should do is ask for a VAT receipt for the book you bought which will spell out the rate charged and amount, along with their VAT number.

Good luck, Bev
Question Author
Thanks very much everyone for your help I feel like quite an authority on vat now
my accountant tells me this way

for 17.5%
divide your total by 47 the multiply by 7 so

42.27 / 47 x 7 = 6.29 is the vat that is included

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