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VAT Formula

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Im a BusyBee | 13:36 Wed 28th Jan 2009 | Business
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i read on here the new updated formula for working out the vat within a figure - the old formula was divide by 47 then x 7 - can anyone help me with the new one please? thanx.
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Question Author
thanks for your quick answer - i do know that simple formula but i am needing the one that accounts use. i have read it on here and i hope someone can help me!
The version to mirror 7 / 47ths would be 3 / 23rds
Question Author
thats the one i wanted kempie thanks so much.
For a simple and accurate ready reckoner, add 1/10th and add another half of that. For example, the VAT on �80 is �8 and then another �4. VAT is �12 and total prrice is �92.

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