VAT???

[doddsredoubt]

Can someone on theanswerbank tell me what the VAT is at the moment on laptop computers please,I hope to purchase one on Amazon next week and if you purchase one before May 7th they will give you your VAT back.


Thankyou for any help.

[gingejbee]

20%

[doddsredoubt]

Thankyou gingejbee,I wasn't sure.


Thankyou again much appreciated.

[buildersmate]

However that doesn't mean you will get 20% of what you spend.

You will get 17.6% of the total sum that you would have spent back. Now work that one out.

[buildersmate]

err, make that 16.6%

[New Judge]

Yes, but bear in mind you will not get 20% (one fifth) of the purchase price back. You will only get 16.6% (one sixth). If something costs £100 plus VAT at 20% you pay £120. If the VAT is returned to you this will be £20, which is one sixth of the total price.

[sunny-dave]

Remember that if you purchase a computer for a VAT inclusive price you will get back 16.66% of the inclusive purchase price (not 20%).

For example :

a purchase price of £420 equates to a basic price of £350 plus 20% VAT of £70.

so you get back the £70 - which is 16.66% of the £420 - not the £84 which some people assume.

[buildersmate]

He was supposed to work my challenge out himself, chaps.

[ChuckFickens]

The VAT you'll get back is based on the pre-tax prices (obviously) not the after tax price.

So on a £1000 laptop the before VAT price would be 1000\1.2=833.33
So the VAT paid would be 166.67 which is 16.6%

[Maydup]

If it helps - the actual calulation is as follows:

To take VAT off you divide the sum by 1.2
To add VAT on you multiply the sum by 1.2

[ChuckFickens]

I shouldn't take phone calls half way through answering questions :)

[New Judge]

Wouldn't it be great if AB could include a feature which says "some other smart-arse has just posted an identical answer to you" !!!!!

[sunny-dave]

Talk about the heavy mob riding into town - all it needs is Mark Rae and the grammar/punctuation police for a full set :+)

[rojash]

"Wouldn't it be great if AB could include a feature which says "some other smart-arse has just posted an identical answer to you" !!!!!"

LOL