New VAT Calculation?

soolin

Idiophreak wrote: »

Don't be so cynical...I've heard they're already drawing up new signs for, as they're now called, 98pLand and 98pStretcher!

There is already a 99p shop though so they will have to rethink that one! Also, what about all the food stuff and household items that are zero rated :rotfl:

Idiophreak

soolin wrote: »

Also, what about all the food stuff and household items that are zero rated :rotfl:

Good God! This has turned into a minefield!

soolin

Idiophreak wrote: »

Good God! This has turned into a minefield!

One could almost imagine that this is a deliberate attempt to keep people guessing and not actually see that it is all smoke and mirrors.

rachglos

This is my first post so please be nice :0)

I'm getting myself very confused over the whole VAT change.
I have recently made an order for a new car.
Total cost of car £13,250.00
£2000 part exchange for my old car
I have paid a £500 deposit
The total of the car that is subject to VAT is £11085.11
They have put VAT at £1939.89 at 17.5%

Can anybody tell me if I am likely to get a refund?, I have the outstanding balance of £10,750.00 to be paid when the car arrives and would they do the discount on the outstanding amount (as I have already paid £500) or the full VAT amount?
Any advice on this, before I approach the garage would be really appreciated.
Thank you

terryw

d.edna wrote: »

How can 13 pence of £1 be 15%? 13 pence is 13%!

If the price is £1.15 including vat then this is goods £1 plus vat .15p

If the price including vat is £1 then this is goods 87p plus vat 13p (aprox)

terryw

JCS1

Glad I got the calculation right, I'm an accountant!

And found out at work this week that Ireland is increasing their standard rate of VAT from 21% to 21.5% from 1st December. They seem to be one of the few countries actually upping VAT.

And think most business are struggling to get everything done when you get less than a weeks notice. I've spent most of the day changing the VAT rate on 100 invoice requsition templates, whilst other people are adjusting return sheets, we also have tills at hundred of sites that need changing, plus IT contractors to change the accounts package. Think it's costing business a bit in outside costs and time, you can't blame some of them for wanting to keep the difference for a while.

RFW

stevew8975 wrote: »

Most businesses will be keeping their RRP the same as before, therefore they will earn more margin on the same sale... A little more cashflow in the business for you.

Don't miss the opportunity.

M&S are rolling out the reductions on Monday, but more for publicity than anything else. I'd guess that most won't. The only difference it will make to me is my having to separate pre December from post December sales to sort out the difference in VAT.

Fortunately I'm away next week and won't have to worry about pockets full of pennies from the extra savings!

I'd expect a few VAT free sales coming in for a couple of days and then everything going back to normal, but I could be wrong, it has been known!

TZracer

If you take the amount and times it by 0.13043478260869565217391304347826 then minus the figure from the original it gives you the price before vat.


Say the total cost of the item is £85 then -

85 x 0.13043478260869565217391304347826 = 11.08695652173913043478260869563

Take this away from the £85 thus

85 - 11.08695652173913043478260869563 = 73.91304347826086956521739130437
So £73.91 + 15% = £85 :beer: :T :j

TZracer

If you take the amount and times it by 0.13043478260869565217391304347826 then minus the figure from the original it gives you the price before vat.


Say the total cost of the item is £85 then -

85 x 0.13043478260869565217391304347826 = 11.08695652173913043478260869563

Take this away from the £85 thus

85 - 11.08695652173913043478260869563 = 73.91304347826086956521739130437
So £73.91 + 15% = £85 :beer: :T :j

[Deleted User]

I found this site very helpful for adding and subtracting VAT plus you can set the VAT rate.

http://www.exoiz.com/vat



ibizara