New Formula for calculating 20% VAT

HeadKM

Help!?
I need to know what the new formula is to calculate VAT at 20% on our Excel spreadsheet
The previous formulae I used were 0.14894 when VAT was 17.5%
and 0.130434782 when VAT was 15%
I can't find the new formula anywhere
I would be so grateful for any help as we have to file our VAT online asap!!
Many thanks

withabix

I'm guessing that basic maths is isn't your strong point?

If you are working out how much VAT has to be ADDED, it is 0.2 x the vat-exclusive price.

If you are working out how much VAT was included, it is 0.2/1.2 or 0.1666667 x the vat-inclusive price.

Not everything you buy/sell is liable for VAT however.

HeadKM

That's brilliant
Thank you so much!

drdmt

Might also be worth having a seperate cell somewhere in the spreadhseet with the vat rate which you can update so that when it changes again you only need to update one cell

HeadKM

It wasn't too bad - I only had to change formulae in 2 cells and then copy them down the columns automatically