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QUOTE So a £100 loco, minus VAT is £82.50
It is actually £85.10. This is a common mistake. £85.10 + 17.5% is near enough £100. The formula when taking off VAT is minus approximately 14.9% when the VAT rate is 17.5%
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Sorry to be pedantic but errors like that can be expensive.
It is actually £85.10. This is a common mistake. £85.10 + 17.5% is near enough £100. The formula when taking off VAT is minus approximately 14.9% when the VAT rate is 17.5%
