VAT calculations
ID:CVVCAL
Video Overview
When we work with VAT transactions there are three important amounts that we need to know about. This is the VAT exclusive amount, namely the amount of the sale before any VAT is added to it; the VAT amount itself, namely the amount of 14 % of the exclusive price; and lastly the VAT inclusive amount, or the total amount that is charged for the purchase including the 14 % VAT amount. In this tutorial we are going to take a look at how to derive all of these amounts if just one of the amounts is given. For example, if only the VAT exclusive amount is given, how is the VAT amount and VAT inclusive amount worked out, and vice versa. It is important to be able to quickly calculate these amounts using a simple and easy to remember formula, not only for your exams, but also for life in the business and accounting world.
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