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VAT Calculator

 

Calculating VAT could not be simpler! The VAT Calculator can be used as an aid for compiling sales invoices, as a tool for checking the accuracy of purchase invoices, or for identifying the VAT element of a VAT inclusive value.

Enter the VAT rate and either the Gross, Net or VAT value where indicated below and the VAT Calculator will work out the missing values.

  Enter the VAT Rate (%)      
             
  The VAT Fraction is      
           
           
     
           
    GROSS
        NET
    VAT
 

Automatic recalculation

       

If you receive an invoice and the VAT value differs from that suggested by the VAT Calculator, the invoice is not necessarily wrong. There are a number of legitimate reasons why there may be a difference:

  1. The net or gross figure entered into the calculator may include exempt or zero-rated items.
  2. When the invoice was produced a different method of rounding may have been used when calculating VAT. In this case the VAT value should not differ by more than £0.01 unless the VAT is calculated on an item by item basis in which case the difference should be no more than £0.01 multiplied by the number of items.
  3. The supplier may offer an early settlement discount. In this case the VAT should be calculated at the discounted value, irrespective of whether the discount is taken.

If you have identified a discrepancy in an invoice and none of the above reasons apply please contact us and we will review it for you free of charge.