What is the VAT rate?

What is the VAT fraction?

How do I calculate VAT?


The standard rate of VAT is:


20% from 4/1/2011

17.5% from 1/1/2010 to 3/1/2011

15% from 1/12/2008 to 31/12/2009

17.5% up until 30/11/2008


The reduced rate:

5%

The Zero rate:

0%

The rate for exempt supplies:

No VAT is charged


 

Standard rate VAT fraction

You need the VAT fraction to work out the VAT on a gross (VAT inclusive total).

VAT rate

Fraction

Example

15%

3/23

£100 + VAT @ 15% = £115

So,

£115 x 3/23 = £15

17.5%

7/47

£100 + VAT @17.5% = £117.50

So,

£117.50 x 7/47 = £17.5

20% 1/6

£100 + VAT @20% = £120

So,

£120/6= £20