What is the VAT fraction?
You need the VAT fraction to work out the VAT on a gross (VAT inclusive total).
VAT rates:
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
|
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 |
