November 2009
1 post
Want to know how much VAT you're paying? Here's...
If you run a VAT registered business you will get bills that show a VAT inclusive price. You need to know how much VAT is in that price so you can reclaim it on your next VAT return. Here’s how you do it:Let’s work with a nice round figure: £100. The current VAT rate (November 2010) is 15%. So you multiply £100 by 15 and divide it by 115… Eek! big numbers. It’s easier, you...