Vat Calculation Formula?

Answer

Value Added Tax (VAT) is calculated as a percentage of the cost of a product then added to the cost to make it VAT inclusive. The standard rate of VAT is 20 per cent and the reduced rate is 5 per cent. However these rates are bound to changes based on the economy and for the latest VAT rates, you can visit the human resource and custom website.
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2 Additional Answers
To calculate VAT at 20%, one should multiply the selling price of the good by 20%. The result of this calculation is the amount of VAT payable and should be added to the selling price to arrive at the selling price inclusive of VAT. The price inclusive of VAT is 20% more than the initial selling price.
The formula for calculating VAT is usually a percentage on the gross value of goods. In the United Kingdom, VAT is calculated at 17.5 percent of gross value of the goods. There are some goods in the UK like baby products that do not pay VAT.
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