how do i calculate VAT tax uk : online VAT calculator

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how do i calculate VAT tax uk with online VAT calculator
VAT calculation formula for VAT exclusion is the following: to calculate VAT having the gross amount you should divide the gross amount by 1 + VAT percentage (i.e. if it is 15%, then you should divide by 1.15), then subtract the gross amount, multiply by -1 and round to the closest value (including eurocents10 interesting facts you might not know about VAT

  1. VAT (Value Added Tax) was first introduced in France in 1954 and made its first appearance in the UK on 1st April 1973
  2. The UK VAT rate was initially set at 10% and has gradually increased over the years, rising to 20% in 2011 where it has remained ever since
  3. Charging VAT is one of the requirements of being an EU member, and no country is allowed to charge a standard rate below 15% until at least December 2015
  4. Hungary has the highest VAT rate in the world at 27%, followed closely by Iceland at 25.5%, and Denmark, Norway, Sweden and Croatia on 25%. Countries which do not charge VAT at all include the Bahamas, Hong Kong, Saudi Arabia and Qatar
  5. In the tax year 2013/ 14 the UK revenue from VAT was £87.7 billion. VAT is the government’s third largest revenue source after income tax and national insurance
  6. Businesses in the UK do not need to register for VAT if their VAT-taxable turnover is under £81,000 per year
  1. Zero-rated VAT products in the UK include: children’s clothes, most food, books and prescription medicine. Other VAT-free items include museum admissions, antiques and postal services
  2. VAT’s biggest media moment came with ‘Pastygate’ in 2012. The government’s proposal to start charging VAT on takeaway items such as hot sausage rolls and pasties met with widespread disapproval. After much debate and a huge online petition the government backed down and pasties’ VAT-status remained unchanged
  3. Brands who’ve fought and won VAT victories include Jaffa Cakes and Tunnocks Snowballs, successfully proving that their products are cakes (VAT exempt) and not biscuits (VAT chargeable )
  4. On the flip side, brands which haven’t quite managed to convince the taxman of their VAT exempt status include: Innocent who insisted their smoothies were actually ‘liquefied fruit salad’; Lucozade who fought to have their energy drinks registered as ‘functional food’, and Pringles who protested that their potato snacks were very different from VAT-chargeable potato crisps

online vat calculator

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