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Some more math is needed:
Your Price: VAT: VAT Amount:
£115 15% £15
But £15 is *not* 15% of £115, it is 3/23 of £115.
You can work the VAT fraction out:
Tax Rate
-----------------
100 + Tax Rate
So, VAT at 15%, the fraction is:
15 = 3
--- --
115 23
It used to be 7/47ths now it is 3/32rds
Regards,
SW
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@Flugal
Some more math is needed:
Your Price: VAT: VAT Amount:
£115 15% £15
But £15 is *not* 15% of £115, it is 3/23 of £115.
You can work the VAT fraction out:
Tax Rate
-----------------
100 + Tax Rate
So, VAT at 15%, the fraction is:
15 = 3
--- --
115 23
It used to be 7/47ths now it is 3/32rds
Regards,
SW