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VAT Calculation Question(s) & Confusion

Jo G
  • Fellow PM.Dip
  • Practice Licence
  • 186 posts
  • # 76035

Hi,

I’m a new student to the ICB & have been reading the forums with interest but this is my first post!


~~ Post Removed By Moderator As Actual Examination Question ~~


Thanks in advance for any clarification.

Jo



Edited at 03 Nov 2011 10:10 AM GMT by James @ ICB (MODERATOR)
  • Practice Licence
  • 34 posts
  • # 76043

Hi Jo

I have done the level 1 exam & found this formula the easiest to use

eg

Ex Vat                                                                                   Inc Vat                                 

£150 x 20% = £30 Vat                                                      £120 x 20 /120. =£20 Vat

150 +30 = £180                                                                   120 – 20 = £100 Net

so for example your Q1

~~ Removed By Moderator As Live Question ~~

hope this helps :)



Edited at 03 Nov 2011 10:15 AM GMT by James @ ICB (MODERATOR)



Apologies James you beat me to reediting :)

Edited at 03 Nov 2011 10:20 AM GMT
Jo G
  • Fellow PM.Dip
  • Practice Licence
  • 186 posts
  • # 76046

So so sorry James! I didn't think about the implications of my post & would never intentionally go against the forum & ICB rules - not a great first post :-(
 
Rgds,
Jo
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