# Calculating VAT?

by Kevin
(South Africa (Pretoria))

Q: How do I calculate the VAT (Value-Added Tax) included on the debtor and creditor control account?

A:
Control accounts for debtors and creditors are the full amounts including VAT that is owed from one party to another. Assuming VAT is 14%, to calculate the VAT portion you take the total (e.g. R200) and times by 14/114.So this would be:
R200 X 14/114 = _______

 Gross profit earned by: Anonymous Hi,If I'm given an exclusive cost price per unit of R2104, and the inclusive price is R2398.56, and the markup percentage is 60%, do I calculate the gross profit earned with or without VAT?I know how to do the calculation, I'm just not sure if gross profit includes or excludes VAT.Also, how is a gross margin percentage calculated with the figures given above?Thank you in advance!

 Query by: Anonymous How do we calculate output VAT and surcharge on total sale?

 VAT by: Anonymous How do I calculate the VAT amount for a single item on my receipt knowing the total amount of VAT and the total amount of the purchase of 5 items?

 Great help God bless you by: NUKhan Regarding VAT it is a real refresher.Thanks for sharing.

 Calculating VAT by: Anonymous What is the reason for adding the 10% to the actual value of goods when calculating VAT?

 Rep. of South Africa VAT by: Anonymous For services rendered on an invoice to a client what would the VAT amount be on R1960 (Rands-South African currency) of 14%?

 Help by: Anonymous If I have the item price and selling price how do I work out the percentage?

 VAT Calculation in very Simple Way by: Chris To put it is a very simple way.Item price: 4,954VAT: 14%To get the total amount all you have to do is:Convert the percentage rate to a decimal number- 14 divided by 100 = 0.14 (or simply move the decimal point 2 places from right to left)Then- Multiply the item price by the VAT decimal amount (4,954 X 0.14 = 693.56) 693.56 is 14% of 4954Then- Add the item price and the VAT amount (4954 + 693.56 = 5647.565647.56 is the total cost of the item including the VAT____________________________________________The key here is to know how to convert the percentage rate to a decimal number which is very simple (you just need to move the decimal point 2 places from right to left)That means: 23% is 0.23 2% is 0.02 10% is 0.1 1% is 0.01 38% is 0.38As simple as that!

 Inclusive and Exclusive by: Boitumelo Hey guys I have some few questions on till slip The total item R498.93.1) Calculate the amount payable including 14% vat 2) What is the total amount exclusive jurisdiction of Vat

 VAT Including or Excluding by: Anonymous How do I know when to use 14/114 if VAT is 14 percent?

 confussed by: Anonymous You say assuming vat is 14% what do you mean by assuming. The fact is vat is 14%.VAT exists in different countries, not just in one country. Some countries have something similar and call it a sales tax. In South Africa VAT is 14% (I think) but it's different rates in other countries that have VAT or a sales tax. Best,

 VAT only by: Anonymous HiIf I only have the VAT amount eggs R1356.52, how do I calculate the exclusive and inclusive amounts. 10% is easy as you only move the dot, and 5% will always be half of any 10%.Tx 10% is actually not always so easy but definitely easier to calculate than say 14%. I'm assuming 10% is the rate and that R1356.52 is just the VAT on the eggs, I hope I understood that right.Exclusive amount is 100/10 X R1356.52. The full inclusive amount is 110/10 X R1356.52.Best,

 VAT Rate by: Anonymous If I purchase a pen, excluding VAT (at a rate of 14%), is R75. Then the VAT is...Then the VAT is R75 x 0.14 = R10.50Best,

 VAT Question by: Anonymous The advocate charged R975 VAT exclusive but here I get R1,111.50 VAT inclusive. Now my question is how did we get that R1,111.50 answer?VAT is based on the R975. If VAT is 14% then it's 14/100 of the R975. We can calculate VAT by saying 14/100 X R975 = R136.50. R975 + R136.50 = R1,111.50.Or an even quicker way of solving this is to simply say: 114/100 X R975 = R1,111.50Hope that helps!Best,

 Question by: Anonymous If my VAT rate is 14% and I have purchase price of 48,000 as my Net Price, I understand my Gross price will be 54,720 (48,000 X 1.14 = 48,000). On my study guide there is 6,720. How was this 6,720 derived?Net purchase price 45,000 + 3,000 = 48,000add VAT at 14 % (then it says) 6,720Total purchase price = 54,720I believe the 6,720 was derived from 48,000 X 14%.Best,

 Calculate VAT by: kuhle the total is 318.59

 Excluding VAT by: Anonymous Hi I would like to know how much would I have to cough out if I want to buy a device that cost 1750 excluding, and how much is it when vat included?You do 1,750 x (100+VAT rate)/100.E.g. the VAT rate is 15% so you do 1750 x (100+15)/100 = 2,012.50Best

 Vat by: PG Which is the correct way to do vat is it times 14divide 100ORtimes 14divide 114

 VAT CALCULATION by: Anonymous total amount is rs 468.00 it is including vat. but my question is that 468 x 13.5% is not equal to 468 x 1.135 how it calculate.

 How to Add On VAT by: Rozzi add 14% vat to your net amount7500. x 1.14 = 8 550.00 gross amount/incl checkgross amount less net amount = vat 14%8 550. - 7 500. = 1 050. vat amountoryou have the vat amount and need to find net amount100/14 x 1 050. = 7 500.net amount/excloryou have gross amount8 550. / 1.14 = 7 500. net amount/excl

 Work out the purchase or sale amount using the VAT amount by: Edward To work out the VAT backwards, say you know how much the VAT was, but you don't know what the sale or purchase amount is, you do this:Say the VAT amount paid was R5,000.00Take R5,000.00 and times it by 114, then divide it by 14. So R5,000.00 x 114 ÷ 14 = R40,714.28Which means the amount you paid for it was R40,714.28

 Calculating VAT Backwards by: The total you pay is always the 114 part of the equation I mentioned above. In other words, it is the 100% paid for the product plus the additional 14% VAT added together. When we go backwards from the total paid to find the VAT we do the following: 14/114 X Total Paid=14/114 X R72,514.34=R8,905.27

 How Do I Calculate VAT Backwards by: Bev How do I calculate backwards...what's the VAT I paid on total of R72,514.34?

 If only VAT amount is known by: Anonymous How do I calculate the inclusive/exclusive price if only the VAT amount is known? E.g. I know I was charged 50 VAT, what is the VAT inclusive price? And VAT exclusive price?

 VAT on 7500 by: If the R7,500 is the full price of the product or service, you get the VAT like this: R7,500 X 14/114 = R921 If the R7,500 is the price before adding VAT, then you work it out as follows: R7,500 X 14/100 = R1,050 In the last option above, the total price of the product or service including VAT comes to R8,550 (R7,500 + R1,050)

 VAT manually by: Anonymous Hi all, need assistance. How do I step by step work out vat manually on paper? Going for an interview and I need a crash course.

 vat calculating by: Anonymous like 7500, how do I put a vat n get a correct answer.

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