VAT - Calculating VAT Flashcards
1
Q
What is the VAT component for standard rated supplies that are VAT-exclusive?
A
20%
2
Q
What is the VAT component for reduced rated supplies that are VAT-exclusive?
A
5%
3
Q
What is the VAT component for standard rated supplies that are VAT-inclusive?
A
20/120
4
Q
What is the VAT component for reduced rated supplies that are VAT-inclusive?
A
5/105
5
Q
How can we remember this?
A
Exclusive = percentage
Inclusive = fraction
