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Vat calculation incorrect

Last post 02-01-2010, 10:28 PM by Lettronics. 1 replies.
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  •  02-01-2010, 9:46 PM 1382

    Vat calculation incorrect

    when i apply vat at 17.5 % it is calculating it incorrectly - for example if i sell an item for £5.99 it calculates the vat as being 0.89 when it should be £1.05 I have had to set it at 21.3% to get the Vat to show correctly .

    Any ideas on how to put this right ?

  •  02-01-2010, 10:28 PM 1383 in reply to 1382

    Re: Vat calculation incorrect

    No, that is correct...


    If an item retails at £5.99 and has a 17.5% VAT rate, the VAT content is 89p


    Or it's £5.10 exc VAT, £5.10 + 17.5% VAT (5.10 x 1.175) = £5.99


    That said, awful long time since I did A Level Maths Geeked

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