1
Q
How to find VAT if only Net is provided?
A
- VAT = Net x 20% (0.2)
2
Q
How to find Total if only Net and VAT is provided?
A
- Total = Net + VAT
3
Q
What does it mean if it is stated:
“an amount + VAT”
A
- That is the Net value.
4
Q
How to find VAT if only Total is provided?
A
- VAT = Total ÷ 6
5
Q
How to find Net if only VAT is provided?
A
- Net = VAT ÷ 0.2 (20%)
6
Q
How to find Net if only Total and VAT is provided?
A
- Net = Total - VAT
7
Q
How to find Total if only Net is provided?
A
- Total = Net x 120% (1.2)
8
Q
How to find Net if only Total is provided?
A
- Net = Total ÷ 1.2 (120%)
9
Q
Which is the Gross on a PPD Credit Note?
A
- The total after PPD has been calculated on the previous total.
— — — —
Example: PPD is 3%
Total on Invoice: 25,171.20
So,
Gross: 25.171.20 x 0.03 = 755.14
VAT: 755.14 ÷ 6 = 125.86
Net: 755.14 - 125.86 = 629.28
AAT Bookkeeping Level 2
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