Maths question

[GROWLER]

Maths isn't and never has been my bestsest subject.

I've recently become registered to the VAT club, on the flat rate scheme, and accordingly I have to pay 7.5% of the VAT that I collect, only for the first year I only pay 6.5 %.
The downside is that I don't claim any VAT back unless it's a large purchase.
 I'm still going to be slightly 'up' at the end of the year though I estimate.

Anyway, to save me ringing the VAT office up, how the hell, and what is the formula for working out 6.5% of 15.0%. as I have to do my first return for the end of this month?

It'll be another calculation in January when the VAT goes back up to 17.5%, but they haven't yet told me what I'm going to have to pay...problee 9% I'd have thought.

[Nick]

Where is Pastis when you need him? 

[GROWLER]

Where is Pastis when you need him?  

Is that your answer...another question?

Snoops will know. He knows EVERYTHING!

[Nick]

He knows all about VAT 

[GROWLER]

He knows all about VAT 

I don't need to know about VAT. I already know enough about it, I just need what is in essence a simple formula to work this percentage malarky out.

[Nick]

 

[Snoopy]

TBH you have lost me completely. 6.5% of 15% of the cost price or 6.5% of the cost price?

In my days of calculating VAT it was simple to multiply the cost by 7/47 which gave you the 17.5% needed.

'fraid you will need to ask the nice VAT man to help. They were always willing to show us how to get it right when we had the pubs.

[GROWLER]

Well thanks for your seemingly and well meaning positive input anyway.

[Nick]

We all seem to be equally confused now 

[GROWLER]

TBH you have lost me completely. 6.5% of 15% of the cost price or 6.5% of the cost price?

In my days of calculating VAT it was simple to multiply the cost by 7/47 which gave you the 17.5% needed.

'fraid you will need to ask the nice VAT man to help. They were always willing to show us how to get it right when we had the pubs.

6.5% of the VAT I collect, therefore 6.5% of 15% currently.

I'd better ring them to make sure I get it right, or they'll be smashing me door down at 00:01 on 01/01/10 to arrest me and then immediate execution no doubt.

You DO NOT mess about with the VAT man. 
Ignorance is no excuse, so I've got to get it right, first time.

[Snoopy]

TBH you have lost me completely. 6.5% of 15% of the cost price or 6.5% of the cost price?

In my days of calculating VAT it was simple to multiply the cost by 7/47 which gave you the 17.5% needed.

'fraid you will need to ask the nice VAT man to help. They were always willing to show us how to get it right when we had the pubs.

6.5% of the VAT I collect, therefore 6.5% of 15% currently.

I'd better ring them to make sure I get it right, or they'll be smashing me door down at 00:01 on 01/01/10 to arrest me and then immidiate execution no doubt.

It might be for the best.
I can't quite see them letting you charge someone £100 + VAT @15% making a total of £115 and them only wanting you to hand over £0.98p

6.5% of £15 being 97.5p it is rounded up to 98p for VAT purposes

[Uncle Mort]

Where is Pastis when you need him? 

Same place as he is when you don't need him.

6.5% of 15% is 0.975% of the original cost (excluding VAT)

[Nick]

No no no. Quite wrong. If he does what you say he will deffo be arrested 

[Uncle Mort]

Oi ! I've been doing VAT returns for years.

[Uncle Mort]

And I've got 3 maths O Levels.