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> "If I buy a mug from the pound shop (for 1 pound), and the VAT rate is 20%, how much of what I paid was VAT?" I calculated it as 16p, but I think if you are
by NAFV_P 13y ago
> "If I buy a mug from the pound shop (for 1 pound), and the VAT rate is 20%, how much of what I paid was VAT?"
I calculated it as 16p, but I think if you are presented with a bill that requires paying VAT, the actual amount of VAT should be explicitly stated. VAT is always rounded down, so an implicit sum has lost some information, unless the total number of pennies is divisible by six.
> I don't think AAT is a government body.
Whoops, poorly worded.
- rahimnathwani 13y agoCorrect. I wouldn't expect someone to know about the rounding rules, as there isn't just one rule which applies to all situations: - http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageVAT_ShowContent&propertyType=document&id=HMCE_CL_001596#P1493_117367 http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPort... - http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageLibrary_ShowContent&propertyType=document&id=HMCE_CL_000139 http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPort...
- NAFV_P 13y agoCheers for the links.