Nett amount from VAT figure

[Blackpowder]

This is for a local Church.    If there is a Vat bill for £5,800 how do you calculate what the nett sum is?   I've looked at various on line sites and become if it is possible even more confused.

 

Blackpowder

[Teal]

Are you saying the amount of VAT charged is £5,800 if so multiply by 5 to get the net (+VAT) figure. 

If the total bill is £5,800 inclusive of VAT then divide it by 1.2 to get the +VAT figure.

This should all be set-out clearly on the invoice by your supplier, if it's not ask them for it. You will need it for your records.

[Eyefor]

9 minutes ago, Teal said:

Are you saying the VAT is £5,800 if so multiply by 5 to get the net (+VAT) figure. 

If the total bill is £5,800 inclusive of VAT then divide it by 1.2 to get the +VAT figure.

I seem to remember from somewhere in the dim and distant pass that HMRC won't accept that because it is inaccurate to (IIRC) two or three decimal places. I think there is a much more complicated calculation needed.

Could be wrong....

Edited May 8, 2019 by Eyefor

[Newbie to this]

Just use this,

http://www.vatcalculator.co.uk

but as others have said, the VAT breakdown should be on the invoice, along with their VAT number.

Edited May 8, 2019 by Newbie to this

[Blackpowder]

Thanks for the replies I have not seen any invoices just the verbally quoted figure.  I have bent to the task again and came up with £29,000 as net.

 

Blackpowder

[Diver One]

If VAT is 5800 then this is 1/6 of total invoice

total is 34,800

comprising 

£29,000 nett

£5,800. VAT

£34,800 Gross

so you are indeed correct

[millrace]

Divide by 6 multiply by 5 ....120/6=20×5=100 but any invoice shd show vat as a clear breakdown....so you have a 6th of the total.....or above better explaination

Edited May 8, 2019 by millrace

[Eric62]

Net sum = VAT amount / (1 + VAT rate)

In your case (assuming 20% VAT):

Net sum = £5,800 / (1 + 0.20)

or

Net sum = £5,800 / 1.2

Net sum= £4,833.33

[Eric62]

Do calculation manually by using the following formula

Net sum = VAT amount / (1 + VAT rate)

But If manual calculation is difficult for you then I found I very useful tool that would do your calculation with a single tap, Online VAT Calculator