VAT (Junior Cert Mathematics): Flashcards

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VAT
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What does VAT stand for?

Value Added Tax

What is VAT?

A tax added to the price of most things you buy

What does 'VAT Excluded' mean?

Price doesn't include VAT yet, need to add it

What does 'VAT Included' mean?

Price already includes VAT

How to find VAT amount (VAT excluded)?

Multiply price by VAT rate

How to find total price (VAT excluded)?

Add VAT amount to original price

Total price with 13.513.5% VAT = what % of original?

113.5113.5% of original price

How to find original price (VAT included)?

Divide total by (1+extVATrate)(1 + ext{VAT rate})

€120120 with 13.513.5% VAT excluded = total?

€136.20136.20

€340.50340.50 includes 13.513.5% VAT, original price?

€300300

Quick method for VAT excluded?

Multiply by VAT rate, then add to original

Quick method for VAT included?

Divide by (1+extVATrate)(1 + ext{VAT rate})

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