VAT Calculations (Grade 12 NSC Matric Accounting): Flashcards

14%

Total amount $\times \frac{14}{114}$

Base amount $\times \frac{14}{100}$

VAT charged on sales to customers

VAT paid on purchases from suppliers

VAT Output $-$ VAT Input

14 = VAT rate, 114 = total (100 + 14)

14 = VAT rate, 100 = base before VAT

When price already includes VAT

To cost price first, then calculate VAT on selling price