ExcelBanter - Calculating VAT (value added tax)

Rod,

I start by creating a name called VAT (menu InsertNameDefine Name, name of
VAT, RefersTo value of =17.5%)

To add VAT to an amount is simply

=A1*(1+VAT) - 1+VAT because 1 represents 100% of the amount, the VAT is
17.5%

To calculate the amount less VAT on an amount that has already had VAT
charged

=A1/(1+VAT)

To calculate the VAT amount, take this previous figure from the original
amount

=A1-A1/(1+VAT)

And finally, because this is money, it is best to round to the nearest penny

=ROUND(A1*(1+VAT) ,2)
=ROUND(A1/(1+VAT),2)
=ROUND(A1-A1/(1+VAT),2)

BTW, there are plenty of UKers here, and Ron is from the Netherlands, and we
have Germans, Norwegians, et al, all of whom understand VAT. It isn't all
US.

--

HTH

RP
(remove nothere from the email address if mailing direct)

"Rod Hutton" <Rod wrote in message
...
I understand that many US people may use this forum more than the
UK.....but
here goes...

I want to calculate the VAT element of an amount, for example:
£35,000 sales
@ 17.5%
amount less VAT is: £29,787.23p
VAT element is: £5,212.76p
I need a formula that just gives me the VAT element.

Many thanks US !!!

Rod