Question Is : What Is The Vat Payable On Five Sets Of Cutlery Each Valued At £24.95?
Book keeping tax
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do you mean 24.95 net or gross
net is 24.95 x 15% = 3.74 VAT
5 = 18.70
it sounds like that is the payable amount though so gross would be
24.95/1.15 = 3.25 VAT
5 = 16.25
the same as 24.95 x 3/23
Is the £24.95 net ie before tax ?
If so then the VAT is 0.15 x 24.95 for a 15% VAT rate.
If the total price including VAT is £24.95 then the VAT is:
24.95/1.15
Hope this helps.