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Thread: VATmath

  1. #1
    Full Member izonoky's Avatar
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    Default VATmath

    It's widely - but wrongly - assumed that the 2.5% VAT increase will lead to a £2.50 price increase on a £100 purchase. It won't. It'll actually add £2.13.

    That's because the
    £100 item already incorporated VAT at 17.5%. The extra 2.5% relates to the pre-tax base price (£85.11).
    So with 20% VAT, the new price would be
    £102.13.

    - thank you.

    2.2 Direct SRi

  2. #2
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    Default

    I feel better already, only a 2.1% increase!

  3. #3
    Administrator Big-Pete's Avatar
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    Default

    lol.. Thats assuming the £100 purchase includes VAT to start with, which not all purchases will do..

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    Default

    Yes thats right not all prices will include VAT but if it does then it would actually go up to £102.12 as with VAT you always round down and never up.

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    Default

    I,m much much happier knowing that I could actually be saving 38p although I'm still £2.12 out of pocket....ok still annoyed by it lol

  6. #6
    Regular Member m8internet's Avatar
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    A leading retailer was already increasing prices throughout December, so that all prices had been changed by 04 January
    The typical price change was 8%
    An example is a 500ml Cola, from £0.79 to £0.89

  7. #7
    Regular Member Hideous's Avatar
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    don't know how true this is, but: -
    Labour reckon this will cost the average family £7.50 a week. £390 a year...

  8. #8
    Regular Member m8internet's Avatar
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    Quote Originally Posted by Hideous View Post
    don't know how true this is, but: -
    Labour reckon this will cost the average family £7.50 a week. £390 a year...
    Nearly right, average earnings of £19,500
    However, I think family national income is higher than that

    Perhaps they should wait until the end of the tax year, then take into account year on year changes

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