Sales tax VAT

[Jacko99]

I need aformula that will deduct 17.5% from a gross figure to give me how
much sales tax has been paid and therefore the net amount. Muliplying by
0.1489 works great on 117.50 but goes astray on any figure above that. any
help much apreciated, don't want to give the TAXMAN any more than he is due.

 

[Mike H]

Try this

=A1/117.5*100

Mike

 

[Mike H]

I may have read you post incorrectly. To calculate the tax part of a fross
amount try this

=A1-(A1/117.5*100)

Mike

 

[RajKohli]

Did you mean, for instance:

A1 has a value of 1500 and you want to calculate 17.5% tax on 1500. If yes,
then formula will be:

A1 B1 C1
Sales Sales Tax Net Amount
1500 =A1/100*17.5 =A1-B1
1500 262.5 1237.5

Hope this is what you wanted, let us know!

 

[Mike H]

My tax man would love you, you just paid 39.10 too much tax

1235.5 * 1.175 = ?

Mike

 

[vanman]

My tax man would love you, you just paid 39.10 too much tax

1235.5 * 1.175 = ?

Mike