VAT, or Value Added Tax, is a type of tax that is applied to goods and services in many countries around the world. It is a consumption tax, meaning that it is paid by the consumer when they purchase a product or service. The amount of VAT charged is usually a percentage of the total cost of the item or service. The money collected from VAT is used to fund government services and programs.
A VAT Calculator is a tool used to calculate the Value Added Tax (VAT) due on a purchase or sale. It is used to calculate the amount of VAT due on a transaction, as well as the total amount due including the VAT. The calculator can also be used to calculate the amount of VAT to be reclaimed on a purchase.
To calculate the VAT, you need to multiply the net price (the price before VAT) by the VAT rate. For example, if the net price is £100 and the VAT rate is 20%, you would multiply £100 by 0.2 to get £20. The total price including VAT would then be £120.
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