Calculate VAT Online & Reverse VAT Calculator

Add VAT

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You don’t even have to know how VAT is calculated, thanks to our Online VAT Calculator. If you’re curious about the current UK VAT rate, it’s 20%.

This calculator will help you calculate your vat without needing to know any processes. Just fill out all the required information and select whether you want to calculate or reverse calculate vat. After putting in all the required information, click the calculate button and get your answer.

What is VAT?

VAT, or Value Added Tax, is a tax levied on products sold within a country based on the value of the product. This is an indirect tax, meaning that you are not paying it to the government directly. For example, if a company creates a product and sends it to the market, a customer who buys it pays VAT when purchasing the product.

Company will directly pay VAT to the government, which is then collected by customers. The government uses this VAT to fund the country’s operations and other tasks. Additionally, the government adds VAT to maintain the ratio of resources.

Add Vat Calculator

There’s no need to be a math whiz to calculate the tax on a price. Simply divide the amount by 100 and then multiply by (100 + the VAT percentage). Don’t forget to subtract the value of any import charges or VAT (Gross amount). For an easy way to calculate VAT, use our VAT calculator.

Plus Vat Calculator

Add the net figure to your income statement, then take out 1 + VAT percentage (i.e., multiply by 1.15 if VAT is 15%). To arrive at the VAT value, add the tax and duty totals together, then divide by 100.

The Flat Rate VAT Scheme

Businesses with an annual VAT taxable turnover of less than £150,000 are eligible for the Flat Rate Scheme for VAT. This scheme could make accounting tasks and tax calculations quicker and easier.

You pay the VAT on the goods and services you sell to your customers, minus the VAT you paid on the goods and services you bought for your business.

Pros of Flat Rate VAT

By investing less time in your accounts, you can spend more time on your business. However, you will still need to enter VAT on your invoices as you would for normal VAT accounting.During your first year as a VAT registered entity, your flat rate percentage is reduced by 1% until the day before your first anniversary as a VAT registered entity.

The process of calculating what VAT can be reclaimed on purchases is now seamless. You do not need to worry about errors when there is less chance of them occurring.HMRC knows exactly what percentage of your take will be your responsibility.


Cons of Flat Rate VAT

As you generally can’t reclaim any VAT on your purchases, you generally buy standard-rated items. However, under normal VAT accounting, you receive regular VAT reimbursements. So, even though you have a lot of exempt sales, you’re still able to get some money back from the government.