Calculating 4.8% Vat on Livestock sales

razor8

here is something i cant figure out, i have attached a snippet of sales docket for sheep

i cant figure out how the 4,8% is calculated so im hoping someone can enlighten me possibly an accountant

gross 2523
gross ex vat 2407.45
less commission 56
vat 115.55
top up vat 4.81

when i calculate 2523-56-2.69 = 2464.7 x 4.8%=118.31
when i calculate 2523*4.8% i get 121.10

how is the figure of 115.55 arrived at, may seem small difference but its the same with all sales dockets

lakill Farm

2407.45 * 1.048 = 2523 .

The top up vat is probably to do with the rise to 5.0% in 2014 or 5.2% in 2015

razor8 wrote: »

gross 2523
gross ex vat 2407.45
less commission 56
vat 115.55
top up vat 4.81

when i calculate 2523-56-2.69 = 2464.7 x 4.8%=118.31
when i calculate 2523*4.8% i get 121.10

how is the figure of 115.55 arrived at, may seem small difference but its the same with all sales dockets

nompere

The figure of €2,523 is inclusive of VAT. So you need to find out the figure that when you increase it by 4.8% gives a total of €2,523.

You can do this by dividing €2523 by 104.8/100 = €2,407.44.

The other way round it's €2404.44 times 4.8% = €115.41.