Aug 282007
If you are presented with receipts (usually for, but not limited to, the purpose of claiming expenses) and need to calculate the VAT (at 17.5%) element for a receipt for £18.80:
£18.80 divided by 1.175
then multiply the answer by 0.175
which gives you VAT of £2.80
OR mutliply £18.80 by 7/47 (which is commonly referred to as the VAT fraction)
