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Have I got the answer right

IMG_20160928_211410603.jpg

Hi,

If you could please confirm if my answer is correct or not from the picture above.

I got my final answer to be €37,260.00

Any confirmation or corrections appreciated.
Jake :smile:
Reply 1
Avatar for st*r
st*r
6
Original post by RugbyJake16
IMG_20160928_211410603.jpg

Hi,

If you could please confirm if my answer is correct or not from the picture above.

I got my final answer to be €37,260.00

Any confirmation or corrections appreciated.
Jake :smile:


I worked out a different answer, slightly lower.
My method was to work out the price of the car excluding 17.5% VAT
Then add on the VAT rate 24% onto the ex VAT price I just worked out.

What do you make the ex VAT price to be?
Reply 2
Avatar for RugbyJake16
RugbyJake16
OP
3
Original post by st*r
I worked out a different answer, slightly lower.
My method was to work out the price of the car excluding 17.5% VAT
Then add on the VAT rate 24% onto the ex VAT price I just worked out.

What do you make the ex VAT price to be?


I don't it differently, not sure whether my method was correct.

I done

24-17 1/2 = 6.5

Then added 6.5% of vat to the nearest €10 to the old price with the old vat.
Reply 3
Avatar for st*r
st*r
6
Original post by RugbyJake16
I don't it differently, not sure whether my method was correct.

I done

24-17 1/2 = 6.5

Then added 6.5% of vat to the nearest €10 to the old price with the old vat.


Your adding VAT onto VAT and even though it seems to make sense and the answer looks about right, it is incorrect.

Work out the price excluding VAT first, then add the new VAT on.
I have a VAT registered business so I know this is the correct method.
Reply 4
Avatar for RugbyJake16
RugbyJake16
OP
3
Original post by st*r
Your adding VAT onto VAT and even though it seems to make sense and the answer looks about right, it is incorrect.

Work out the price excluding VAT first, then add the new VAT on.
I have a VAT registered business so I know this is the correct method.


Okay thank you, I shall work that out now.
Original post by RugbyJake16
I don't it differently, not sure whether my method was correct.

I done

24-17 1/2 = 6.5

Then added 6.5% of vat to the nearest €10 to the old price with the old vat.


Think of it this way: You have 1.175 times your original price before VAT. Using your method, you add 6.5% of 1.175 times your original price. This gets you to 1.065*1.175 times, or 1.251 times your original price, not 1.24.
Reply 6
Avatar for RugbyJake16
RugbyJake16
OP
3
Original post by st*r
Your adding VAT onto VAT and even though it seems to make sense and the answer looks about right, it is incorrect.

Work out the price excluding VAT first, then add the new VAT on.
I have a VAT registered business so I know this is the correct method.


If i am correct this time, is it €33,348.72?
Reply 7
Avatar for st*r
st*r
6
Original post by RugbyJake16
If i am correct this time, is it €33,348.72?


Not the answer I have.

What is your ex VAT price and how do you work it out?

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