VAT question - urgent!!!

[debster]

I'm sorry to be so boring but I'm currently at work and no-one here can answer my question. If you have a gross figure how can you easily calculate the net? Is there a formula you can use or a simple number you just multiply the gross figure by? I have a gross amount of £68.10 (including the VAT) but need to know what the figure before VAT was added would be. Any finance genii out there?

You just divide by 1.175!

68.10 gross is 57.95745 excl VAT. Obviously you need to play about with the rounding.

... that is you divide the GROSS figure by 1.175

Oh thank you, thank you, thank you. I can't believe I've been so stupid! I knew that if you multiplied the net figure by 1.175 you got the gross amount but for some reaspon had a complete mental block about doing it the other way round. You have saved my sanity SoupDragon

I've had to work it out myself recently. It's nice to know my brain still works, even though I can't remember where I've left my children half the time... (joke! )

OR divide the gross figure by 117.5 and multiply by 100!!

Wow isn't Mumsnet amazing

So that's us VAT inspectors redundant then!!!
(No cheering now)!

Ah thanks SueW, I feel all warm inside now - or is it the whisky! I didn't fly to the Midlands BTW, just 7 hours on the train with 2 DDs!!