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Ask Adam Hunt Your Own Question
Adam Hunt
Adam Hunt, Accountant
Category: Finance
Satisfied Customers: 398
Experience:  FCCA, FFA, FFTA
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What is the formula for calculating the retail price of

Customer Question

What is the formula for calculating the retail price of something including VAT from the cost price
Submitted: 4 months ago.
Category: Finance
Customer: replied 4 months ago.
I need to make 30% profit, so if there was no VAT I can calculate what I need to sell the item at. However, it is vatable so is there a formula I can use that gives me the sale price so when I take off 20% it gives me the 30% profit I need?
Expert:  Adam Hunt replied 4 months ago.

Hi I am one of the experts. If lets say 100£ is net sales and 20% is vat so together with VAT gross value is £120. If you want to calculate vat element in £120 then simply divided by 6. 120/6 = £20 VAT.

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