Originally Posted by PorkSausage:
“I did calculus at O-level, but that was a long time ago.
Try this one. An item is priced @ £1 including VAT @ 20%. What is the price excluding VAT?”
Why Sausage, are you questioning my ability to do percentages?
The answer of course is that the net price = 100%. The gross price is nett (100%) plus vat (20%) = 120%.
Therefore the calculation is 100p divided by 120 multiplied by 100.
Thus the price of the item excluding VAT is 83.3333 (recurring). To check the accuracy simply multiply 83.333 by 120 and divide by 100.
I learned to do that long before O level, and without the use of a calculator.