Problem with a tax deduction

Hi again,

I must be missing something simple here but I just can't work this one out. Ill try to explain

The net price of an item is £29.17
VAT is added @ 20%, the VAT = £5.84
Add these together for the total sales price = £35.01

Well I only know the sales price of an item (£35.01) and that VAT is 20%. I want to know the net price but obviously 20% of £35.01 is greater than 20% of £29.17

So If the gross is £35.01 and VAT is 20% how to I end up with £29.17

Thanks

Hi numbskull

As oeldere posted: 35.01*100/120 or ROUND(Gross/(1+0.2),2)

If you require the VAT amount: =ROUND((Gross*0.2)/(1+0.2),2)

Originally Posted by martindwilson

welcome to the maths forum

I'll keep an eye on that one

Thanks for all the help guys I got little problem sorted

@ numbskull

Based on your last post it seems that you are satisfied with the solution(s) you've received but you haven't marked your thread as SOLVED. I'll do that for you now but please keep in mind for your future threads that Rule #9 requires you to do that yourself. If your problem has not been solved you can use Thread Tools (located above your first post) and choose "Mark this thread as unsolved".
Thanks.

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