Back calculating UK VAT - Adobe Pro DC
Hi,
I am creating a PDF mileage expenses form, and as HMRC's approved mileage rates already include VAT, I need to back calculate this to get it to display VAT reclaimable in a dedicated field, can anyone help?
I know the calculation its just working it out in Adobe Pro without a division option:
As an example:
Mileage rate: 16p per mile
The 16p is VAT inclusive so you need to work backwards to find out the VAT claimable.
So 16p represents 120% (100% plus 20% VAT). So the VAT element is 16/120*20 = 2.67p. So for every business mile you claim 16p for, you can reclaim 2.67p VAT.
Thanks in advance for any support with this.
