VAT Quiz 3 – Independent Locksmiths Network

Quick-Fire VAT Drill

Answer fast but carefully. Numbers only (no £ sign). Round to 2 decimal places where needed.

Net price = £85.00, VAT @20%.

VAT (£):

Gross (£):

Gross price = £246.00, includes 20% VAT.

Net (£):

VAT (£):

Net price = £312.50, VAT @20%.

VAT (£):

Gross (£):

VAT charged is £33.60 at 20%.

Net (£):

Gross (£):

A shop only sells at 20% VAT. Gross bill = £118.80.
Use the VAT fraction (1/6) to get VAT and net.

VAT (£):

Net (£):

Goods net = £260.00.
Trade discount 10% (before VAT), then VAT @20%.

Discounted net (£):

VAT on discounted net (£):

Gross total (£):

Net price = £149.99, VAT @20%.

VAT (£): (to 2 d.p.)

Gross (£): (to 2 d.p.)

A business only sells at 20% VAT. Total VAT on sales this month is £784.20.
Work out total net sales.

Net sales (£):

Gross invoice total = £999.99, includes 20% VAT.

Net (£): (to 2 d.p.)

VAT (£): (to 2 d.p.)

For the quarter: Output VAT = £1,640, Input VAT = £820.
How much VAT is payable to HMRC?

VAT payable (£):

Net price = £47.30, VAT @20%.

VAT (£):

Gross (£):

VAT charged is £5.75 at 20%.

Net (£):