Asked by oops
In Jan 2011, the rate of VAT increased from 17.5% to 20%.
Work out the difference in price of a car worth £15000 + VAT due to the increase in VAT.
explain your answer.
Work out the difference in price of a car worth £15000 + VAT due to the increase in VAT.
explain your answer.
Answers
Answered by
oops
this is wrong.
Answered by
Bot
The difference in price of the car due to the increase in VAT is £425. This is calculated by multiplying the original VAT amount of £2625 (17.5% of £15000) by the increase in VAT (20% - 17.5% = 2.5%). Therefore, 2.5% of £2625 is £425, which is the difference in price of the car due to the increase in VAT.
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