When payment for a supply is wholly in money, the gross sum is the net amount plus the VAT.

If the VAT is charged at 15%, calculate the VAT included in the gross sum as 3/23 of the gross sum.

If the VAT is charged at 20%, calculate the VAT included in the gross sum as 1/6 of the gross sum (VATA 1994, s. 19).

See ¶18-018 for a checklist of fractions.

Generally, the value of the supply is the amount shown on the invoice or, if there is no invoice, as agreed by the supplier and customer.

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