Hello everyone,

I'm struggling to understand how to correctly calculate VAT for my business transactions. I'm based in the UK, and my VAT rate is 20%. Could someone explain how to calculate the VAT on both purchases and sales formula how to calculate vat 15?

For example, if I buy a product for £100, how do I add VAT? Also, if I sell a product for £120, how do I determine the VAT included in the price? Any help, including formulas or useful tips, would be greatly appreciated.

Thanks in advance for your assistance!