New Royal Bank of Scotland chief executive Ross McEwan promises changes to the way the bank does business. The new chief executive claims that RBS will switch to a customer service-focused model in response to a “seismic shift” in the way bank customers are using RBS’s services. The number of people using bank branches for…
Having a Percentage Calculator at your fingertips can come in quite handy, especially if you know VAT will be added to an item but is not listed or if VAT has been added but you would like to know the original cost before VAT. Of course there are a million and one other reasons why someone would want to figure out percentages, particularly businesses, so these handy online gadgets are amazingly time efficient and easy to use.
Percentage Calculator for Use with VAT
Take for example an item which is listed with VAT included but the amount of value added tax you are paying has not been itemized. That’s okay if you know the percentage being charged. On most items other than utilities, if VAT is required, you will be paying the new standard rate which is 20%. Therefore, if you have an item which is selling for £220 with VAT added and wanted to know how much it was before tax, you could use a handy online Percentage Calculator to give you the list price.
Using a Percentage Calculator to Keep Up with Inflation
There are also times when businesses need to increase their list prices to keep up with inflation. This is extremely important at the moment in the UK because inflation is on the rise at historic levels. If you know that your utilities will be rising at 6% then you know that to stay in business that money needs to come from somewhere. In retail those rises are generally covered with price mark-ups. An online Percentage Calculator sure beats pulling out a handheld or desktop calculator because everything is on the screen in front of you. In this way you can see if you’ve entered all values properly.
How a Percentage Calculator Works
An online Percentage Calculator usually has five different fields on the screen. Whether you want to decrease an item by a certain percentage or increase the amount by a certain percentage you simply need to know which fields to fill in. For example, most online Percentage Calculators will have fields similar to the following:
- Original value/price
- Percentage of change
- Amount of change
- Value after increasing
- Value after decreasing
In order to understand those fields, let’s look at an example. In this example we want to show what an item cost before adding VAT. We know that the item is selling for £220 after VAT, so what was the original list price? In this case you would place the £220 in the “Value after increasing” field and 20 in the “Percentage of change” field. You will see that the “Original Value” was £183 and that it changed by 36.7 units (pounds). Now you know that government is getting £36.70 on an item you are paying £183 to purchase, £220 after VAT.
You can also use a Percentage Calculator to see how much an item originally cost if you have the mark-down price (discounted price) if the original price isn’t listed. There are so many things you can do with a free online calculator of this type that you should bookmark it on your browser so that you can call it up instantly as the need arises. They are easy to use if you have at least two values to work with so take the time to find one online and save it to your favourites. You’ll be thankful you did.