what is the VAT payable on five sets of cutlery each valued at £24.95?
To calculate the VAT (Value Added Tax) payable on the five sets of cutlery, you need to know the VAT rate applicable in your country or region.
Let's assume the VAT rate is 20%. Here's how you can calculate the VAT payable:
1. Determine the total value of the five sets of cutlery:
Total value = Price per set * Number of sets
Total value = £24.95 * 5 = £124.75
2. Calculate the VAT amount:
VAT amount = Total value * VAT rate
VAT amount = £124.75 * 20% = £24.95
Therefore, the VAT payable on five sets of cutlery, each valued at £24.95, at a 20% VAT rate would be £24.95.