I am running the latest WordPress with the latest WooCommerce, as of this writing.
I have one standard tax rule setup for 20%. This is UK VAT.
I have a product setup at £350. 20% of 350 should be 280.
(20 x 350) / 100 = 70
However, on my product page AND checkout basket etc, the amount comes to: 291.67 (ex Tax). This should be 280. This is really wrong! So I'm not sure it's related to how I am coding the output of the product page, since I haven't touched the checkout template at all.
I am not sure if I have set something up incorrectly? Why am I getting such an odd number.
Some rules I have setup:
Yes, I will enter prices inclusive of tax.
Display prices during cart/checkout: Excluding tax.
Shipping tax class: Shipping tax class based on cart items.
I really cannot work this one out. Am I going mad?