Venomous
Honorary Master
Something tells me he forgot to add VAT before working out the pricing.
OP - that could be the 25% you're talking about - 14% of it is VAT, the rest is the +/- 11% is markup.
I had that feeling too. VAT only has to be included at retail level. & even if someone does not charge VAT they still have to pay the supplier's VAT so it is still a cost.