VAT gets charged every time value is added as a product is made or a service is delivered. Now, let’s know what is the answer to £7002 Plus VAT. Now if we use the standard VAT Rate(20%) then the Gross Amount would be £8,402.40 and the VAT amount would be £1,400.40.
| Initial Value | VAT Rate | VAT Amount | Gross Amount |
|---|---|---|---|
| £7002 | 20% | £1,400.40 | £8,402.40 |
Check Out our VAT Calculator for accurate data
Net Amount: £7002.00
VAT: £1400.40 (20.00% of net amount)
Gross Amount: £8402.40
Difference (Gross - Net): £1400.40
History 1 - Net Amount: £7002.00, VAT: £1400.40 (20.00% of net amount), Gross Amount: £8402.40, Difference (Gross - Net): £1400.40
7002 Plus VAT
VAT Added Gross amount = Initial Price x (1 + VAT percentage)
Simply:- £8,402.40 = £7002 x (1 + 20%) or £7002 x (1 + 20/100)
Let me tell you another way to calculate £8,402.40
For example: Let’s say a product costs £7002 before VAT.
- £7002 (product cost) x 20% (VAT rate) = £1,400.40
- So the total price with VAT is: £7002 (product cost) + £1,400.40 (VAT) = £8,402.40
