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 £703 Plus VAT. Now if we use the standard VAT Rate(20%) then the Gross Amount would be £843.60 and the VAT amount would be £140.60.
| Initial Value | VAT Rate | VAT Amount | Gross Amount |
|---|---|---|---|
| £703 | 20% | £140.60 | £843.60 |
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Net Amount: £703.00
VAT: £140.60 (20.00% of net amount)
Gross Amount: £843.60
Difference (Gross - Net): £140.60
History 1 - Net Amount: £703.00, VAT: £140.60 (20.00% of net amount), Gross Amount: £843.60, Difference (Gross - Net): £140.60
703 Plus VAT
VAT Added Gross amount = Initial Price x (1 + VAT percentage)
Simply:- £843.60 = £703 x (1 + 20%) or £703 x (1 + 20/100)
Let me tell you another way to calculate £843.60
For example: Let’s say a product costs £703 before VAT.
- £703 (product cost) x 20% (VAT rate) = £140.60
- So the total price with VAT is: £703 (product cost) + £140.60 (VAT) = £843.60
