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 £802 Plus VAT. Now if we use the standard VAT Rate(20%) then the Gross Amount would be £962.40 and the VAT amount would be £160.40.
| Initial Value | VAT Rate | VAT Amount | Gross Amount |
|---|---|---|---|
| £802 | 20% | £160.40 | £962.40 |
Check Out our VAT Calculator for accurate data
Net Amount: £802.00
VAT: £160.40 (20.00% of net amount)
Gross Amount: £962.40
Difference (Gross - Net): £160.40
History 1 - Net Amount: £802.00, VAT: £160.40 (20.00% of net amount), Gross Amount: £962.40, Difference (Gross - Net): £160.40
802 Plus VAT
VAT Added Gross amount = Initial Price x (1 + VAT percentage)
Simply:- £962.40 = £802 x (1 + 20%) or £802 x (1 + 20/100)
Let me tell you another way to calculate £962.40
For example: Let’s say a product costs £802 before VAT.
- £802 (product cost) x 20% (VAT rate) = £160.40
- So the total price with VAT is: £802 (product cost) + £160.40 (VAT) = £962.40
