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 £66 Plus VAT. Now if we use the standard VAT Rate(20%) then the Gross Amount would be £79.20 and the VAT amount would be £13.20.
| Initial Value | VAT Rate | VAT Amount | Gross Amount |
|---|---|---|---|
| £66 | 20% | £13.20 | £79.20 |
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20%
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Net Amount: £66.00
VAT: £13.20 (20.00% of net amount)
Gross Amount: £79.20
Difference (Gross - Net): £13.20
History 1 - Net Amount: £66.00, VAT: £13.20 (20.00% of net amount), Gross Amount: £79.20, Difference (Gross - Net): £13.20
66 Plus VAT
VAT Added Gross amount = Initial Price x (1 + VAT percentage)
Simply:- £79.20 = £66 x (1 + 20%) or £66 x (1 + 20/100)
Let me tell you another way to calculate £79.20
For example: Let’s say a product costs £66 before VAT.
- £66 (product cost) x 20% (VAT rate) = £13.20
- So the total price with VAT is: £66 (product cost) + £13.20 (VAT) = £79.20
