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 £88 Plus VAT. Now if we use the standard VAT Rate(20%) then the Gross Amount would be £105.60 and the VAT amount would be £17.60.
| Initial Value | VAT Rate | VAT Amount | Gross Amount |
|---|---|---|---|
| £88 | 20% | £17.60 | £105.60 |
Check Out our VAT Calculator for accurate data
Net Amount: £88.00
VAT: £17.60 (20.00% of net amount)
Gross Amount: £105.60
Difference (Gross - Net): £17.60
History 1 - Net Amount: £88.00, VAT: £17.60 (20.00% of net amount), Gross Amount: £105.60, Difference (Gross - Net): £17.60
88 Plus VAT
VAT Added Gross amount = Initial Price x (1 + VAT percentage)
Simply:- £105.60 = £88 x (1 + 20%) or £88 x (1 + 20/100)
Let me tell you another way to calculate £105.60
For example: Let’s say a product costs £88 before VAT.
- £88 (product cost) x 20% (VAT rate) = £17.60
- So the total price with VAT is: £88 (product cost) + £17.60 (VAT) = £105.60
