To find the total figure when you add VAT to £500, you first need to know what the current standard UK VAT rate is, which is 20%.
Therefore, £500 plus VAT (20%) is £600.
What calculation was used?
To achieve the figure above, we do the following calculation.
- Start with the figure of £500
- £500 divided by 100 is £5
- We then take the £5, multiply that by 100 and add the 20% VAT, for a figure of £500.