The VAT on £300 at the standard 20% rate is £60.00, making a gross total of £360.00.
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If £300 is the net price (excluding VAT), adding 20% VAT gives:
| Item | Amount |
|---|---|
| Net | £300.00 |
| VAT (20%) | £60.00 |
| Gross | £360.00 |
If £300 is the gross price (including 20% VAT), removing the VAT gives a net of £250.00 and VAT of £50.00 (the VAT is one sixth of the gross).
At the reduced 5% rate, adding VAT to £300 net gives £15.00 VAT and a gross of £315.00.
Adding 20% VAT to £300 gives £60.00 of VAT and a gross total of £360.00.
£300 plus 20% VAT is £360.00.