The VAT on £350 at the standard 20% rate is £70.00, making a gross total of £420.00.
If £350 is the net price (excluding VAT), adding 20% VAT gives:
| Item | Amount |
|---|---|
| Net | £350.00 |
| VAT (20%) | £70.00 |
| Gross | £420.00 |
If £350 is the gross price (including 20% VAT), removing the VAT gives a net of £291.67 and VAT of £58.33 (the VAT is one sixth of the gross).
At the reduced 5% rate, adding VAT to £350 net gives £17.50 VAT and a gross of £367.50.
Adding 20% VAT to £350 gives £70.00 of VAT and a gross total of £420.00.
£350 plus 20% VAT is £420.00.