Calculation of VAT exercise

This is a traditional gap exercise, whereby one figure is given and students need to calculate the missing figures.
Suggested formulae are given using percentages (you may wish to also give formulae based on fractions).
A short extension exercise encourages students to work out the formulae if the VAT rate became 25% (VAT rate has remained 20% for many years, but can change).
A separate answer sheet is also given which you could use as your own crib sheet, or hand out to students later.
You may wish to point to the numeric patterns within the formulae, and encourage them to work out formulae if the VAT rate became 17.5% (which it once was-here fractions were easier-e.g. gross £1175 x 7/47 gives £175 VAT) or 15% or 10%.