#HMRC MTD guidelines

[willsandtrusts]

With Making Tax Digital now mandatory for all VAT-registered businesses, transitioning to digital tax records is essential to meet HMRC guidelines. Learn the benefits, key challenges, and timescales, plus how Wills & Trusts Wealth Management can support a smooth, compliant transition. Start planning now to avoid penalties and streamline tax processes.

[crypticsuntiger]

Trusted Partner for Bookkeeping Services in the UK

In today’s fast-paced and compliance-heavy business environment, accurate, timely, and strategic bookkeeping services are vital. Businesses of all sizes—startups, SMEs, and even established enterprises—require a trusted bookkeeping partner in the UK to ensure financial clarity, tax readiness, and business growth. At our firm, we pride ourselves on being more than just a bookkeeping

Why Your Business Needs a Trusted UK Bookkeeping Partner

Bookkeeping is more than recording income and expenses. It involves financial control, risk mitigation, tax planning, and long-term forecasting. Choosing a reliable partner ensures:

Accurate financial reporting

Full HMRC compliance

Cash flow management

On-time tax and VAT returns

Reduced chances of costly errors

With a dedicated bookkeeping provider like us, you gain a partner who understands UK accounting regulations and supports your business growth every step of the way.

What Makes Us the Trusted Bookkeeping Partner in the UK

We’ve earned the trust of UK businesses by combining expertise, technology, and personalized service. Here’s what sets us apart:

Certified Professionals

Our team is composed of certified bookkeepers and accountants who specialize in UK tax laws and accounting standards. We work under regulatory frameworks such as:

HMRC guidelines

Making Tax Digital (MTD) compliance

CIS regulations for construction

Auto-enrolment and payroll laws

Tailored Solutions for Every Business Type

From small local shops to fast-scaling tech startups, we offer customized bookkeeping packages to meet your exact needs. Whether you need weekly transaction tracking or quarterly reporting, we adapt to your schedule and financial structure

Industry-Specific Bookkeeping Expertise

Our bookkeeping services cover a wide range of industries:

Retail & E-commerce: Inventory tracking, multi-platform integrations

Hospitality: Seasonal adjustments, tip management

Construction: CIS compliance, subcontractor tracking

Healthcare: Insurance billing, regulatory reporting

Digital Services: Project-based billing, recurring income tracking

Each industry comes with its own rules and financial structures. We understand them all and tailor our services accordingly.

Our Full Range of Bookkeeping Services

We don’t just record numbers—we build financial clarity.

Transaction Categorisation and Entry

We accurately enter and categorise your expenses and income, making sure every transaction is matched correctly and coded per your industry’s standards.

Bank and Credit Card Reconciliation

Our team ensures every bank statement is reconciled monthly, reducing discrepancies, spotting fraud, and keeping your books airtight.

VAT Calculation and Filing

Using MTD-compliant software, we calculate and submit your VAT returns on time, reducing the risk of penalties or overpayments.

Cloud-Based Bookkeeping

We work with Xero, QuickBooks, Sage, FreeAgent, and other leading cloud platforms, giving you:

Real-time access to reports

Paperless document management

Live dashboard for financial snapshots

Secure backups and encrypted data transmission

Payroll Processing and Auto-Enrolment

From setting up new employees to submitting PAYE and managing pensions, we handle full payroll bookkeeping, including all auto-enrolment compliance.

Reporting and Forecasting

We generate insightful financial reports, including:

Profit & Loss Statements

Balance Sheets

Cash Flow Forecasts

Budget vs Actual Reports

These insights help you make data-driven decisions with confidence.

Affordable and Transparent Pricing

We believe in clear, fixed-fee pricing. No hidden charges. No surprises. Just one predictable monthly fee tailored to the size and complexity of your business. Whether you need basic bookkeeping or a full outsourced finance department, we’ve got an option to suit your budget.

Trusted by UK Businesses Nationwide

Our clients trust us because we deliver results.

“The best decision I made for my business. Their service is efficient, reliable, and friendly.” – Sarah P., Retail Owner

“Accurate reports, great customer support, and a team that genuinely cares.” – James D., IT Consultant

“I can finally focus on growing my business knowing my finances are in safe hands.” – Emily R., Restaurant Owner

We support businesses from London to Manchester, Birmingham to Glasgow, offering remote services with a personal touch.

How to Partner with Us

Starting is easy. Here’s how you can become one of our satisfied clients:

Book a free discovery call

We review your current bookkeeping process

You receive a custom proposal within 24 hours

Onboarding begins with your dedicated account manager

Enjoy accurate, efficient, and stress-free bookkeeping

Conclusion: Your Trusted Bookkeeping Partner in the UK

In a business landscape that demands accuracy, transparency, and regulatory compliance, we stand as a trusted bookkeeping partner dedicated to helping UK businesses thrive. With expert staff, cloud-based solutions, and a commitment to excellence, we’re here to make your finances one less thing to worry about.

Blogged By BDGASS

[vatreturnservicesforretailer]

Specialised VAT Return Services for Retailers in London: Stay Compliant and Efficient

In the bustling retail landscape of London, staying compliant with VAT regulations is a crucial challenge for many business owners. Retailers face complex tax rules, frequent changes in legislation, and the pressure of maintaining smooth operations. This is where VAT return services for retailers in London come into play — specialised solutions designed to ensure compliance, accuracy, and efficiency in VAT reporting.

Understanding the Importance of VAT Compliance for Retailers in London

Value Added Tax (VAT) is a significant aspect of business operations in the UK, especially for retailers who deal with numerous transactions daily. Failing to file accurate VAT returns or missing deadlines can result in hefty fines, audits, and even damage to a retailer’s reputation. London, being one of the largest retail hubs, is home to thousands of retailers ranging from boutique shops to large chains, all of whom need to navigate VAT intricacies meticulously.

Retailers must manage VAT on sales, returns, discounts, and imports. With the volume of transactions and diverse product categories, manual VAT calculation and reporting can become error-prone and time-consuming. This complexity highlights the need for specialised VAT return services tailored specifically for retailers in London.

What Are Specialised VAT Return Services?

Specialised VAT return services refer to professional offerings that go beyond generic accounting support. These services focus specifically on VAT compliance, ensuring that every aspect of a retailer’s VAT obligations is handled expertly. Key features of these services include:

Accurate VAT calculations tailored to retail sales

Detailed VAT return preparation and submission

Advice on VAT registration thresholds and schemes

Handling VAT on discounts, returns, and special promotions

Support with HMRC’s Making Tax Digital (MTD) requirements

Efficient record keeping and audit support

For retailers in London, these services mean peace of mind and more time to focus on running their business.

Why Choose Specialised VAT Return Services for Retailers in London?

1. Expertise in Retail VAT Nuances

VAT rules can vary widely depending on the type of goods sold, customer categories, and transaction types. Retailers often deal with complex VAT issues such as:

Different VAT rates for different products (standard, reduced, zero-rated)

VAT on promotional items and gift vouchers

Handling VAT on online and international sales

Seasonal sales and returns affecting VAT calculations

A service specialising in VAT for retailers understands these nuances and tailors their approach accordingly, minimising errors and compliance risks.

2. Compliance with UK and London-Specific Regulations

London retailers must comply with both UK-wide VAT regulations and local trading laws. Specialised VAT return services stay updated on the latest changes in VAT legislation and help retailers remain compliant without disruption. Whether it’s adapting to new HMRC guidelines or ensuring accurate digital submissions via MTD, these experts keep retailers ahead of regulatory demands.

3. Efficient Process Saves Time and Resources

Manually handling VAT returns is labor-intensive and prone to mistakes. By outsourcing VAT returns to specialised professionals, retailers save valuable time and internal resources. Automated tools integrated by these services further streamline VAT calculations and reporting, leading to faster turnaround and fewer errors.

4. Avoiding Penalties and Audits

HMRC is stringent about VAT compliance, especially with the introduction of Making Tax Digital. Mistakes or late filings can trigger penalties or audits. Specialised VAT return services mitigate these risks by ensuring accurate, timely submissions. In case of HMRC inquiries, they provide robust audit support, making the process less stressful for retailers.

How VAT Return Services for Retailers in London Work

Specialised VAT return services typically follow a streamlined process to ensure efficiency and accuracy:

Step 1: Initial Assessment and Setup

The service provider reviews the retailer’s business model, sales volume, and VAT history to design a tailored VAT management plan. They also ensure the retailer is registered for VAT correctly and help set up digital accounting systems compatible with MTD.

Step 2: Data Collection and Reconciliation

Retail sales data, purchase invoices, and expense receipts are collected regularly. Using accounting software or cloud-based platforms, the VAT return service reconciles data to identify taxable sales and allowable input VAT.

Step 3: VAT Return Preparation

The service calculates the VAT payable or reclaimable, taking into account various factors like discounts, returns, and multiple VAT rates. Detailed VAT returns are prepared in line with HMRC requirements.

Step 4: Review and Submission

Before submission, the returns are reviewed for accuracy. Any anomalies are clarified with the retailer. Once approved, the returns are digitally submitted to HMRC on time.

Step 5: Ongoing Support and Advice

Beyond filing returns, specialised VAT services offer ongoing advice, keeping retailers informed about legislative changes, potential savings, and audit readiness.

Benefits of Outsourcing VAT Return Services for London Retailers

Accuracy: Minimises errors that could lead to penalties.

Time-Saving: Frees up retailer’s time to focus on business growth.

Cost-Efficiency: Reduces the need for in-house VAT specialists.

Peace of Mind: Professional handling of complex VAT matters.

Improved Cash Flow Management: Accurate VAT returns help avoid cash flow issues caused by incorrect payments or late filings.

Choosing the Right VAT Return Service Provider in London

When selecting a VAT return service for your retail business, consider these factors:

Experience in Retail Sector: Proven expertise in handling retail VAT issues.

Up-to-Date with Legislation: Providers who stay current with VAT laws and MTD requirements.

Technology-Driven: Use of cloud accounting software and digital tools for efficiency.

Transparent Pricing: Clear pricing models with no hidden fees.

Customer Support: Responsive service with dedicated support teams.

Conclusion: Stay Compliant and Efficient with Specialised VAT Return Services

For retailers in London, managing VAT returns effectively is not just a regulatory requirement—it’s a vital component of business success. Specialised VAT return services for retailers in London offer the expertise, technology, and support necessary to navigate the complex VAT landscape confidently. By partnering with professionals, retailers can ensure compliance, reduce administrative burdens, and focus on what they do best—delivering exceptional retail experiences in one of the world’s most competitive markets.

[accountants14]

How London Accountants Are Beneficial in 2025

The financial management of 2025 requires more than bookkeeping because it demands data-based intelligent choices which help you lead in economic changes. The service of professional London accountants adds rising value to every taxpayer as well as business owners along with self-employed individuals.

London accountants have evolved from number managers to become strategic advisers that lead clients through complex tax regulations and operation enhancement while enhancing their financial stability. The year 2025 requires professional accounting support from knowledgeable experts because of recent HMRC guidelines and the evolving digital tax requirements and strengthened compliance standards.

Hiring accountants in London for this year provides major value through their specialized knowledge of Making Tax Digital (MTD). Professional accountants guarantee your systems meet the digital requirements by making sure they operate with accuracy and efficiency in order to handle digital tax returns requirements. Through expert advice your accountants will guide you to implement suitable cloud accounting solutions while automating time-consuming procedures that can save you finance and decreases costly mistakes.

Small and medium businesses should work with London accountants to access customized financial planning together with cash flow forecasting and budgeting services which are vital during 2025 as inflation rises alongside operational costs while markets experience uncertainty. A professional accounting relationship lets you develop smart choices regarding business enlargement coupled with workforce acquisition and investment decisions.

Startups together with freelancers benefit most from London-based accountants who are familiar with local business conditions. Having a successful accountant forms a lasting partnership that supports your path forward by handling both tax structures and VAT management and payroll and expenses administration.

Professional accountants London who operates in London help businesses save both tax expenses and headaches with their personal tax services. The evaluation of your financial situation by an expert under new property tax and pension and capital gains regulations may produce substantial savings opportunities. Accountants assist clients with timely filings and penalty prevention and discovery of unrecognizable tax benefits.

In short, in 2025, London accountants are more than just helpful—they’re essential. Whether it’s embracing digital transformation, optimizing your tax position, or planning for future growth, their guidance is the key to staying financially healthy and future-ready.

Looking for expert financial support? Connect with top-rated London accountants and take control of your finances in 2025. You can check out the best of it. There are options to get the best out of it. 

[satsinternational-com]

Affordable bookkeeping services in UK

Why Satsinternational.com is the Top-Rated Bookkeeping Firm Across the USA, UK, and Australia

In today’s fast-paced, data-driven economy, maintaining accurate financial records isn’t just good business practice—it’s essential. Whether you're running a small start-up or managing a growing enterprise, efficient bookkeeping can make the difference between thriving or merely surviving. That’s where Satsinternational.com comes in—delivering expert, affordable, and reliable bookkeeping solutions across three of the world’s leading markets.

Recognized as a Top Rated bookkeeping firm in USA , Australia, and a provider of Professional and Affordable Bookkeeping Services in the UK, Sats International is reshaping how businesses manage their financials.

Why Bookkeeping Matters More Than Ever

Bookkeeping is no longer just about balancing ledgers—it’s about gaining insights, ensuring compliance, planning for growth, and building confidence with investors. With the rise of cloud-based platforms, tax compliance regulations, and financial reporting needs, the role of bookkeepers has evolved. Businesses need more than just number crunchers—they need strategic financial partners.

Satsinternational.com fills this gap perfectly, offering custom-tailored bookkeeping services to businesses around the globe.

Satsinternational.com: The Top Rated Bookkeeping Firm in the USA

When it comes to trust, accuracy, and professionalism, Satsinternational.com stands tall as a Top Rated bookkeeping firm in Australia . We understand the unique challenges faced by American businesses—from federal tax codes to industry-specific regulations.

Here’s why U.S. businesses love working with Sats International:

Compliance-First Approach: We ensure all transactions are recorded in alignment with GAAP and IRS guidelines.

Real-Time Insights: Through cloud bookkeeping solutions like QuickBooks and Xero, we offer 24/7 access to financial data.

Scalable Services: Whether you’re a startup in Silicon Valley or an established company in New York, our packages grow with you.

Dedicated Account Managers: Our U.S. clients benefit from a personal financial liaison who understands their market, challenges, and goals.

Leading the Market: Top Bookkeeping Services in Australia

Australian businesses are booming—and so are their accounting needs. Satsinternational.com is proud to be recognized among the Top bookkeeping services in Australia offering seamless and reliable support for local and international enterprises.

What sets us apart in Australia?

BAS & GST Expertise: We manage Business Activity Statements and Goods and Services Tax compliance with precision.

Australian Accounting Standards (AASB): Our team is well-versed in all local standards and updates.

Time-Zone Advantage: With a dedicated local team, we ensure same-day responses and timely reporting.

Industry Coverage: From construction and retail to tech and healthcare, we tailor services for various Australian industries.

No wonder businesses across Sydney, Melbourne, Brisbane, and Perth trust Satsinternational.com to handle their books with care and accuracy.

Professional Bookkeeping Services in the UK That You Can Rely On

Doing business in the UK comes with its own set of financial responsibilities—HMRC compliance, VAT management, and Making Tax Digital (MTD) requirements to name a few. That’s why our Professional bookkeeping services in UK are designed to offer peace of mind.

Our UK bookkeeping service highlights:

HMRC and VAT Compliant: From MTD for VAT to Self Assessment submissions, we handle all filings on your behalf.

CIS Reporting for Contractors: We assist with Construction Industry Scheme compliance and monthly returns.

Payroll & Pensions Support: Managing PAYE, NEST pensions, and employee records has never been easier.

Expertise in British Industries: Whether you operate in finance, retail, real estate, or manufacturing—we have a dedicated strategy for you.

Satsinternational.com isn’t just another bookkeeping agency; we’re your UK financial partner committed to transparency and growth.

Affordable Bookkeeping Services in the UK Without Compromising on Quality

While many firms promise affordability, very few deliver value without cutting corners. At Satsinternational.com, our Affordable bookkeeping services in UK prove that professional financial management doesn’t have to come at a high cost.

What makes our pricing structure unique?

Transparent Packages: No hidden fees or surprise charges—just clear, predictable billing.

Pay-As-You-Grow Plans: Only pay for what you need; scale up or down as your business evolves.

Outsourced Efficiency: Our offshore model allows us to reduce costs while maintaining world-class quality.

Flexible Communication: Whether you prefer email updates or real-time dashboards, we adapt to your working style.

By making high-quality bookkeeping accessible to SMEs and startups, we’re helping to democratize financial clarity in the UK.

Why Global Businesses Choose Satsinternational.com

Here’s why businesses in the USA, Australia, and the UK consistently rank us among the top-rated bookkeeping firms:

Global Experience, Local Understanding: Our team operates across borders but is trained in local compliance and tax systems.

Custom Technology Stack: We integrate with all major accounting platforms including QuickBooks, Xero, MYOB, Sage, and Zoho Books.

Certified Experts: From CPAs in the USA to CAs in Australia and ACCA-qualified professionals in the UK—your books are always in safe hands.

Confidentiality and Security: Our robust data protection protocols ensure that your sensitive information is always protected.

Personalized Attention: Big-firm capability with boutique-level service—your business isn’t just a number.

Industries We Serve

From startups to established corporations, we work with a wide range of sectors including:

E-commerce

Real estate

Healthcare

IT and Software

Construction

Professional services

Each industry requires a unique approach to bookkeeping, and we make it our mission to provide specialized strategies for every client.

[carenetsolutions]

Making Tax Digital for Income Tax Self Assessment

As the UK Government continues to move towards a more digitalised tax system, the Making Tax Digital (MTD) initiative has become essential for individuals and businesses alike, especially for those managing Income Tax Self Assessment (ITSA). MTD for ITSA represents a major step in transforming the UK's tax processes, aiming to simplify tax submissions, reduce errors, and ensure accurate reporting.

What is Making Tax Digital (MTD) for Income Tax Self Assessment?

Making Tax Digital is a government-led programme to modernise the tax system, transitioning from paper-based filings to a fully digital process. Introduced by HM Revenue and Customs (HMRC), the goal of MTD is to reduce human error, ensure transparency, and make it easier for taxpayers to keep on top of their obligations.

MTD for Income Tax Self Assessment specifically targets taxpayers who fall under the self-assessment system and meet certain income thresholds. This includes:

Self-employed individuals

Landlords

Partners in partnerships

Under MTD, taxpayers must use compatible software to maintain digital records and submit tax information to HMRC on a quarterly basis. This new approach provides both taxpayers and HMRC with a more frequent and accurate view of tax positions, reducing the risk of mistakes and streamlining the overall process.

Who Needs to Comply with MTD for Income Tax Self Assessment?

Not all self-assessment taxpayers are required to adhere to MTD guidelines. As of the current regulations, MTD for ITSA applies to:

Self-employed individuals and landlords with a gross income of £10,000 or more from self-employment or property income.

Partnerships that fall under the specified income threshold, with plans to include additional categories in the future.

These requirements are part of a phased rollout, meaning some taxpayers may be eligible for deferral, or exemptions if they fall under specific circumstances, such as age or religious grounds.

Note: The threshold amount and the eligibility rules are subject to change, so it’s crucial to keep updated on HMRC’s latest announcements.

What Are the Key Requirements Under MTD for ITSA?

To comply with MTD for Income Tax Self Assessment, eligible taxpayers must adhere to the following guidelines:

1. Digital Record-Keeping

One of the fundamental aspects of MTD is the requirement to maintain digital records. This involves using MTD-compatible software to record business income and expenses accurately. It replaces the traditional paper-based approach, requiring taxpayers to enter data electronically, ensuring consistency and reliability.

2. Quarterly Reporting

Instead of an annual tax return, MTD for ITSA requires taxpayers to submit quarterly updates to HMRC. This is designed to offer a more up-to-date view of your tax obligations, with quarterly submissions due as follows:

Quarter 1: 5 April to 5 July

Quarter 2: 6 July to 5 October

Quarter 3: 6 October to 5 January

Quarter 4: 6 January to 5 April

The quarterly updates include a summary of income and expenses, giving a snapshot of how much tax may be owed throughout the tax year. After the final quarterly report, taxpayers submit an End of Period Statement (EOPS) to finalise income and expenses.

3. End of Period Statement (EOPS)

The End of Period Statement is a critical part of the MTD process, enabling taxpayers to review and correct any inaccuracies in their digital records. After the quarterly updates, taxpayers file an EOPS for each source of income by 31 January following the tax year-end, ensuring that income and expenses are accurately reflected.

4. Final Declaration

The final step in the MTD for ITSA process is the Final Declaration. This submission replaces the traditional self-assessment tax return, summarising all earnings and taxes for the year. The Final Declaration is also due by 31 January following the end of the tax year.

Benefits of Making Tax Digital for Income Tax Self Assessment

While adapting to MTD may seem challenging, the transition offers significant benefits:

Reduced Errors and Improved Accuracy: Using digital software minimises human errors and ensures accuracy in reporting.

Better Financial Planning: With quarterly updates, taxpayers have a clearer view of their tax liabilities, facilitating better budgeting.

Streamlined Process: Digital record-keeping and automated submissions simplify the tax process, reducing the time and resources needed to stay compliant.

MTD for ITSA: Key Dates and Deadlines

Staying aware of the key dates associated with MTD for ITSA is essential:

Quarterly Reporting: Each quarter has a submission deadline within one month of the quarter’s end.

End of Period Statement (EOPS): Due by 31 January following the end of the tax year.

Final Declaration: Also due by 31 January after the tax year-end.

Failure to comply with these deadlines may result in penalties, so make use of software features or other tools to keep reminders for each milestone.

Final Thoughts on Making Tax Digital for ITSA

Making Tax Digital for Income Tax Self Assessment represents a significant change for the UK’s tax system, making it more efficient, transparent, and user-friendly. By embracing digital record-keeping, timely reporting, and MTD-compatible software, taxpayers can simplify the process, reduce errors, and maintain better control over their tax obligations. Taking proactive steps to transition to MTD for ITSA now can save time and avoid issues in the long run. Payroll Outsourcing

[outbook01-blog]

Gearing up your VAT clients for Making Tax Digital (MTD) in time for the April 2019 deadline?

Despite the April 1st 2019 deadline for Making Tax Digital (MTD), companies are struggling to prepare for the huge leap to digitization of tax processes. Findings from a survey conducted by the Associations of Accounting Technicians (AAT) concluded that 63% of the surveyed accountants remarked that their clients affected by the new scheme will not be fully equipped by the beginning of April. The VAT element is particularly daunting as business heads may face fines if they don’t make the transition by then.  

MTD is loaded with a number of significant challenges and hence piling workloads can be expected. Accountants will have to support their clients in shifting their accounts online and assist with quarterly planning along with managing their bookkeeping services, taking care of their self-assessment corporation tax return outsourcing and accounts outsourcing. Overall speaking, it is a mammoth task that lies ahead of them and they need all the help they can receive.

Here are a few guidelines to keep your clients up to speed on the new system:

Set up an agent services account: As an agent services account is specially meant to act on behalf of the company with respect to all MTD activities, it can be used for all HMRC services going ahead. Accountants should be careful while setting up this account for their clients as the account might have already been set up in order for them to access the Trust Registration services. Larger practices should set up their ASA’s centrally. Accountants and accounts outsourcing companies must ensure before client registration that they have MTD compliant software, pending VAT returns have been submitted, client’s data is up to date and sign up is done two weeks before the VAT due date

2.

Figure out the clients who will be impacted by MTD for VAT: Accountants should make a list of clients who they have to migrate to digital bookkeeping. It has been made mandatory that those with VAT revenues around 85,000 pounds have to shift their records to a digital database. It will help them understand which clients are impacted, how many are compliant and which of them require an MTD compliant solution

3.

Communicate the changes to clients: Communication is key in getting clients up to speed on MTD. They should be updated on all the relevant changes and the different processes should be explained to them in detail. Informing clients as soon as possible is vital so that accountants don’t lose their customers to their competition in midst of this transition

4.

Find compatible software: The selection of MTD compatible software depends on the current level of the client’s technology maturity and business model. Cloud accounting software is helpful in this regard as a lot of companies have already started using cloud accounting software where data is stored on an external server and can be accessed real-time. However, the software should be MTD compliant and HMRC approved.

Considering the huge effort that is required to meet the peak demands, now it is time for accountants and accounting outsourcing companies to focus on how they can acquire people and resources to face the challenges ahead.

[rafi1228]

How to sign up for Making Tax Digital

How to sign up for Making Tax Digital

The wave of new guidelines concerning Making Tax Digital (MTD) start to come into force in the UK today as the first deadline is due to shut.

Businesses that make payments via direct debit must register with HMRC by today (Friday 27th July) or risk possible punishment.

HMRC is urging all companies with an annual turnover above £85,000 to sign up to Making Tax Digital before the August 7th VAT…