HMRC is reminding sole traders and landlords who are already using Making Tax Digital (MTD) for Income Tax about the upcoming second quarterly reporting deadline. The update must be submitted by 7 November 2026. This requirement applies to taxpayers whose combined qualifying income from self-employment and property exceeds \u00a350,000. It is the next stage of the digital reporting system, which became mandatory for this group on 6 April 2026.<\/p>\n\n\n\n
The second quarterly update covers income and expenses from the beginning of the tax year up to 5 October 2026. The information must be submitted to HMRC using compatible software. It is important to understand that a quarterly update is not a full tax return. It provides summary figures for income and expenses but does not involve a final tax calculation or a tax payment at the time of submission.<\/p>\n\n\n\n
HMRC has also clarified that a quarterly update must still be submitted even if no income was received or expenses were incurred during the reporting period. If you discover an error in your records after submitting the first update, you do not need to resend the previous report. Simply correct your digital records, and the changes will be reflected in your next submission. In addition, no late submission penalty points will be applied to quarterly updates during the 2026\/27 tax year, although the reporting requirement remains in place.<\/p>\n\n\n\n
To avoid issues with the new system, it is important to review your income and expense records in advance, make sure your digital information is accurate and prepare your update before the deadline. Capital Accountants can help you understand Making Tax Digital requirements, organise your accounting records and prepare the necessary information for timely quarterly submissions.<\/p>\n","protected":false},"excerpt":{"rendered":"
HMRC is reminding sole traders and landlords who are already using Making Tax Digital (MTD) for Income Tax about the upcoming second quarterly reporting deadline. The update must be submitted by 7 November 2026. This requirement applies to taxpayers whose combined qualifying income from self-employment and property exceeds \u00a350,000. It is the next stage of…
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