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Quarterly Updates
Four times a year you send HMRC a summary of business income and expenses. These updates inform HMRC during the year — they are not your final tax calculation.
- Updates follow your chosen accounting period quarters
- Figures should reconcile to bank and records
- Errors can often be corrected in a later update
What it is
Quarterly updates send HMRC a summary of your business income and expenses for each quarter of your accounting period. They help HMRC keep your tax position up to date during the year.
Software may show cumulative or period figures depending on HMRC rules for MTD ITSA. Review each update before submitting. Keep notes if figures change significantly from earlier quarters.
Who it applies to
All businesses and landlords within MTD for Income Tax must submit them on schedule unless HMRC confirms otherwise.
What you need to do
- Complete each update in your software before the deadline.
- Review figures against bank statements and records.
- Correct errors in a later update if you find mistakes.
Key points
- Updates use cumulative or period figures depending on HMRC guidance for your software.
- You still file a final declaration after the tax year ends.
Common mistakes to avoid
- Submitting guessed figures without reconciling the bank
- Thinking quarterly submission replaces the final declaration
- Forgetting property or second trade income in one update
How SelfSubmit helps
SelfSubmit monthly records roll up into clear totals ready for your quarterly HMRC update when live filing is enabled.