Category 11
Quarterly Updates
Four updates per year summarise your income and expenses — they are not your final tax calculation.
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.
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.