Glossary

Quarterly update

Krishna Prasad Dahal, Chartered Accountant

Reviewed by Krishna Prasad Dahal FCCA, ACA (ICAEW), FCA (ICAI India)ICAEW Council Member · Last reviewed

Definition

A quarterly update is a summary of business or property income and expenses that someone within MTD for Income Tax sends to HMRC through compatible software every three months. Updates are due by 7 August, 7 November, 7 February and 7 May. A quarterly update is not a tax return: the tax year is still finalised in a return submitted by 31 January after the year ends.

Standard update periods

Update period Deadline
6 April to 5 July 7 August
6 April to 5 October 7 November
6 April to 5 January 7 February
6 April to 5 April 7 May

Each update runs from the start of the tax year, so a mistake can be corrected in the next update without resending earlier ones. You can opt for calendar quarters instead. A separate update is needed for each self-employment and property business.

Penalties

There are no penalties for missing a quarterly update deadline in the 2026/27 tax year. After that, each missed deadline earns a penalty point, and reaching 4 points brings a £200 penalty, with a further £200 for each later missed deadline.

More detail is in MTD quarterly updates explained, and SmartFiling’s MTD for Income Tax service covers the regime.

Related questions

  • Does Making Tax Digital for Income Tax apply to me? From 6 April 2026 if your qualifying income was over £50,000 in 2024/25, with the threshold falling to £30,000 and then £20,000.
  • Do I pay tax with each quarterly update? No. Updates are information only; tax is paid on the usual Self Assessment dates.

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