Tag Archive for: MTD Deadline

Your October Checklist for the 7th November MTD Deadline

,

The deadline for the 7th November MTD submission is approaching.

For sole traders and landlords who began Making Tax Digital for Income Tax in April 2026, this marks the second quarterly update of the first mandatory MTD year.

October is your last full month to ensure your bookkeeping is accurate, your digital records are complete, and your software is prepared.

Waiting until November to review everything leaves you little time to resolve missing transactions, unreconciled accounts, or software issues.

Use this October checklist to prepare now.

What is the 7th November MTD deadline?

The 7th November MTD deadline is the deadline for the second Making Tax Digital for Income Tax quarterly update of the 2026/27 tax year.

For businesses with standard update intervals, the second update encompasses records from 6 April to 5 October 2026.

For those using calendar-based periods, it covers 1 April to 30 September 2026. HMRC’s current system applies cumulative updates, meaning your second quarterly update includes totals from the start of the tax year through the end of the specified period, not just the last three months.

Your software calculates these totals from your digital records.

Therefore, October is the ideal time to verify the records supporting these figures.

Your October checklist for the 7th November MTD deadline

1. Check that your first quarterly update was submitted

Begin by reviewing your status as of the first MTD deadline on 7th August.

If you’ve already submitted your initial update, focus on preparing the next one.

If you missed the deadline, don’t assume you can skip ahead to November. HMRC mandates that all quarterly updates be submitted prior to filing your tax return.

Contact your bookkeeper now if you have any pending updates.

2. Make sure your digital records are up to date

Your MTD quarterly update is generated from your digital bookkeeping records.

October is a good time to verify that all entries are complete.

Look for:

  • Sales and other business income
  • Property income, where relevant
  • Business expenses
  • Property expenses
  • Customer invoices
  • Supplier invoices
  • Bank transactions
  • Payments received
  • Refunds or credits

HMRC recommends creating digital records as soon as possible after the transaction date.

If you’re regularly updating your books, this should mainly be a review rather than a catch-up effort.

3. Find any missing receipts and invoices

That receipt you planned to handle later? Later is now.

Make sure you have supporting documentation for the transactions recorded during this period.

Missing documentation can make it difficult to understand the purpose of a payment and whether it was recorded accurately.

Pay particular attention to:

  • Business purchases made personally
  • Online subscriptions
  • Fuel and travel costs
  • Supplier bills
  • One-off purchases
  • Refunds
  • Customer invoices

Identifying gaps early gives you more time to gather the necessary information.

4. Reconcile your bank accounts

Do your bookkeeping records align with your bank account transactions?

Bank reconciliation helps uncover:

  • Missing transactions
  • Duplicate entries
  • Unmatched customer payments
  • Incorrect amounts
  • Payments recorded against the wrong invoice
  • Transactions entered twice

Just because your bank feed imports transactions automatically doesn’t mean everything is accurate.

The software can import data, but you still must verify it.

5. Check your income has been recorded correctly

Review the income received by your business or property activity.

Ask yourself:

  • Have all sales been recorded?
  • Are customer payments matched to the correct invoices?
  • Have any transactions been duplicated?
  • Have refunds been recorded?
  • Is property income complete?
  • Are there payments sitting in your bank feed that have not been dealt with?

If your income records are incomplete, your quarterly totals may be incomplete too.

6. Review your expenses

Next, review the business’s outgoings.

Ensure expenses are recorded accurately and classified appropriately.

While automated bookkeeping tools may recommend categories based on past transactions, these suggestions can sometimes be incorrect.

For instance, two payments to the same supplier could pertain to entirely different purchases.

If you notice anything unusual, investigate and resolve it before finalising your update. HMRC advises that if you discover an error in your digital records during the year, you should correct it promptly.

7. Check each source of income

If you own multiple businesses or have income from self-employment and property, ensure you know what to report.

Under MTD, you are required to submit quarterly updates for each income source.

For example, you might have:

  • One self-employed business
  • A second self-employed activity
  • UK property income
  • Foreign property income

Do not assume a single update covers all sources.

Your bookkeeper can help you understand the proper way to maintain your records.

8. Check your MTD software is still connected

Do not delay addressing software issues until November 7th.

Your compatible software must be authorised and connected to HMRC before it can submit quarterly updates.

During October, check:

  • You can access the software
  • Your bank feeds are working
  • All records are syncing correctly
  • Your HMRC connection is active
  • You know how the quarterly update will be submitted

If you use a bookkeeper, confirm who will complete the submission.

9. Review anything unusual before the deadline

Not every quarter will have simple transactions.

Perhaps you:

  • Bought expensive equipment
  • Received a large refund
  • Changed bank accounts
  • Started receiving property income
  • Stopped a business activity
  • Received an unusual customer payment
  • Made transactions between business accounts

Don’t leave these issues unresolved.

If you don’t understand something, flag it to your bookkeeper for review while there’s still time.

10. Do not wait until 7th November to press submit

7th November is the deadline, not the submission day.

HMRC states that quarterly updates are typically due between the end of the relevant period and the deadline.

Once your records are complete and verified, there’s little benefit in delaying submission until the last minute.

Submitting early allows more time to resolve any technical issues that may arise.

What if you miss the 7 November MTD deadline?

During the 2026/27 tax year, HMRC will not assign penalty points for late quarterly updates.

However, that doesn’t mean the deadline is optional.

You still need to:

  • Maintain the required digital records
  • Send the quarterly update
  • Catch up on any outstanding updates
  • Complete all required quarterly updates before submitting your tax return

Starting from tax years after 2026/27, missing quarterly deadlines may lead to penalty points.

Accumulating four points could result in a £200 penalty, with extra £200 penalties for continued missed deadlines at the threshold.

The first year is crucial for setting up a reliable routine.

Do not make MTD a quarterly panic

A straightforward way to prepare for Making Tax Digital is to shift from treating bookkeeping as a quarterly task.

Updating your books monthly makes the work before each deadline far easier.

By October, your bookkeeping should mainly involve reviewing and finalising records, not recreating them from scratch.

Regular bookkeeping can help you:

  • Keep digital records current
  • Spot missing transactions sooner
  • Identify overdue invoices
  • Reconcile accounts regularly
  • Correct errors before deadlines
  • Reduce the amount of catching up required

The upcoming MTD deadline is always approaching.

Staying up to date with your records means you’re already getting ready for it.

Get ready for the 7th November MTD deadline with Rosemary Bookkeeping

If you see this checklist and notice your records need improvement, October is a great time to address it.

Your local Rosemary Bookkeeper can help you:

  • Bring overdue bookkeeping up to date
  • Maintain your digital records
  • Record income and expenses accurately
  • Reconcile your bank accounts
  • Check transactions for errors
  • Identify missing information
  • Keep your bookkeeping software organised
  • Prepare your records for the 7th November MTD deadline
  • Stay on top of future quarterly updates

The 7th November MTD deadline should not mean spending the first week of November trying to remember what happened months ago.

Use October to get your books checked, updated and ready.

Find your nearest Rosemary Bookkeeper today.

Making Tax Digital Quarterly Update Deadlines: Every Date You Need to Know

,

Making Tax Digital (MTD) for Income Tax is changing how sole traders and landlords report their income to HMRC. Instead of waiting until the end of the tax year to complete a Self Assessment tax return, those within scope must now keep digital records and submit quarterly updates using HMRC-compatible software.

With the first submission deadline fast approaching, understanding the key dates is essential. Missing a deadline or leaving your bookkeeping until the last minute can create unnecessary stress and make the transition to MTD much harder.

Here’s everything you need to know.

Who needs to follow Making Tax Digital?

Making Tax Digital for Income Tax is being introduced in phases.

From 6 April 2026, MTD applies to:

  • Sole traders with qualifying gross income over £50,000
  • Landlords with qualifying gross property income over £50,000
  • Individuals with combined self-employment and property income above £50,000

The rollout will continue:

  • 6 April 2027 – Income over £30,000
  • 6 April 2028 – Income over £20,000

If you are approaching these thresholds, preparing now will make the transition much easier.

The four Making Tax Digital quarterly update deadlines

One of the biggest changes under MTD is moving from one annual submission to four quarterly updates throughout the tax year.

The deadlines are:

7 August

Reporting period: 6 April to 5 July

This is the first quarterly submission and the first opportunity for many businesses to report under the new system.

7 November

Reporting period: 6 July to 5 October

Your second quarterly update continues to build your digital tax record for the year.

7 February

Reporting period: 6 October to 5 January

The third quarterly update covers the busy autumn and Christmas trading period for many businesses.

7 May

Reporting period: 6 January to 5 April

This completes the fourth quarterly update and finishes your reporting for the tax year.

Although these updates provide HMRC with information throughout the year, they are not your final tax return.

Don’t forget the final declaration

As well as your quarterly updates being submitted, you must still complete your Final Declaration.

31 January

This deadline allows you to:

  • Confirm your quarterly figures
  • Declare any additional income
  • Make final adjustments
  • Calculate your overall tax liability

For most businesses, this replaces the current Self Assessment process while bringing together all sources of taxable income.

Why these deadlines matter

Unlike the old system, Making Tax Digital spreads reporting across the entire year.

This means bookkeeping can no longer be something you only think about in January.

Keeping your records updated regularly helps you:

  • Avoid last-minute pressure
  • Reduce bookkeeping errors
  • Prepare accurate quarterly updates
  • Understand your tax position throughout the year
  • Stay compliant with HMRC requirements

Many businesses will find that maintaining their bookkeeping monthly makes quarterly submissions much simpler.

Is there a penalty if you miss a deadline?

HMRC has introduced a soft landing period for the first year of Making Tax Digital for Income Tax.

During the 2026/27 tax year, no penalty points will be issued for late quarterly updates.

However, you are still expected to submit your quarterly updates on time. The soft landing gives businesses the opportunity to become familiar with the new system before the points-based penalty regime is fully enforced.

Using this first year to build good bookkeeping habits will make future submissions much easier.

How Rosemary Bookkeeping can help

Making Tax Digital introduces more reporting throughout the year, but it does not have to become another burden.

Your local Rosemary Bookkeeper can help you:

  • Understand whether MTD applies to you
  • Register for Making Tax Digital
  • Set up HMRC-compatible software
  • Keep your digital records accurate
  • Prepare each quarterly update
  • Stay on top of every important deadline

Whether your first submission is just around the corner or you’re preparing for the £30,000 threshold in 2027, getting organised now will help you stay compliant and reduce stress.

Find your nearest Rosemary Bookkeeper today.

What Should You Do If You’re Behind on Your Bookkeeping Before the August MTD Deadline?

,

Behind on your bookkeeping? Now what?

If you’re reading this and your bookkeeping isn’t up to date, you’re probably wondering whether you’ve left it too late.

The good news?

Probably not.

The first MTD deadline is approaching, yet many business owners are in exactly the same position. They’ve been busy running their business, serving customers and dealing with day-to-day demands, while bookkeeping has quietly slipped down the priority list.

If that’s you, don’t panic.

Now is the time to take action.

What Usually Happens When Records Fall Behind?

Most bookkeeping doesn’t suddenly become six months out of date.

It happens gradually.

One missed week becomes two.

A pile of receipts builds up.

Bank transactions stop being reconciled.

Then, suddenly, a deadline approaches, and there’s no clear picture of where the business stands.

That’s when stress kicks in.

Why Catching Up Gets Harder

The longer bookkeeping is left, the harder it becomes.

You might struggle to remember what a payment was for.

Receipts may have been misplaced, and business expenses can easily be forgotten.

Transactions take longer to reconcile because they’re no longer fresh in your mind.

Instead of taking an hour, the job starts taking days.

It’s Not Just About The August Submission

The first quarterly update is only one part of Making Tax Digital.

Good bookkeeping is about building a routine that works every week, not just every three months.

When your records stay up to date:

  • Your quarterly updates become much quicker.
  • Your figures are more accurate.
  • You know how your business is performing.
  • Deadlines stop feeling overwhelming.

The August submission is simply the first opportunity to put those habits into practice.

Don’t Spend July Chasing Paperwork

Imagine spending the last week of July searching through emails for invoices, looking for missing receipts and trying to remember what happened in April.

Now imagine opening your bookkeeping software and seeing everything already organised.

That’s the difference regular bookkeeping makes.

It’s Easier To Ask For Help Now

Many business owners wait until they’re completely overwhelmed before asking for help.

The reality is it’s much easier, and often much cheaper, to get support before the deadline arrives.

A bookkeeper can help you:

  • Bring your records up to date.
  • Check everything is complete.
  • Identify missing information.
  • Make sure you’re using MTD-compatible software.
  • Prepare you for future quarterly updates.

You Haven’t Missed The Opportunity

One of the biggest misconceptions about MTD is that if you’re behind, you’ve failed.

You haven’t.

The 2026/27 tax year is designed to help businesses get used to quarterly reporting.

Use this period to build better habits, improve your bookkeeping routine and gain confidence in your records.

Rosemary Bookkeeping Can Help

Whether you’re completely up to date or weeks behind on your bookkeeping, we’ll meet you where you are.

We’ll help organise your records, prepare you for quarterly reporting and make sure your bookkeeping supports your business throughout the year.

Because the goal isn’t simply to meet one deadline.

It’s to make every deadline after that feel easier.

Find your nearest bookkeeper here, or call us on 0345 8620072

The August MTD Deadline: What You Need To Know

,

The First Major Making Tax Digital Deadline Is Approaching

Making Tax Digital (MTD) for Income Tax may have gone live in April 2026, but many sole traders and landlords are now focusing on the first major deadline.

For those affected by the new rules, the first quarterly update must be submitted to HMRC by 7 August 2026.

While HMRC has introduced a soft-landing period for the first year, this deadline remains an important milestone. It is the first real test of whether your bookkeeping records, software, and processes are ready for the new digital reporting requirements.

If you are unsure what the August deadline means for you, here is what you need to know.

Who Does The August Deadline Apply To?

The deadline applies to sole traders and landlords with a combined gross income exceeding £50,000 from self-employment and property income in the 2024/25 tax year.

If you fall into this category, you should already be:

  • Keeping digital records
  • Using HMRC-compatible software
  • Recording income and expenses digitally
  • Preparing quarterly updates for HMRC

The first quarterly reporting period runs from 6 April 2026 to 5 July 2026.

Your first update covering this period must be submitted by 7 August 2026.

What Information Needs To Be Submitted?

Your quarterly update is a summary of your business activity during the reporting period.

This includes:

  • Total income received
  • Total allowable expenses
  • Information taken directly from your digital records
  • Separate submissions for different income sources where required

The update must be submitted via compatible software. Information cannot simply be entered manually into HMRC.

If you have both self-employed and rental income, separate updates may be required.

Will You Be Fined If You Miss The August Deadline?

For the 2026/27 tax year, HMRC has introduced a soft landing period.

This means late quarterly updates will not receive penalty points during the first year of the scheme.

However, that does not mean the deadline should be ignored.

You are still legally required to:

  • Keep digital records
  • Submit quarterly updates
  • Maintain accurate information

The soft landing is designed to help businesses adjust to the new system, not to delay compliance altogether.

Why August Matters

The August deadline is about more than a single submission.

It marks the start of a completely different way of reporting tax information.

Many businesses have traditionally reviewed their records once or twice a year. Under MTD, record-keeping becomes a routine part of running the business.

The businesses that cope best with Making Tax Digital are not necessarily the largest or the most experienced.

They are the businesses that keep their records consistently up to date throughout the year.

Common Mistakes To Avoid

As the deadline approaches, avoid these common issues:

Leaving bookkeeping until July

Trying to organise three months of records at the last minute increases the risk of mistakes.

Using non-compatible software

Not all bookkeeping systems meet HMRC’s MTD requirements.

Missing transactions

Incomplete records can lead to inaccurate submissions.

Mixing personal and business spending

Clear separation makes bookkeeping easier and improves accuracy.

Assuming there is nothing to do because of the soft landing period

Compliance requirements still apply even though penalty points are not being issued for quarterly updates in the first year.

How Rosemary Bookkeeping Can Help

If you are feeling behind, you are not alone.

Many business owners are still adapting to Making Tax Digital and working out exactly what is required.

Your local Rosemary Bookkeeper can help you:

  • Get organised before the August deadline
  • Keep accurate digital records
  • Use MTD-compatible software
  • Stay compliant with HMRC requirements
  • Reduce the stress of quarterly reporting

The August deadline is approaching quickly.

The sooner you get your records in order, the easier your first MTD submission will be.

Need Help Before 7 August?

Making Tax Digital does not need to be overwhelming.

With the right support and the right systems, quarterly reporting can become part of your normal business routine.

Find your nearest bookkeeper here, or call us on 0345 8620072