Quarterly Updates
The heartbeat of MTD. Instead of one annual rush, you will send summary totals of your business income and expenses to HMRC every three months.Direct Answer
A quarterly update is a digital summary of your business income and expenses sent to HMRC through software like Taxd. You must submit an update for each of the four MTD quarters to fulfil your obligations.
The Four MTD Quarters
- Q1: 6 April – 5 July, deadline 5 August
- Q2: 6 July – 5 October, deadline 5 November
- Q3: 6 October – 5 January, deadline 5 February
- Q4: 6 January – 5 April, deadline 5 May
The Rules
- If you have self-employment or property income, you must submit quarterly updates by each deadline to avoid late submission penalty points.
- Updates contain summary totals of your income and expenses for that quarter — not individual transactions.
The Penalty Points System
HMRC's new points-based system works like driving licence points. Miss a deadline and you receive 1 penalty point. Accumulate 4 points and you face a £200 fixed penalty. Points reset after a sustained period of compliance. Taxd's deadline reminders ensure you never accumulate a single point.
How Taxd Makes Quarterly Updates Effortless
- Auto-Prepared Summaries: Keptd pulls your live bank data and automatically prepares your quarterly summary — no manual calculations needed.
- One-Click Submission: Submit directly to HMRC and receive instant confirmation, all within the Taxd platform.
- Deadline Reminders: We prompt you in-app and by email before each deadline so you are never caught out by HMRC's penalty system.
Ready to make quarterly updates a five-minute task? Start with Taxd today.