Getting Ready for Your First Quarterly Update: A Calm Checklist

If the words "quarterly update" make your stomach tighten a little, take a breath. You're not alone, and the good news is this: your first Making Tax Digital update is far more manageable than it sounds.

Making Tax Digital for Income Tax (MTD for Income Tax) is the new way HMRC wants landlords and the self-employed to keep records and report. Instead of one big annual Self Assessment, you'll keep digital records, send four quarterly updates across the tax year, and finish with one final declaration.

This article is about getting calmly ready for that very first quarterly update — so when the time comes, it's a five-minute job rather than a weekend of stress.

First, a quick reminder of when this affects you

MTD for Income Tax is being phased in based on your qualifying income — that's your gross rental and self-employment income before you take off any expenses. The dates are:

Over £50,000: from 6 April 2026
Over £30,000: from 6 April 2027
Over £20,000: from 6 April 2028

If your qualifying income is under £20,000, you're not required to join yet. So before you do anything else, check which group you're in. There's no point preparing for a deadline that doesn't apply to you.

What a quarterly update actually is

Let's clear up the biggest worry first. A quarterly update is not a tax bill, and it's not a final figure you'll be held to. It's simply a summary of your income and expenses for the year so far, sent to HMRC.

From 2025-26 onwards, the updates are cumulative — meaning each one shows your year-to-date totals, not just that quarter on its own. So if you make a small mistake early on, you naturally tidy it up in the next update. It's forgiving by design.

The standard quarters end on 5 July, 5 October, 5 January and 5 April. The deadlines to send each update are:

7 August (for the period ending 5 July)
7 November (for the period ending 5 October)
7 February (for the period ending 5 January)
7 May (for the period ending 5 April)

Then, after the tax year ends, you submit one final declaration by 31 January — the same date you'll remember from Self Assessment.

Your calm, step-by-step checklist

Here's how to get ready well before your first deadline arrives.

Confirm your start date. Check your qualifying income against the thresholds above so you know exactly which tax year you're joining.
Choose your record-keeping method. MTD requires digital records, so a shoebox of receipts won't do. You'll need software that keeps your records and files to HMRC. (More on that shortly.)
Separate your property finances. A dedicated bank account for your rental income and outgoings makes everything cleaner. It's not compulsory, but it saves a surprising amount of head-scratching later.
Gather your income records. Note the rent received and any other property income. Keep it simple — record money as it comes in.
Get your expenses in order. Think mortgage interest details, repairs, letting agent fees, insurance, and so on. Keeping these tidy as you go is far easier than hunting for them in August.
Set a gentle reminder. Pop the four deadlines in your calendar now. A nudge a week or two beforehand means no last-minute scramble.
Do a practice run. Once your software is set up, enter a month or two of figures early. Seeing how it works before the real deadline turns nerves into confidence.

Do you need an accountant for this?

Honestly? Many landlords with one property or a small portfolio won't. If your affairs are straightforward — rent in, ordinary expenses out — keeping digital records and sending a year-to-date summary four times a year is well within reach.

An accountant can be genuinely helpful if your situation is more complex, or if you simply prefer the reassurance. But don't assume MTD automatically means hiring one. The whole point of good software is to make this something you can do yourself, calmly, in minutes.

Where Quarterwise fits in

This is exactly what we built Quarterwise for. It's light bookkeeping software for UK landlords that keeps your digital records, files your quarterly updates, and handles the final declaration to HMRC — without the jargon or the spreadsheets.

You don't need to be a numbers person. You just need somewhere tidy to record what comes in and goes out, and a tool that does the filing for you when the time comes.

So take that first step today: confirm your date, get your records flowing, and let the deadlines become routine rather than dread.

This article is general information, not tax advice. Please check with HMRC or a qualified accountant about your own circumstances.