Who this page is for
Sole traders in scope for MTD for Income Tax.
Landlords required to send quarterly property income updates.
Clients who want VMK to review the numbers before they go to HMRC.
Clients who prefer to keep their own bookkeeping but need quarterly oversight.
Business owners worried about missing deadlines or making mistakes.
Clients moving from annual Self Assessment to quarterly reporting for the first time.
Key MTD rules explained simply
Standard quarterly periods
The default quarters run 6 April to 5 July, 6 July to 5 October, 6 October to 5 January and 6 January to 5 April.
Filing deadline
Each quarterly update is due by the 7th of the second month after the quarter ends.
Summary, not full accounts
Quarterly updates are summary totals of income and expenses by category, not a full set of year-end accounts.
Digital records required
Updates must be drawn from MTD-compatible software or a digitally linked spreadsheet, not entered manually into a portal.
Final declaration follows
After all quarterly updates and the year-end, a final declaration confirms reliefs, allowances and the true tax position.
Points-based penalties
Each missed update adds a penalty point. Reaching the threshold triggers a financial penalty plus separate late payment interest.
The VMK approach
Bookkeeping check
We review your bank, sales, expenses and receipts before any update is finalised.
Category review
Ensure income and expenses are mapped to HMRC categories so figures are accurate.
Quarterly submission
VMK submits each update through your MTD software directly to HMRC on time.
Forecasted tax position
After each quarter, you get a tax estimate so there are no nasty surprises.
Final declaration
We prepare and submit the year-end final declaration as part of the same service.
HMRC communication
We deal with HMRC queries on your quarterly submissions so you don't have to.
What goes into a quarterly update
Income totals
Gross sales, rental income or fees for the quarter, by category.
Expense totals
Allowable business or property expenses grouped by HMRC category.
Mileage and motor
Vehicle costs included where claimed against business or property income.
Cash and bank
Bank feeds reconciled so no income or expenses are missed.
Adjustments
Corrections to previous quarters can be made through future updates.
Records kept
Underlying digital records and receipts are retained, ready for any HMRC review.
What to avoid
Treating a quarterly update as a guess instead of a properly bookkept number.
Forgetting to include cash income or transactions from a personal account.
Missing the 7th of the second month deadline and earning penalty points.
Mis-categorising expenses, leading to inaccurate tax estimates.
Failing to reconcile bank feeds, so duplicates or omissions creep in.
Ignoring quarterly updates and assuming the year-end final declaration will fix everything.
Explore related MTD guides
Main MTD Hub
All-in-one MTD overview, timeline and FAQs.
MTD for Income Tax
Background rules and key thresholds.
MTD Bookkeeping Support
Accurate records that drive accurate updates.
MTD Software Setup
Choosing software that handles quarterly submissions.
HMRC Enquiry Accountant Harrow
Support if HMRC queries any of your updates.
