What’s On the Cheat Sheet?
From 6 April 2026, sole traders and landlords earning over £50,000 must keep digital records and send quarterly updates to HMRC. Around 864,000 people are in scope in year one — and the first deadline is 7 August 2026. This one-page PDF gives you everything you need at a glance.
| Update period (standard) | Covers | Deadline |
|---|---|---|
| Quarter 1 | 6 Apr – 5 Jul 2026 | 7 August 2026 |
| Quarter 2 | 6 Apr – 5 Oct 2026 | 7 November 2026 |
| Quarter 3 | 6 Apr – 5 Jan 2027 | 7 February 2027 |
| Quarter 4 (full year) | 6 Apr 2026 – 5 Apr 2027 | 7 May 2027 |
Using calendar quarters (1 April – 31 March)? The deadlines are identical. Updates are cumulative — each one covers the tax year to date, so earlier corrections are picked up automatically.
Who Must Comply — and When
- From April 2026 — combined gross self-employment + property income over £50,000 (based on your 2024/25 return).
- From April 2027 — threshold drops to £30,000.
- From April 2028 — threshold drops to £20,000.
- Not sure if you’re in scope? Use our free MTD Readiness Checker.
Penalties: The First-Year Grace Period
For 2026/27 only, HMRC will not issue penalty points for late quarterly updates. But two things still bite: you cannot file your final tax return until all four updates are in, and a late final tax return does still earn penalty points. From 2027/28, every late quarterly update earns a point — and 4 points triggers a £200 penalty.
Frequently Asked Questions
Sources
- Deadlines and update rules from GOV.UK — Send quarterly updates (checked July 2026)
- Penalty rules from GOV.UK — Penalties for MTD for Income Tax