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MTD Quarterly Update Checklist for Landlords

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A quarterly update sends HMRC your property income and expense totals for the tax year so far. This checklist covers what to do in the weeks before each deadline, so the numbers you send match your records.

Standard update periods end on 5 July, 5 October, 5 January and 5 April, with deadlines of 7 August, 7 November, 7 February and 7 May. Calendar periods end on 30 June, 30 September, 31 December and 31 March, with the same deadlines. You send the update from MTD-compatible software. VoxaMTD can import a CSV or Excel file.

When to use it

A quarter has just ended and you want a routine to follow before you send.
You are preparing your first update and want to know what to gather.
You use a letting agent and need to reconcile their statements with your own totals.
You want a printed list to tick off each time.

How to use it

Print this page or keep it open beside your software.
Work through each section in order, starting a week or two before the deadline.
Tick each item as you finish it.
Write the period and the date you sent the update at the top of your printout.
File the printout with your bank statements for that tax year.

Print this page or save it as a PDF from your browser's print menu.

Before the period ends

Confirm whether you use standard periods (6 April to 5 April) or calendar periods (1 April to 31 March).
Write down the next deadline: 7 August, 7 November, 7 February or 7 May.
Check that your MTD software is still linked to your HMRC account.
Download bank statements and letting agent statements from 6 April to the end of the period.
For a jointly let property, check that you are recording only your share.

Record income

Enter every rent payment on the date you received it, including part payments and late payments.
Add any other income from property, such as a lease premium or a reverse premium, under its own category.
If an agent collects rent, record the gross rent and their fees as separate lines.
Match your rent total to your bank deposits and chase anything that does not match.

Record expenses

Put each cost under one HMRC category, for example repairs and maintenance or legal, management and other professional fees.
Record mortgage interest and other finance costs under the residential property finance costs category.
Separate repairs from improvements. Capital spending, such as renovation beyond repairs, is not an allowable expense.
Check the transactions your bank feed has categorised and fix any that are wrong.
Add costs paid in cash or from another account that the feed missed.

Check the totals

Remember that each update is cumulative: it covers 6 April to the end of the period, not just the last three months.
Compare each category total with your last update. The difference should match this period's activity.
Correct any errors in your records. Corrections are picked up in your next update.
If you had no income or costs, you still need to send an update.

Send and keep

Send the update from your MTD software before the deadline.
Save the confirmation that your software shows.
Keep your digital records, bank statements and invoices for at least 5 years after the 31 January submission deadline for the tax year.
Put the next deadline in your diary.

Questions

What if I had no income or expenses this quarter?

You still send an update. GOV.UK says updates are sent every 3 months even if you had no income or expenses in the period. Because updates are cumulative, the totals will simply repeat the earlier figures.

Does a quarterly update show only the latest three months?

No. Each update runs from the start of the tax year on 6 April to the end of the update period, so it shows year to date totals.

Can I switch from standard to calendar update periods later?

You choose calendar periods before your first quarterly update and cannot change them afterwards. Check the current rules on GOV.UK before you choose.

Sources

General information, not tax or legal advice. Rules differ between England, Wales, Scotland and Northern Ireland.