From the Quidtrail team · quidtrail.co.uk · Based on GOV.UK guidance checked 18 October 2026 · General information, not tax advice
☐ I'm using compatible software for this income source, or bridging software linked to my spreadsheet[1].
☐ Every transaction for the period is recorded digitally, with the amount, the date and the category[2].
☐ Categories match the Self Assessment categories. If turnover for that business is under £90,000, I can use simpler categorisation, for example income or expense for a sole trader[2].
☐ Residential landlords: finance costs (such as mortgage interest) are recorded so they can be identified[2].
☐ Each business has its own records: each sole-trade business separately, all UK property as one business, and foreign property as another. Foreign property needs records for each property[2].
☐ Joint lets: I've recorded only my share. I've decided whether to include income and expenses, or income only, in my quarterly updates. If I leave expenses out, I add them by resending my fourth update before submitting my tax return[3].
☐ Spreadsheet users: my spreadsheet and bridging software are digitally linked. Nothing has been retyped or copied and pasted after being sent to HMRC[2].
☐ Bank feed users: I've checked that nothing is missing or miscategorised[2].
☐ Mistakes from earlier quarters are corrected in my records, so they go into this update[2].
☐ Supporting documents (receipts, invoices, statements) are kept. Records are kept for at least 5 years after the 31 January deadline[2].
☐ One update for each income source, sent from my software[3].
☐ Sent by the deadline (see table). Updates are cumulative: each one covers from the start of the tax year to the end of the update period[3].
☐ Confirmation saved (screenshot or reference from the software).
| Standard update period | Deadline |
|---|---|
| 6 April to 5 July | 7 August |
| 6 April to 5 October | 7 November |
| 6 April to 5 January | 7 February |
| 6 April to 5 April | 7 May (following tax year) |
| Tax return and payment | 31 January after the tax year |
Source: see note [3]. HMRC says to use calendar update periods "if your accounting period is from 1 April to 31 March". The deadlines are the same, and you select this in your software before your first update. See our deadlines page.
Penalties: there are no penalties for missing a quarterly update deadline in 2026 to 2027, but you still have to send every update before you can submit your tax return. From 2027 to 2028, each missed deadline earns a penalty point. At 4 points there's a £200 penalty, and another £200 for each further missed deadline[4].
| Income source | Q1 (7 Aug) | Q2 (7 Nov) | Q3 (7 Feb) | Q4 (7 May) | Tax return (31 Jan) |
|---|---|---|---|---|---|
| Self-employment: ________ | ☐ | ☐ | ☐ | ☐ | ☐ |
| UK property | ☐ | ☐ | ☐ | ☐ | ☐ |
| Foreign property | ☐ | ☐ | ☐ | ☐ | ☐ |
☐ Resend the fourth update if I need to correct records or add joint-let expenses[3].
☐ Make year-end tax adjustments, such as allowances and reliefs, in my software.
☐ Add my other income (for example savings, dividends, employment, pensions) if it's not already in the software.
☐ Submit my tax return through compatible software by 31 January, and pay any tax due[5].
This checklist is a summary of HMRC guidance, not tax advice. Rules can change, so check GOV.UK or ask an accountant. Last checked 18 October 2026.