If your qualifying income from self-employment and/or property is over £50,000, and you’re already within MTD, you need to submit your second quarterly update to HMRC by Saturday 7 November.
If you’ve not yet submitted yours, there’s still time to get organised. Coconut explain how.
What do you need to do?
Your second quarterly update covers the period 6 July to 5 October 2026 and requires you to:
- Check your business income and allowable expenses are up to date.
- Make sure your records are stored digitally.
- Submit your quarterly update using HMRC-recognised software.
This could include income from painting and decorating jobs, alongside business expenses such as paint and materials, tools, equipment, fuel and other allowable running costs.
Don’t panic – a quarterly update isn’t a tax return, and you don’t need to calculate or pay any tax when submitting it. It’s simply a summary of your income and expenses.
Haven’t signed up to MTD yet?
If your qualifying income is over £50,000, you should already be within the MTD requirements. HMRC has started automatically signing up some taxpayers, but this is happening gradually, so don’t assume you’re registered.
Need a hand with MTD?
That’s where Coconut can help.
Designed for sole traders, tradespeople and small businesses, Coconut brings your income, expenses and tax records together in one place, helping you stay organised and meet your MTD requirements.
With Coconut, you can:
- Record your income from jobs and customers.
- Track materials, tools, fuel and other business expenses.
- Keep digital records ready for HMRC reporting.
- Submit your quarterly updates directly to HMRC.
- Keep track of your finances throughout the year.
PDA members receive 25% off all Coconut plans, making it easier to get started with MTD.
If you can’t see the discount codes below, please login to the PDA website and refresh this page.
Get started today with our free trial.
Don’t leave it until the last minute – get your records in order and make MTD a little easier with Coconut.