23/07/2026
From our friends at Free Agent;
🤗 Over 1,000 FreeAgent customers joined our webinar on MTD for Income Tax quarterly updates - it’s a hot topic as the 7th August deadline draws near 🔥
And with a bumper crop of over 550 questions we had a lot to talk about! 📣 Here are a few nuggets...
⌛ You won’t get a penalty if you’re late in filing and miss the 7th August quarterly update deadline, or the next three quarterly update deadlines, but that only applies this year, 2026/27 - next year you’ll be hit with penalty points and could face a fine if you miss filing deadlines.
🚀 You need a separate FreeAgent account to file a separate quarterly update for each income stream that you have - so if you rent out property and are also self-employed, you’ll need two FreeAgent accounts, or if you have more than one sole trade, you’ll need a separate FreeAgent account for each of your trades. (This keeps your income and costs for each income stream separate and means you can meet your filing obligations by reporting the right income streams in the right places.)
❗ Quarterly updates only include business / rental income and day-to-day running costs - keep pension income, salary from a job, tax relief on pension contributions you pay, capital gains, and charitable donations for your final declaration at the end of the year.
💰 If your bank account is linked to FreeAgent you can easily just check and explain each transaction and FreeAgent will take those explained transactions to populate your quarterly updates with income and costs.
🔎 You don’t need to use an accountant or bookkeeper to do quarterly updates on FreeAgent, but if you have one they can connect to your account to help with MTD for Income Tax filing.
✅ If you make a mistake on a quarterly update, just correct it on FreeAgent when you find it, and when you submit your next quarterly update to HMRC it will automatically correct the error.
If you missed the webinar, don’t worry - you can catch up now. It’s definitely worth 30 minutes of your day 🙂
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Take the stress out of filing your first Making Tax Digital (MTD) for Income Tax quarterly update, as FreeAgent’s Chief Accountant Emily Coltman FCA shows exactly what you need to do - and how to do it.
