Centurysage Offers Tips for MTD Quarterly Tax Updates

Centurysage has published a comprehensive guide offering 10 tips and tricks designed to streamline the Making Tax Digital (MTD) for Income Tax quarterly update process for businesses, particularly sole traders and landlords. The initial submission deadline for this update was August 7, 2026.

The publication highlights that the MTD system contains numerous lesser-known features and shortcuts that can simplify tax filings. These tips aim to help business owners save time and reduce stress. A key piece of advice is that quarterly updates can be filed up to 10 days before the end of the relevant period, provided that no further transactions are anticipated.

The guide also clarifies that digital records do not need to be maintained in real-time, offering flexibility in how bookkeeping is managed. Further advice covers the availability of free MTD software, the absence of penalties for late filing during the first year, and the ability to amend figures after submission. For smaller businesses with turnover under £90,000, it is noted that providing only two totals may suffice.

Centurysage also points out that businesses can select quarterly periods that best suit their needs, and each income source requires its own update. Joint landlords are advised on deferring expense claims to year-end. Each quarterly submission also provides a free tax estimate.

Centurysage emphasizes that while there are no penalties for late submissions in the inaugural year, updates must still be completed on time to finalize the annual accounts. The company also promotes its free Sage Sole Trader software, specifically designed for non-VAT registered sole traders and MTD compliance.