Your First MTD Quarterly Update Is Due on 7 August: The London Sole Trader Checklist
- bes Accountancy Services
- Jul 5
- 5 min read
For many London sole traders, Making Tax Digital is becoming a practical deadline, not a future concern. If you are required to use MTD for Income Tax from 6 April 2026, your first quarterly update is due by 7 August 2026.
This means your bookkeeping, digital records, accounting software and expense categories need to be ready before the deadline. Waiting until the final week can lead to missing receipts, unclear transactions and unnecessary stress.
BES Accountancy helps sole traders and small businesses prepare properly. As a leading accounting company in London supporting clients across the UK, BES provides bookkeeping, Making Tax Digital, Xero, QuickBooks, Self Assessment and VAT support.
learn more about BES Accountancy on our About Us page
Want to dive deeper into accounting for businesses?
Read our related blog, where we provide a full guide to submitting your File Your Tax Return Early.
Making Tax Digital Support for Sole Traders in London
Making Tax Digital for Income Tax changes how many sole traders report their income and expenses to HMRC. Instead of organising everything once a year, those within the scope of MTD must keep digital records and send quarterly updates through compatible software.
Besnik Vata, director of BES Accountancy, a London based accounting company, explains:
“The biggest issue for sole traders is not only the MTD submission. It is whether the records behind that submission are accurate, digital and up to date.”
For small business owners, this is the key point. MTD is not only about compliance. It is an opportunity to create a cleaner financial system and avoid last minute tax pressure.
What Is an MTD Quarterly Update?
An MTD quarterly update is a digital summary of your business income and expenses for a specific period. It is submitted to HMRC through compatible accounting software such as Xero or QuickBooks.
It is not the same as a complete Self Assessment tax return, but it still depends on accurate bookkeeping. If your records are incomplete, poorly categorised or not reconciled, your update becomes harder to prepare.
The London Sole Trader MTD Checklist
1. Check Whether You Are in Scope
Not every sole trader needs to submit an MTD quarterly update by 7 August 2026. You should first confirm whether Making Tax Digital for Income Tax applies to you from 6 April 2026.
BES Accountancy can help review your position and explain what you need to do next.
2. Organise Your Bookkeeping
Bookkeeping is the foundation of MTD. Sole traders should make sure their income, expenses, receipts, invoices, bank transactions and VAT records, where relevant, are recorded digitally and consistently.
BES Accountancy helps London sole traders organise their bookkeeping before deadlines become urgent.
3. Set Up Xero or QuickBooks Correctly
Xero and QuickBooks are popular cloud accounting platforms for sole traders and small businesses. However, they must be configured properly.
BES Accountancy can help with software setup, bank feeds, income categories, expense categories and ongoing bookkeeping support. A clean setup makes each quarterly update easier to complete.
4. Connect MTD With Self Assessment
MTD quarterly updates do not replace your final tax position. Your Self Assessment may still involve adjustments, allowances, reliefs and other sources of income.
BES Accountancy supports both MTD preparation and Self Assessment, helping sole traders keep everything connected and easier to manage.
5. Review Your VAT Position
If you are VAT registered, your bookkeeping needs to support both VAT returns and MTD Income Tax updates. BES Accountancy can help review your VAT records and ensure your accounting software is organised correctly.
How BES Accountancy Helps Sole Traders Prepare for MTD
BES Accountancy provides practical support for sole traders and small businesses that want to prepare before the first quarterly update deadline.
This support can include:
Bookkeeping reviews
Digital record setup
Xero support
QuickBooks support
VAT support
Self Assessment preparation
Ongoing accountancy advice
The benefit is that everything works together. Better bookkeeping supports MTD. Correct software setup supports digital records. VAT becomes easier to manage, and Self Assessment becomes less stressful.
Why Choose BES Accountancy?
Founded in 2020, BES Accountancy is a London based firm providing expert financial services to businesses of all sizes and self-employed professionals across the UK.
Led by Besnik Vata, a certified bookkeeper with an AAT licence, BES is supported by a dedicated team of five specialists. The firm provides bookkeeping, payroll management, VAT returns, financial accounting and account preparation for sole traders and partnerships.
BES also supports clients with Xero and QuickBooks, helping them maintain accurate and efficient digital records. The firm’s core values are availability, efficiency and trust.
For London sole traders preparing for MTD, BES offers a practical advantage. You can receive bookkeeping, accounting software, VAT and Self Assessment support in one place.
Final Thoughts: Next Steps Before the 7 August Deadline
If your first MTD quarterly update is due on 7 August 2026, now is the time to prepare. Check whether you are in scope, organise your records, review your software and speak to an accountant before the deadline becomes stressful.
BES Accountancy can help you build a clear digital system for Making Tax Digital, Self Assessment, VAT and ongoing bookkeeping.
About BES Accountancy
BES Accountancy is a London based accounting company supporting businesses and self-employed professionals across the UK.
Services include bookkeeping, payroll management, VAT returns, financial accounting, account preparation, Xero, QuickBooks and Self Assessment support.
The firm helps start-ups, SMEs, established businesses and sole traders stay compliant, improve financial clarity and save time.
Frequently Asked Questions
What Is the First MTD Quarterly Update Deadline?
For sole traders and landlords within the scope of MTD from 6 April 2026, the first MTD quarterly update deadline is 7 August 2026.
Does Every Sole Trader Need to Submit an MTD Update by 7 August?
No. The deadline applies to sole traders required to use Making Tax Digital for Income Tax from April 2026.
Can BES Accountancy Help With Xero or QuickBooks for MTD?
Yes. BES Accountancy can help with Xero, QuickBooks, bookkeeping, bank feeds and MTD preparation.
Is an MTD Quarterly Update the Same as Self Assessment?
No. A quarterly update is a digital summary of income and expenses. Your final tax position still needs to be reviewed.
Can BES Accountancy Support VAT Registered Sole Traders?
Yes. BES Accountancy supports VAT returns, bookkeeping, Xero, QuickBooks and wider accounting records for VAT registered sole traders.
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