MTD plan

Qualifying income £62,000.00 · as-of 2026-10-13

Qualifying income £62,000 meets £50,000+ from 6 Apr 2026.

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Quarterly calendar (2026/27)

Tax / NI sketch

rUK 2026/27 illustrative bands. Ignores savings/dividend stacking, Scottish rates, student loans, loss relief, capital allowances detail, and Class 2. Not a Self Assessment substitute.

Penalty exposure

Submission points: 0 → financial £0. No late-submission penalty points for missed quarterly updates in 2026/27 — you still must file them before the MTD year-end return.

Late payment (0d): penalty £0.00 · interest illus. £0.00 · total extra £0.00

Ordered next steps

1. Qualifying income £62,000 meets £50,000+ from 6 Apr 2026. Mandation from 2026-04-06 (already in force for this as-of date).
2. Next quarterly update deadline on the current tax-year calendar: 2026-11-07 (Q2 (6 Jul–5 Oct) due 7 Nov) — 25 day(s) remaining.
3. Illustrative liability on entered profits: Income Tax £5,886.00 + Class 4 NI £1,765.80 = £7,651.80. Sketch payments on account ~£3,825.90 each (31 Jan / 31 Jul).
4. Keep digital records continuously and send each quarterly update through MTD-compatible software before the deadline.
5. No late-submission penalty points for missed quarterly updates in 2026/27 — you still must file them before the MTD year-end return.
6. Pay balancing amounts by 31 January (and keep payments on account on track) to avoid the late-payment ladder and interest.
7. Read HMRC’s MTD for Income Tax guidance for landlords/sole traders and join the webinars or GOV.UK sign-up path when your cohort opens.
8. Save this share for your bookkeeper/agent and re-run if turnover crosses the next threshold (£50k → £30k → £20k).