Changes, reporting & software

Changes to submissions

Increased number of submissions

There are three primary changes that sole traders and landlords will need to prepare for:

A shift from one annual self-assessment tax return per year, to four quarterly update statements.
A new End of Period Statement (EOPS) for each of your businesses.
And a Final Declaration.

What is the Final Declaration?

The Final Declaration replaces the old tax return and brings in both your income from your sole trades and properties as well as any other income you may have, such as bank interest, dividends and employment income etc. It also allows you to make relief claims, deal with allowances, deductions and losses.

What is the End of Period Statement (EOPS)?

The End of Period Statement, or EOPS, is submitted on 31 January following the tax year and is a way to finalise the income and expenses from your quarterly statements. You are able to use it to make accounting adjustments for any disallowable items and claim reliefs and allowances.

Example

If for example you had 2 different sole trades and some rental properties, you would have to complete 4 separate Quarterly updates for each of the individual sole trades and another 4 Quarterly updates for your property portfolio! The same applies to the EOPS. Only one Final Declaration is required.

Submission deadlines

MTD for ITSA requires quarterly reporting to HMRC.

The quarterly submissions will be due on the 5^th day of the month following the relevant quarter’s period end. Alternatively, if you have elected to use calendar-based quarters which end at the end of a month, then the deadline is a month and 5 days from the period end. The EOPS and Final Declaration are both due on 31 January following the tax year end, in line with the old tax return electronic filing deadline.

Will my payment dates change?

No, the changes only affect the tax return reporting. The payment dates, whether you are on interim payments on account or just 31 January payment deadline, will remain the same.

Standard quarterly periods and deadlines

	Period covered	Filing deadline
Quarterly update 1	6 April to 5 July or 1 April - 30 June	5 August
Quarterly update 2	6 July to 5 October or 1 July to 30 September	5 November
Quarterly update 3	6 October to 5 January or 1 October to 31 December	5 February
Quarterly update 4	6 January to 5 April or 1 April to 31 March	5 May
End of Period Statement (EOPS)	6 April to 5 April or 1 April to 31 March	31 January
Final Declaration	6 April to 5 April or 1 April to 31 March	31 January

Record keeping, submissions & software

Reporting

HMRC also require records to be digitally maintained and the reports are submitted digitally.

Specialist software

For most people the simplest option is to use an established accounting software package such as Xero, or dedicated landlord software such as Hammock.

Spreadsheets

For those who are currently using spreadsheets and want to continue to do so, there are certain options available.

These are likely to require Application Programming Interface (API) enabled spreadsheets or bridging software to transfer data from an existing spreadsheet to HMRC via their API.

However, you need to ensure that these ‘digital links’ are compliant for MTD requirements. For example, you cannot simply use copy and paste, or manually type the figures into a tax return. This means that your existing spreadsheets may need significant development to become compliant. With this in mind, it may be a good time to look into a dedicated accounting software or outsourcing your bookkeeping.

Top tip!

If you do not already make use of online software don't delay in researching what is available. It will take time to get up and running ahead of the 2026/2027 deadlines.

Speak to your accountant who can point you in the direction of suitable options and assist you in getting set up.