HM Revenue & Customs (HMRC) is helping sole traders, self-employed business owners and landlords across Omagh prepare for the next Making Tax Digital quarterly update deadline on Saturday 7 November 2026.
Making Tax Digital (MTD) for Income Tax is changing how self-employed people and landlords manage and report their income and expenses to HMRC.
Since 6 April 2026, sole traders and landlords with qualifying income over £50,000 have been required to maintain digital records and submit quarterly updates using compatible software.
With the second quarterly update deadline approaching on Saturday 7 November 2026, HMRC has addressed five common misunderstandings to help businesses meet their reporting obligations.
Myth 1: A quarterly update is the same as a tax return
Fact: Quarterly updates are not tax returns.
They provide HMRC with a summary of business or property income and expenses recorded digitally.
For self-employed people running businesses in Omagh, this means reporting financial information regularly rather than leaving everything until the end of the tax year.
There is no tax calculation involved, and no payment is required when submitting an update.
Your overall tax position is calculated when you complete your annual tax return.
Myth 2: I need to contact HMRC to confirm my update was received
Fact: There is no need to contact HMRC if your quarterly update was submitted successfully.
Business owners can check their submission history through their HMRC online account or compatible MTD software.
This allows you to confirm submissions without spending valuable time contacting HMRC.
Myth 3: I must purchase expensive accounting software
Fact: Businesses have several software options available.
HMRC recognises different software packages, including options specifically designed for sole traders and landlords.
Some free software options are available, while businesses already using spreadsheets may be able to continue using them alongside bridging software.
The important thing is choosing software that meets HMRC requirements and suits your business.
Find compatible Making Tax Digital software.
Myth 4: If I make a mistake, I must resubmit my previous update
Fact: You do not normally need to resend a previous quarterly update.
If you discover an error in your digital records, correct it as soon as possible.
The amended information will be reflected in your next quarterly update.
Maintaining accurate records throughout the year will help businesses avoid unnecessary complications when completing their annual tax return.
Myth 5: I must submit before Saturday because HMRC is closed
Fact: The deadline remains Saturday 7 November 2026.
Businesses can submit their updates on the deadline itself, although HMRC recommends submitting earlier where possible.
For those requiring assistance, HMRC’s Self Assessment helpline will operate on Saturday 7 November between 9am and 3pm.
What Omagh Businesses Need to Know
Making Tax Digital is being introduced gradually, with more businesses becoming eligible over the coming years.
From April 2027, the requirements will extend to sole traders and landlords with qualifying income over £30,000, followed by those earning over £20,000 from April 2028.
Whether you operate a retail business, provide professional services, work as a self-employed tradesperson or earn income from property, understanding your future reporting obligations is important.
If Making Tax Digital already applies to you, check your records, confirm your software is ready and submit your quarterly update by 7 November 2026.
For further guidance, visit Making Tax Digital for Income Tax – GOV.UK.
