What updates do I need to send and how often?

Under MTD for ITSA, you usually send four quarterly updates each tax year, summarising your rental income and allowable expenses. After the tax year ends, you finalise your position with an end-of-period statement, to confirm your totals and any accounting adjustments, and then make a final declaration to complete your tax return obligations for the year. If you have more than one “business”, for example, UK property plus self-employment, you normally submit separate quarterly updates for each. The practical implication means staying on top of bookkeeping throughout the year matters much more than it did under annual-only Self Assessment.