MTD quarterly update due 7 November 2026: bank records checklist

The second quarterly update for MTD for Income Tax 2026/27 is due 7 November 2026. Prepare complete, reviewed transaction records and submit through compatible software. NoRekey can extract bank-statement data; it does not submit MTD updates or your tax return.

Download the MTD bank-records checklist (.csv). Use it to track accounts, missing periods, review items and the submission confirmation from your actual MTD software.

Understand the cumulative period

Quarterly updates cover the year to date. Under standard periods, the second update covers 6 April to 5 October 2026, not just July–October. Under calendar update periods, it covers 1 April to 30 September 2026. The deadline is the same. Check the period your software uses and reconcile the whole cumulative record set. HMRC explains update periods and deadlines.

Do not paste the previous cumulative total into a new quarter's transaction rows: that would duplicate earlier activity. Let your compatible software build its update from the underlying records.

Correct the penalty misconception

HMRC will not apply penalty points for late quarterly updates during 2026/27. You still need the updates before you can submit the annual return. This first-year treatment does not remove record-keeping obligations or all other penalties. See HMRC's MTD penalties guidance.

Use the November date to organise the work, not to frighten clients with a quarterly late penalty that does not apply this year.

Start with the accounts and date ranges

For each business or property source, list relevant bank accounts, cards and supporting records. Keep the source of income identifiable rather than pooling unrelated activities into a single unexplained total.

For a standard-period update ending 5 October, a September bank statement does not cover the final five days. Obtain the missing activity and reconcile it to the subsequent statement when available. For calendar periods, check the full April–September record set rather than assuming the September export includes earlier months.

A fictional record inventory might read:

Account	Records available	Action
Trading account	April–September	Obtain 1–5 October if using standard periods
Business card	Through September cycle end	Check days after cycle cutoff
Rental account	Bank deposits complete	Obtain agent gross-rent and fee breakdown

Fill bank-feed gaps carefully

Confirm exactly which dates your feed or previous imports already cover. Use a bank CSV where available. For PDF-only gaps, convert the statements, review them, then import the missing range into the correct account.

Use the Xero import guide or your software's documented import process. Do not load a full statement over existing transactions without checking duplicates. The bank-feed backfill article explains that overlap problem.

Create records, then review categories

A converted bank file contains transaction data, not all the evidence or categorisation your reporting may require. Cash transactions, unpaid items where relevant, mixed-use costs and agent deductions can require other records.

Check dates, amounts, business purpose and categories. Preserve the source statements and evidence. Follow HMRC's digital-record guidance, including the applicable digital-link requirements between software products. A CSV import can be part of that workflow; using a converter alone does not establish compliance for the whole chain.

NoRekey checks extraction against printed balances where available and flags mismatches. Review descriptions and suspicious rows as well: offsetting mistakes can pass a total-balance check.

Compare changes, not just totals

Review the new cumulative figures against your previous update and explain the movement. Do not assume every cumulative category must increase: refunds, corrections or reclassification can reduce a total. Investigate unexpected changes instead of forcing the new number to exceed the old one.

Retain a note of corrections and unresolved questions, and follow your software's process for preparing and submitting the update. Check the submission was accepted and save the confirmation.

The annual return still exists

MTD does not replace the annual return with four quarterly updates. Submit the annual tax return through compatible software after the year ends; the usual deadline for the 2026/27 return is 31 January 2028. The ordinary 2025/26 return has its own earlier deadline. HMRC's annual-return guidance explains the distinction.

Use the Self Assessment checklist for that prior-year records pack. For November, convert any missing statement PDFs, review the complete period and finish the submission in your MTD software.