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How Will Our Bookkeeping Firm Cope With Quarterly Updates for Every Sole Trader and Landlord?

Bookkeeping firm MTD income tax quarterly updates turn yearly sole trader work into four deadlines. We build collection, tracking and a status view per client.

Updated 3 min readBy SpiderHunts Technologies

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Quick answer — TL;DR

Quarterly updates under Making Tax Digital for Income Tax change the rhythm of sole trader and landlord work from once a year to four times, and many of those clients have never kept records monthly. We build the collection routine, the digital records setup and a firm-wide tracker of every quarterly update, so the new deadlines fit into your month instead of piling on top of it.

Clients who used to come once a year

Many sole trader and landlord clients used to arrive once a year with a bag of receipts, a spreadsheet of rents or a notebook of mileage. Your firm did the work in a concentrated burst and filed. Under Making Tax Digital for Income Tax, clients who fall within its scope need digital records and quarterly updates, which means that rhythm has to become quarterly.

For a firm, that is more deadlines per client, more contact points and many clients who need help changing how they keep records. It lands on top of VAT, payroll and monthly work that already fills the calendar.

Why this is hard for a firm, not only for clients

The difficulty is less in any single update and more in the volume and the variety. Some clients are ready with software and bank feeds. Some have spreadsheets. Some have a shoebox. Some have property income with a letting agent sending statements, some have several properties with joint owners. Each type needs a different routine, and the firm has to track which clients are in scope, which are ready and which updates are done.

Which clients are in scope, and from when, depends on HMRC's rules and their income, which your firm and the client work out. The system tracks what you decide.

What it costs to handle it ad hoc

Without a system, the firm is back to spreadsheets of deadlines, emails chasing records four times a year and a partner who cannot see how ready the client base is. Staff spend time converting records by hand each quarter. And clients who struggle with the change blame the firm for the hassle.

Client typeTypical recordsRoutine needed
Sole trader with bank feed in softwareAlready digitalQuarterly review and submit
Sole trader with spreadsheetDigital but unstructuredImport and categorise each quarter
Sole trader with paperReceipts and notebooksCapture app and monthly habit
Landlord through a letting agentAgent statementsStatement collection and parsing
Landlord managing directlyBank lines and receiptsFeed plus categorisation rules

How we build it for your firm

  1. We tag each client in your practice tool with your decision on scope, start date and client type, so the firm knows who needs what.
  2. For clients using software such as Xero, QuickBooks or FreeAgent, we connect and read their records' readiness each quarter: feeds working, items categorised, nothing sitting in suspense.
  3. For spreadsheet and paper clients, we set up a simple capture route, photos of receipts and forwarded statements, with extraction and categorisation into their digital records, and a bookkeeper checking before anything is used.
  4. Letting agent statements are read automatically and posted against each property, with joint ownership shares applied as you record them.
  5. Each quarter, clients get reminders with a clear list of what is missing, and a status page they can check.
  6. A firm-wide tracker shows every quarterly update due, its readiness, who is working on it and whether it has been submitted through your MTD-compatible software.

Submission itself happens through the recognised software you and the client use. We build the collection, preparation and tracking around it.

Quarterly work that fits the month

Quarterly updates become a steady part of the calendar rather than four new crunches. Clients who were never going to keep perfect records have a simple routine that produces what you need. The partner can see how ready the client base is and plan staffing and pricing accordingly. And the year-end work gets easier, because the records were built up through the year.

Is your firm ready for it?

  • You have many sole trader or landlord clients who come once a year.
  • Some of them keep records on paper or in loose spreadsheets.
  • You have not yet mapped which clients need what routine.
  • Quarterly deadlines would be tracked in a spreadsheet today.
  • Your pricing for these clients assumes annual work only.

FAQ

Frequently asked questions

The questions readers ask us after this guide.

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Can you tell us which clients are in scope?

No. That depends on HMRC's rules and each client's circumstances, which is for your firm to decide. The system records your decision and tracks from there.

Does it submit the quarterly updates?

No. Submission is done through MTD-compatible software. We prepare the records and track status around it.

Our clients use different software. Does that matter?

The tracker works across Xero, QuickBooks, FreeAgent and others with APIs. Clients on spreadsheets are handled through the capture and import route.

What affects the cost?

How many client types you need routines for, how many ledger packages are involved, and whether you want letting agent statement reading.

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