Your First Making Tax Digital Update Is Due Today
If you are a sole trader or landlord with qualifying income above £50,000, today - 7 August - is the deadline for your first Making Tax Digital (MTD) for Income Tax quarterly update. It covers income and expenses for the first three months of the 2026/27 tax year, from 6 April to 5 July 2026 (a 1 April to 30 June calendar quarter is an option if you set that up). HMRC says more than 864,000 people are in scope for this first wave.
A quarterly update is not a tax return, and it does not change what you owe. You send a running summary of income and expenses through recognised software; it takes minutes once your records are in the software. Your Self Assessment return and your tax payment still fall due on 31 January as before. If you have not signed up, that is a separate step from filing - and being caught by MTD does not automatically enrol you.
Source: GOV.UK - first MTD quarterly update | Related: MTD for Income Tax guide, Self-Employed Tax Calculator
Ofgem Confirms the October Energy Price Cap on 26 August
The next quarterly energy price cap, covering 1 October to 31 December 2026, will be published by Ofgem on 26 August. It follows a 13% rise in the current cap that took effect on 1 July, which Ofgem put down to higher wholesale gas prices. On a standard variable tariff paid by Direct Debit, the July cap works out at about 26.11p per unit for electricity and 7.33p for gas, plus daily standing charges.
Forecasters at Cornwall Insight expect another rise in October, though the exact figure is not settled until Ofgem publishes. If you are on a default tariff, it is worth checking whether a fixed deal now undercuts the cap, and worth reading your latest bill for the unit rates you actually pay - the cap limits the rates, not your total bill, which depends on how much energy you use.
Source: Ofgem - energy price cap | Related: Real Cost of Living tool
Fixed Mortgage Rates Start to Edge Back Up
After falling through June, average fixed mortgage rates have started to creep up again in August as lenders reprice. As at 6 August, the best two-year fix sat at around 4.46% and the best five-year fix at around 4.50%, both at 60% loan-to-value - so the sharpest deals still start with a four. The average standard variable rate, by contrast, remains high at about 7.13%.
The Bank of England held its base rate at 3.75% on 30 July, and fixed deals move on market expectations rather than that rate directly. With three of the nine committee members having voted for a rise, the market is no longer pricing in an early cut, which is part of why fixes have firmed. If your deal ends this year, it is worth lining up a remortgage early - most offers hold for up to six months.
Source: Moneyfacts - weekly mortgage roundup | Related: Compound Interest guide
Key Dates
7 August 2026 (Friday) - first Making Tax Digital quarterly update due for those with qualifying income over £50,000.
26 August 2026 (Wednesday) - Ofgem confirms the October to December energy price cap.
17 September 2026 (Thursday) - next Bank of England interest-rate decision.