Summary
HMRC has issued the long-awaited consultation document on Making Tax Digital (MTD) for Corporation Tax. The proposition has moved on from the original consultations in this area but a number of significant changes are still being proposed, not least the submission of quarterly summary updates of income and expenditure to HMRC. In this article we have highlighted the key points in the consultation document as it stands and the immediate next steps. We will communicate further analysis, processes and actions soon. Consultation responses need to be submitted by 5 March 2021.
Background
HMRC has published the Consultation document Making Tax Digital for Corporation Tax - GOV.UK.
The consultation document explains the background to Making Tax Digital (MTD) and details progress made to date. It also sets out the proposed MTD Corporate Tax (CT) regime, a couple of examples on what they envisage will change, and the questions for consultation.
