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In line with its intention to develop the digitalisation process HMRC has launched a consultation on the design of what the making tax digital (MTD) system should look like for corporation tax. The proposed date to commence the voluntary pilot for MTD for CT is April 2024 with mandation to follow from 2026 at the earliest.
Responses are invited by 5 March 2021.
Ian Bowden partner and head of tax technology at BDO encouraged all business leaders to engage with this consultation. He said: ‘While the pilot is not expected to start until April 2024 it is clear from the document that the general principles which applied to VAT remain the backbone of the suggested approach for corporate tax - the need to maintain digital records the need to use MTD compatible software and a digital linkage between the two. As...
