Making Tax Digital for Corporation Tax (MTD for CT) - Key Details

HMRC launched the MTD for CT consultation document on 12 November with the window for responses open until 5 March 2021.

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HMRC launched the MTD for CT consultation document on 12 November with the window for responses open until 5 March 2021. 

There are a number of fundamental changes being sought by HMRC so it is vital that corporates engage in the consultation either directly or through interested parties such as FTI Consulting. Some of the key features of the scheme are highlighted below.

Key Points

  • End to end digital record-keeping and digital links will become mandatory for all companies, including non-resident companies;
  • Quarterly filing of summary tax-categorised information will be required from all CT taxpayers, though some potential exemptions may apply for quarterly instalment payers;
  • The potential alignment of CT deadlines to Companies House filings could shorten the CT filing period to 9 months or 6 months;
  • iXBRL tagging will be integral to MTD and manual tagging will therefore no longer be supported; and
  • HMRC expects some of its £2.1bn CT tax gap to be reduced by these measures.

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FTI Consulting

In a rapidly changing tax landscape, our professionals deliver client-centric expert-led services focused on mitigating tax risk and minimising cost. As leaders in their field, the FTI senior management team members are qualified in accounting, tax, law, and surveying, and work alongside valuations and technology experts and economists to address clients’ most complex tax challenges. FTI’s team is one of the independent tax practices in the UK, and as a member of the WTS Global Network, they work alongside world-leading tax consultancies and law firms to provide solutions to clients at a cross-jurisdictional level. Our services include: Corporate tax compliance and reporting. International tax, Transaction tax, Restructuring tax advisory, Transfer pricing, Tax depreciation, Employment tax and reward, VAT and indirect tax compliance, R&D incentives, patent box and IP strategy, Real estate tax, Tax strategy and regulation advisory, Tax technology advisory, Tourism, hospitality and leisure.
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