HM Treasury has opened a consultation on ‘Making Tax Digital for Corporation Tax‘ inviting views on how the principles of Making Tax Digital (MTD) could be implemented for Corporation Tax this will be for the entities within the charge to Corporation Tax.
For business it would mean higher compliance cost but at the same time businesses will have real-time information available to them.
https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital
The regime MTD already started in April 2019 for VAT purposes only. MTD for Income Tax is expected to be introduced from 6 April 2023.
Please visit our Corporation tax page to know more about our Corporation Tax Services.
The consultation provides some additional information on the planned rollout of MTD for Corporation Tax. Following the end of the consultation, the government will continue to refine the MTD for Corporation Tax requirements by working collaboratively with stakeholders and will then provide entities with an opportunity to take part in a pilot.
This was based on the success of testing the MTD for VAT service and allowed HMRC to identify issues based on real people’s experiences of the service. HMRC initially introduced a limited, small-scale pilot for MTD for Income Tax, before building in additional functionality and scaling up the numbers of eligible participants and expects to follow a similar pattern for Making Tax Digital for Corporation Tax.
The pilot will present HMRC with opportunities to check the proposed design of the system and learn lessons. The consultation states that the proposed date to commence the voluntary pilot for MTD for Corporation Tax is April 2024, with mandation to follow from 2026 at the earliest.
If you are looking to know more about this, feel free to contact us.
You need to register for VAT when your taxable turnover goes over £90,000 in any rolling 12-month period, or when...
UK-based sellers trading on Amazon, eBay, Etsy and similar platforms could soon see a very different VAT system. The government...
The property income tax rates April 2027 will introduce separate income tax rates for property income from 6 April 2027....
The Starbucks UK tax credit situation highlights that sales growth does not necessarily lead to tax liabilities. Despite reporting a...
VAT compliance is becoming increasingly difficult for UK businesses in 2026. With full implementation of Making Tax Digital and constant...
VAT For Barbers is a critical area of understanding for every barber and salon owner in the UK. Whether you’re...
The IHT business property relief changes 2026 introduced a significant restriction on how much qualifying business wealth can pass to...
The Autumn Budget 2026 will take place on Wednesday, 28 October, with Chancellor John Healey presenting the government’s fiscal plans....
Summary Yes, TikTok income is taxable in the UK. If your total self-employment income from TikTok and other side hustles...
You should consider a tax investigation specialist when an HMRC enquiry involves disputed figures, several taxes or accounting periods, possible...
