A basic rule of thumb with Metric threads is for Tapping drill to be (Nominal – Pitch) i e 6 x 1, drill 5mm, or 12 x1 drill 11mm.
And for screwcutting, a 12 x 1mm thread, use, again as a rule of thumb, having turned the OD to say 11.95mm, depth of cut will be 1mm (NOMINAL). Allowing for the 0.05 truncation, the depth of cut will actually be 0.975 mm (0.05/2) from contact with the O D.
Note the words, RULE OF THUMB.
For greater precision, use the maths to calculate the more exact figure for truncation and depth of cut to produce the correct root diameter. The reduced O D is to truncate the thread, to prevent the crest of the external thread interfering with the root of the Internal.
Similarly, if you so wish, the internal thread can be truncated by boring the hole slightly oversize, in similar manner.
Howard