HMRC Certificates of Tax Deposit – use it or lose it?
The Certificate of Tax Deposit (CTD) Scheme allowed you to deposit money with HMRC and use it later to pay certain tax liabilities. Deposits with HMRC earn daily interest for up to 6 years. From 23 November 2017 this scheme has been closed for new purchases, but HMRC will continue to honour existing certificates until 23 November 2023. Any certificates remaining after this date should be promptly submitted to HMRC for a refund. After that date HMRC will try to repay the balance of any certificate which remains unpaid and unclaimed. But if they cannot do so (for example, because they are unable to contact the current certificate holder after reasonable effort) HMRC will regard the balance as forfeited.
Small firms will look to the upcoming Autumn Statement for signs that the government understands their operating concerns, says the Federation of Small Businesses (FSB).
The business group said that UK businesses need urgent action to help stem the issue of late payment.
The FSB is also urging Chancellor Jeremy Hunt to overhaul the business rates system and has called for an extension of the 75% business rates discount for small and medium-sized enterprises (SMEs) in the retail, hospitality and leisure sectors, as this discount is set to expire in April 2024. It said that these sectors have been ‘acutely affected’ by falling confidence levels and economic headwinds.
Chancellor Jeremy Hunt will deliver the 2023 Autumn Statement on 22 November.
National Living wage to rise from April 2024
The National Living Wage (NLW) will rise to at least £11 an hour from April 2024, Chancellor Jeremy Hunt has confirmed.
People aged 23 and over are eligible for the NLW.
The Treasury stated that as a result of successive increases, a full-time worker on the NLW will be more than £9,000 better off than they would have been in 2010.