Tax Articles

Fiscal drag explained

What is fiscal drag? Fiscal drag occurs when tax thresholds remain fixed while incomes rise. As earnings increase, more income falls into higher tax bands. Consequently, individuals pay more tax without any change in rates. This effect often happens during periods of inflation. While wages increase, tax allowances stay the same. Therefore, the tax burden rises gradually over time. Over time,...

Plastic Packaging Tax: A Path to Sustainability

At Ecovis, we understand the complexities and challenges that come with navigating Plastic Packaging Tax. We want to make you aware that we can offer specialised services relating to this tax.   Understanding Plastic Packaging Tax Plastic Packaging Tax, introduced on April 1, 2022, is a significant step towards promoting environmental sustainability in the UK. This tax is levied on plastic...

New R&D Tax Relief Notification Rules Effective Since 1 April 2023

As of 1 April 2023, new regulations require companies to submit a claim notification form during the ‘notification period’ under specific circumstances. Who Needs to Submit a Claim Notification? First-time Claimants: If your company is claiming R&D tax relief for the first time. Infrequent Claimants: If your last claim was more than 3 years ago. Understanding the Notification Period The...

Tax to pay when you get a pension

You may have to pay Income Tax on your pension if your total annual taxable income exceeds your Personal Allowance....

Paying the 2025-26 Child Benefit tax charge

Taxpayers who need to pay the High Income Child Benefit Charge (HICBC) for 2025-26 may be able to pay it...

New tax return requirements for company directors

Company directors who complete a self-assessment tax return should be aware of new mandatory reporting requirements that came into effect...

Business confidence rises but is it time to invest?

UK business confidence is rising, but only 17% of businesses plan to increase investment in the next three months. Here,...

Late payments: Is your business at risk?

60% of UK SMEs say customers take longer to pay than a year ago, and the average amount owed is...

Corporation tax receipts pass £100 billion

HMRC’s latest statistics show that receipts from corporate taxes passed £100 billion for the first time in 2025-26. Here, we...

New customs system for Northern Ireland trade

From 20 October 2026, businesses moving goods between Great Britain and Northern Ireland must use the new TSS platform. Here,...

Reporting property gains

If you sell a UK residential property, you usually need to report and pay any Capital Gains Tax within 60...

Capital allowances restricted for project development costs

A recent Supreme Court decision means capital allowances will probably be restricted for some predevelopment costs. Here, we explain the...
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