Accounting language without the unnecessary fog.
A quick reference for common accounting and tax terms that show up when you are running or growing a business.
Glossary section
A
Accounts Payable
Money owed by a business to its suppliers.
Accounts Receivable
Money owed to a business by its customers.
Glossary section
B
Balance Sheet
A financial statement showing assets, liabilities, and equity at a specific point in time.
Bookkeeping
The recording of financial transactions in a systematic manner.
Glossary section
C
Corporation Tax
Tax paid by limited companies on their profits.
Cash Flow
The movement of money in and out of a business.
Glossary section
D
Depreciation
The reduction in value of an asset over time.
Glossary section
E
Equity
The value of ownership interest in a business.
Glossary section
F
Fiscal Year
A 12-month period used for accounting purposes and tax reporting.
Glossary section
G
Gross Profit
Revenue minus the cost of goods sold.
Glossary section
H
HMRC
His Majesty's Revenue and Customs, the UK tax authority.
Glossary section
I
Invoice
A document requesting payment for goods or services provided.
Glossary section
K
KPI
Key Performance Indicator, a measurable value showing business performance.
Glossary section
L
Liability
A financial obligation or debt owed by a business.
Glossary section
N
Net Profit
Total revenue minus all expenses, taxes, and costs.
National Insurance
Contributions paid by employees and employers to fund state benefits.
Glossary section
P
PAYE
Pay As You Earn, the system for collecting income tax and National Insurance from employees.
Profit and Loss
A financial statement showing revenues and expenses over a period.
Glossary section
R
RTI
Real Time Information, reporting payroll information to HMRC in real time.
Glossary section
S
Self-Assessment
The system for reporting income and calculating tax owed to HMRC.
Glossary section
T
Tax Relief
A reduction in tax liability through allowable deductions or credits.
Glossary section
V
VAT
Value Added Tax, a consumption tax on goods and services.
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