Glossary – Q to T
Q
| Term | Explanation |
|---|---|
| Quorum | The minimum number of Directors, members or officers needed to enable a formal meeting of that organisation to go ahead. |
R
| Term | Explanation |
|---|---|
| Registered Office | The official address where legal documents can be served on a company, association or other legal entity, this address is registered and on public record at Companies House and must be disclosed on various documents, including correspondence, invoices, websites and emails. |
| Research & Development Tax Relief | A tax relief provided by the Government to reward Research and Development expenditure, there is a general scheme and a special scheme for small and medium sized entities. |
| Retained Profit | The profit generated by a business that is not paid out in tax or passed onto the owners by way of a dividend or profit-share. |
| Revenue | The total income generated by a business by way of goods and services. |
| Revenue Expenditure | Expenditure related to the profit making side of the business, this will cover cost of goods sold as well as overheads or expenses, the alternative is Capital expenditure. |
| RTI | Real Time Information, a way of reporting payroll transactions that is mandatory in the UK and means that all payments to staff and the resulting tax liabilities are reported to HMRC before any payments are actually made to the employees. |
S
| Term | Explanation |
|---|---|
| SA100 | The form number for your Self Assessment Tax Return. |
| SA302 | A summary of the income reported to HMRC on a Self Assessment Tax Return. |
| Sales | The term used to descibe the process of that leads to the genration of income by a business from goods or services. |
| Seed Enterprise Investment Schemes | A specific type of Enterprises Investment Scheme for businesses that have yet to start trading that allows the investors beneficial tax breaks. |
| SEISS | The Self Employment Income Suppport Scheme, a scheme that was brought in by the Government during the COVID pandemic to provide certain Self Employed people income when they were not allowed to work due to pandemic restrictions. In total there were five such grants which must all be included on the appropriate tax return as taxable income, but the amounts are not repayable. |
| Self Assessment | The process of completing your Tax Return and telling HMRC how much tax you owe, the onus being on the individual to correctly report and calculate the tax and report that to HMRC. |
| Shareholders Agreement | An agreement made by the shareholders in a company that outlines how it should be operated and the shareholders rights and obligations. All companies with more than one shareholder should have one. |
| Share Capital | The amount of money introduced to a limited company to purchase the shares in the company, these funds remain in the company until the company ceases or a couple of very specific actions are taken. |
| SME | A Small or Medium-sized Enterprise, in the UK this means a business with less than 250 employees. |
| Sole Trader | A person that exclusively owns their business and is entitled to keep all the profits generated by that business (after tax has been paid), but is also fully liable for all the losses. |
| Stamp Duty | A tax on transactions of certain types, usually share transactions, there is a specific type of tax called Stamp Duty Land Tax that is relevant for property and land transactions. |
| Standard Rate | The main rate of VAT that applies to most transactions. |
| Stock | Goods bought in by a business and held by them for later sale. |
| Striking Off | The process of removing a company from the public record. This can only be done when the company has finished trading, has collected all its debts and paid off all its liabilities and the resulting funds remaining are less than £25,000. If the funds exceed this amount or there are outstanding liabilities a liquidator must be appointed. |
| Succession | The process of identifying who should carry on the business when the current owners or Directors have chosen to retire. |
T
| Term | Explanation |
|---|---|
| TAM Day | Tax Administration and Maintenance day, a dedicated day for administration and maintenance of the tax system in the UK, the first such day was 30th November 2021 and 30 publications were released that day. |
| Tax | The method by which a Government collects funds from individuals and entities to fund its operation. |
| Tax Avoidance | Tax avoidance is the legal method of ensuring you pay as little tax as possible, within the law. |
| Tax Compliance | Making sure that the right of amount of tax is paid at the right time by the right entities or individuals. |
| Tax Evasion | Illegally reducing the amount of tax an entitity or individual pays. |
| Tax Planning | Working out how to minimise the amount of tax is payable in future, within the law. |
| Tracking Numbers | Individual telephone numbers that enable you to work out which piece of marketing has generated the lead. They work by redirecting the dialled number to your main telephone number and can be set up to give you a “whisper” telling you where the call came from. |
| Trial Balance | A consolidation of the account codes from both the Balance Sheet and Profit and Loss, a trial balnce also includes codes that may not appear in statutory accounts, such as dividends. |
| Trivial Benefits | The ability for an employer to make small gifts to employees without either party incurring additional tax, subject to set criteria. Directors can also qualify, but there is an annual allowance to consider. |
| Trusts | An arrangement where one or more people (the Trustees) holds something as its owner, but for the benefit of one or more other people, called the beneficiaries. |
| Turnover | The total sales amount made by a business for a described period of time. |
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Related Info
Why not take a look at these sections too, as there is some overlap between our categories and we’d hate you to miss out!
Limited Company
Tax
Management & Growth
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