Tax and Accounting Terms Glossary
Definitions to common tax and accounting terms that you will come across when you’re self-employed and managing your own taxes.
- Accounting Date
- Accrual
- Allowable Expenses
- Annual Accounts
- APR
- Arrangement Fee
- Articles of Association
- Assets
- Audit
- BACS Payment
- Balance Sheet
- Balancing Allowance
- Bankruptcy
- Base of Work
- Basic Rate of Tax
- Benefits in Kind
- Business Expense
- Cash Basis
- Chart of Accounts
- Direct Debit
- Disallowable Expense
- Distributable Profits
- Dividend
- Double-Entry Bookkeeping
- EBITDA
- Employment Allowance
- Exempt Expenses
- Faster Payment
- Financial Statements
- Fixed Asset
- Flat Rate Expense
- Gift Aid
- Gross Profit
- Gross Profit Margin
- Income Tax
- Liability
- Limited Company
- Making Tax Digital
- Minimum Income Floor
- Money Management
- National Insurance
- National Minimum Wage
- Nominal Account
- Ordinary Commute
- Overdraft Facility
- Payroll
- Personal Allowance
- Personal Pension
- Self-Assessment
- Sole Trader
- Subsistence
- Tax Return
- Tax Year
- Taxable Profits
- Taxable Turnover
- Title Deeds
- Trade Creditors
- Trade Debtor
- Universal Credit
- Untaxed Income
- VAT
- Work Allowance