Resources

Glossary

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Accountancy   The process of communicating financial information about a business entity.
Accountant   A generic term for people who operate in the field of accountancy. Generally those who have gained professional qualifications and accreditation use their full title such as Chartered Accountant, Chartered Management Accountant or Chartered Certified Accountant. At present in the UK anybody can call themselves an accountant irrespective of their experience or qualifications. Many are unregulated (unlike members with professional qualifications who are normally subject to external monitoring of ongoing professional competence).
Acquisitions and Disposals (of businesses)   Many successful businesses have bought and sold businesses to help them achieve personal wealth. Francis Clark can help in deciding upon a strategy to maximise the opportunity of either growing your business by acquiring/adding another business to yours or by adopting a strategy which will make your business attractive to a buyer.
AIC   Association of Investment Companies
AIF   Authorised investment Fund
AIFM   Alternative Investment Fund Managers
AIFMD   Alternative Investment Fund Managers Directive
AIMA   Alternative Investment Management Association
AMAP   Approved Mileage Allowance Payment
ART   Additional rate income tax (UK)
Audit   An audit is an accounting procedure under which financial records are reviewed. UK company law requires larger companies to have an independent audit annually on their financial results but many smaller and medium-sized businesses are exempt from this requirement. Lenders, however, make the requirement of an independent audit as part of their terms and conditions of lending.
AUT   Authorised Unit Trust (UK)
Auto Enrolment Solutions   Please read our Auto Enrolment Solutions Brochure
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BAS   Business Advice Service (ICAEW)
BN   HMRC Budget News Release
Bookkeeping Services   Every business is required to record every business transaction. Bookkeeping is the method in which transactions are recorded to provide a record and trail of the constituent parts of a business’s incomings and outgoings. Bookkeeping tends to be labour intensive and repetitive, but accurate recording is essential for any business.
BRT   Basic rate income tax (UK)
BVCA   British Venture Capital Association
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Capital Gains Tax (CGT)   A tax realised from the sale of a capital asset (investment). Current rates of CGT are lower than the highest rate of income tax.
CASC   Community Amateur Sports Club
CATT   Central Agent Authorisation Team
CCCTB   Common consolidated corporate tax base
CFA   Committee on Fiscal Affairs
Chartered Accountant   A person who has been through a rigorous training process and successfully passed professional examinations enabling the individual to give professional advice on a wide range of business and finance issues.
CISX   Channel Islands Stock Exchange
CISX   Channel Islands Stock Exchange
COIHC   Closely-owned Investment Holding Companies
Company Secretarial Assistance   If you conduct your business through a limited company or a limited liability partnership you will need to ensure that you don’t fall foul of any of the rules. Francis Clark can help you avoid the pitfalls.
Compliance   Businesses are required to meet the requirements of a vast range of legislation laws such as company, employment, health & safety, taxation, trademark & intellectual property, corporate governance and environmental. Compliance means acting in accordance with the requirements of the relevant law or guidelines.
CP   Consultation Paper
CPEC   Convertible Preferred Equity Certificate
CPEC   Convertible Preferred Equity Certificate
CPI   Consumer Price Index
CPI   Consumer Price Index
CPMA   Consumer Protection and Markets Authority
CT   Corporation Tax
CTF   Child Trust Fund
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DTA/DTT   Double Taxation Agreement/Double Taxation Treaty
DTTP   Double Tax Treaty Passport Scheme
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e-MDF   e-Markets Disclosure Facility
EC   European Commission
ECJ   European Court of Justice
EEA   European Economic Area
EIS   Enterprise Investment Scheme
EPUT   Exempt Unauthorised Property Unit Trust
ESC-C16   Extra-Statutory Concession
ESMA   European Securities and Markets Authority
EUSA   EU Savings Agreement
EUUT   Exempt UK unauthorised unit trust
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FAIF   Funds of Alternative Investment Fund
FC   Francis Clark
FCA   Fellow of the Institute of Chartered Accountants
FCFP   Francis Clark Financial Planning
FCP   Fonds commun de placement - Fund invested in stocks, bonds and/or money-market securities
FCTC   Francis Clark Tax Consultancy
FD   Financial derivative instruments
FRS   Flat Rate Scheme
FSA   Financial Services Authority
FTT   Financial Transaction Tax
FTWA   Full-time work abroad
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GAAP   Generally Accepted Accounting Principles
GDO   Genuine diversity of ownership
GPUT   Guernsey Property Unit Trust
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HMRC   Her Majesty's Revenue and Customs
HMT   Her Majesty's Treasury
Holdco   Holding Company
HRT   Higher rate income tax (UK)
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ICTA   Income and Corporation Taxes Act
IFRS   International Financial Reporting Standards
IHT   Inheritance Tax
IMA   Investment Management Association
Institute of Chartered Accountants in England and Wales (ICAEW)   This is Europe’s largest premier accountancy body whose members are widely regarded as advisers and influencers vital to the success of business. Qualified Chartered Accountants are equipped with cutting edge strategic business skills including financial reporting, taxation and auditing.
IOD   Institute of Directors
IRS   Internal Revenue Service (USA)
ISA   Individual Savings Account
ITC   Closed-ended Investment trust company
ITSA   Income Tax Self Assessment
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LA   UK Listing Authority
LDF   Liechtenstein Disclosure Facility
LEL   Lower Earnings Limit
LLP   Limited liability partnership
LP   Limited partnership
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Management Accounting or Managerial Accounting   This is a process to provide decision-makers with relevant financial information in a timely fashion, predominantly for a business’s internal use. Aspects covered include detailed analysis of costs to assist in pricing policy, analysis of sales by product or service (and related margins), proportion of sales generated by client/customer and/or sales rep, assistance in setting budgets and forecasts as well as regular business performance reports.
MCP   Management Company Passport
MOU   Memorandum of understanding
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NAV   Net asset value
NIC   National Insurance Contribution
NRB   Nil rate band
NRLS   Non Resident Landlord Scheme
NURS   Non-Ucits retail scheme
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OECD   Organisation for Economic Co-operation and Development
OEIC   Open-ended investment company (UK)
OFR   UK Reporting Fund Regime
OIG   Offshore income gain
OTS   Office of Tax Simplification
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PAIF   Property Authorised Investment Fund
PAYE   A system by which income tax and national insurance contributions levied on wage and salary earners is deducted by and paid by an employer directly to the Government. In effect a system whereby employers become unpaid tax collectors for the Government with penalties for failing to operate the system correctly.
Payroll   The financial record of employees’ salaries, wages, bonuses, net (take home) pay and deductions (including taxation).
PFPV   Pension Fund Pooling Vehicle
PPI   Payment Protection Insurance
PPL   Profit-participating loan
PRA   Prudential Regulation Authority
Production of Accounts   Legislation requires a limited liability companies (Ltd.) and limited liability partnership (LLP) to file at Companies House annual financial statements in a manner prescribed by the Companies Act. From 2011 HM Revenue & Customs will also require accounts and returns in a prescribed format.
PT   Primary Threshold
PUT   Property Unit Trust
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QEF   Qualifying Electing Fund
QIS   Qualified Investor Scheme (UK)
QNUPS   Qualifying Non UK Pension Scheme
QROPS   Qualifying Recognized Overseas Pension Scheme
QTD   Qualifying Time Deposit (account)
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RBC   Remittance Basis Charge
RDR   Retail Distribution Review
REIT   Real Estate Investment Trust
RPI   Retail Price Index
RTI   Real Time Information
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SA   Self-assessment
SD   Stamp Duty
SDLT   Stamp Duty Land Tax
SDRT   Stamp Duty Reserve Tax
SEIS   Seed Enterprise Investment Scheme
SIPP   Self-invested personal pension
SIV   Structured investment vehicle
SLP   Stock Listed Price
SPV   Special Purpose Vehicle
SRO   Self-Regulating Organisation
SRT   Statutory Residence Test - statutory definition of UK tax residence
ST   Secondary Threshold
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Taxation and Tax Advice   Taxation takes the form of direct taxation (taxation on income, profits, inheritance, salaries etc.) and indirect taxation (for example value added tax, insurance premium tax, airport departure tax, stamp duty). Tax advice is a service to help you minimise how much you pay in taxes and assist you in complying with the legislation whilst organising your affairs in a manner in which you only pay as much tax as you have to.
Taxation Avoidance   Organising your affairs in a manner which complies with taxation legislation, makes use of available exemptions and adopts a strategy designed to minimise the amount you pay in tax.
TCF   Treating Customers Fairly
TCGA   Taxation of Chargeable Gains Act 1992
TCUP   Tax Catch Up Plan
TEF   Tax Elected Fund
TIEA   Tax Information Exchange Agreement
TLPI   Traded Life Policy Investment
TNRF   Transparent non-reporting fund
TRF   Transparent reporting fund
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UCITS   Undertakings for Collective Investment in Transferable Securities
US 40   United States Regulated Investment Companies (known as 40 Act Funds)
UTR   Unique Taxpayer Reference
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Value Added Tax (VAT)   VAT - an indirect form of taxation whereby a VAT registered business/trader is obliged to charge VAT to customers, collect the money on behalf of the Government and pay the sum collected to the Government (after deducting any VAT the business itself has incurred from suppliers of goods/services. VAT represents a significant chunk of the UK Government’s income. The rules are complex and penalties for getting it wrong are punitive.
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WHT   Withholding tax

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Leading Edge Alliance Awards 2013
Taxation Awards 2014
The British Accountancy Awards 2014
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South West Insider Annual Dealmaker Awards 2016
Payroll World Awards 2016
ICAEW Chartered Accountants