Accounting Glossary

Clear, plain-English definitions of UK accounting, tax and company terms — written by Price & Accountants to help you understand your finances with confidence.

Incorporation Relief
Buy-to-Let Mortgage
Replacement of Domestic Items Relief
Private Residence Relief
Capital Gains Tax on Property
Non-Resident Landlord Scheme (NRLS)
ATED (Annual Tax on Enveloped Dwellings)
SPV (Special Purpose Vehicle)
Section 24 Mortgage Interest Restriction
Rent a Room Relief
Furnished Holiday Let (FHL)
US C-Corp
US LLC (Limited Liability Company)
FATCA (Foreign Account Tax Compliance Act)
W-9 Form
W-8BEN Form
ITIN (Individual Taxpayer Identification Number)
EIN (Employer Identification Number)
Crypto Exchanges
NFTs (Non-Fungible Tokens)
Crypto Wallets
Crypto Mining and Staking
Cryptocurrency
Receipt Scanning Software
Bookkeeping
Chart of Accounts
Bank Feeds
Making Tax Digital (MTD)
Cloud Accounting Software
Structures and Buildings Allowance (SBA)
Balancing Allowance and Balancing Charge
Writing Down Allowance
Annual Investment Allowance (AIA)
Startup Loans Scheme
Patent Box
R&D Tax Credits
EIS (Enterprise Investment Scheme)
SEIS (Seed Enterprise Investment Scheme)
SIC Code
Registered Office Address
Special Resolution
Ordinary Resolution
Company Secretary
Person with Significant Control (PSC)
Confirmation Statement
Statement of Capital
Memorandum of Association
Certificate of Incorporation
Output Tax and Input Tax
VAT Deregistration
VAT Default Surcharge
VAT Group Registration
VAT Partial Exemption
VAT Bad Debt Relief
VAT Domestic Reverse Charge
VAT Margin Scheme
IR35 (Off-Payroll Working)
Apprenticeship Levy
Redundancy Pay
Salary Sacrifice
Payslip
P11D
Real Time Information (RTI)
Employment Allowance
National Living Wage
National Minimum Wage
Auto-Enrolment Pension
Statutory Paternity Pay
Statutory Maternity Pay
Statutory Sick Pay
P60
P45
Tax Code
PAYE
Additional Rate Tax
Higher Rate Tax
Basic Rate Tax
Benefit in Kind
Trivial Benefits
Nil Rate Band
Inheritance Tax
Business Asset Disposal Relief
Annual Exempt Amount (CGT)
Capital Gains Tax
Payment on Account
Class 4 National Insurance
Class 2 National Insurance
National Insurance
Income Tax
Personal Allowance
UTR Number
Self-Assessment
Making Tax Digital
Import VAT
VAT Cash Accounting Scheme
VAT Flat Rate Scheme
Reverse Charge VAT
VAT Exempt
Zero-Rated VAT
Taxable Turnover