What is Basic tax rate?
The percentage at which an individual or company is taxed is referred as basic tax rate. The United Kingdom uses a “progressive tax rate” structure. The level of tax charged…
What is Balancing Payment?
The Balancing Payment is part of the Account Payment process when you pay your tax bill by January 31st. If you are self-employed (and at least 20% of your earnings…
What is a high-income child benefit charge?
Child Benefit is money given to parents or those who are responsible for raising a child. The high-income child benefit tax charge is a one-of-a-kind tax in that it uses…
What are Earnings Per Share?
EPS stands for earnings per share. It is calculated by dividing net earnings available to common shareholders by the average number of outstanding shares over a given period of time.…
What is Creative accounting?
Creative accounting, also known as aggressive accounting, refers to imaginative ways of reporting accounts. It is a tool that is used falsely to establish or interpret accounting policies to misuse…
What are flat-rate expenses?
Flat rate expenses, also known as work-related expenses, are tax relief or tax credit for employees in specific jobs. They are often known as "flat rate" expenses because, instead of…
What is a Dividend allowance?
The revenue or profit raised by UK firms of all sizes is distributed as dividends among shareholders. Allocation of dividends is measurable according to the percentage of shares every shareholder…
What is a Credit Score?
A credit score is a number that ranges from 0 to 999 and represents a person's creditworthiness. A borrower's credit score improves the way he or she appears to potential…
What is Capital Allowances?
Capital allowances are the tax relief granted for some capital expenditure done on business properties. In the United Kingdom, a corporation may claim capital allowance based on assets acquired during…
What is Accounts Payable?
Accounts payable is as any sum of money owed by a business to its suppliers, or creditors for the goods purchased from them on a credit basis. It is a…