What is a Credit Note?
When a customer returns items bought on credit, he or she seeks an acknowledgement from the seller and the cancellation of any outstanding debts. A credit note is a document…
What is Deferred Revenue?
It is the money for goods and services that an organization collects in advance. It means that these goods and services will be delivered or carried out at a later…
What are the Current Assets?
A current asset is one that a corporation owns and can be quickly sold or consumed, resulting in liquid cash transfer. A current asset is vital to a company because…
What is an Annual Report?
An annual report is a document that public companies are expected to send to their shareholders every year that outlines their activities and financial condition. It's a financial overview of…
What is Capital Gain
A capital gain is any gain or profit an investor makes from selling a 'capital asset'. This profit or revenue falls under the 'income' category, so in the year in…
What is Bitcoin
Bitcoin also referred to as cryptocurrency is a virtual form of money virtual that uses peer-to-peer technology for instant transfers between individuals or companies. It can be purchased and used…
What is P11D?
The P11D is a statutory form requested by HMRC by UK-based employers that detail the cash equivalents of benefits and expenses given to their employees and directors, mainly during the…
What is an Adjusted net income?
The adjusted net income is your gross taxable income, including your Personal Allowance (which is tax-free). Still, it excludes tax benefits such as losses from prior years, pension contributions, and…
What is Offsetting?
Offsetting is the process of matching money owing to you with money owed to you. A transaction that cancels out the results of another transaction is known as offsetting. For…
What is a Salary Sacrifice?
Salary sacrifice, also known as 'salary exchange' schemes, occurs when you agree to 'sacrifice' a part of your salary in exchange for other, non-cash benefits from your employer. These can…