Dictionary

A

Accounts receivable

Allowable expenses

Articles of association

Authorised share capital

B

Barriers to exit

Bearer share

Bookkeeping

Business angel

Business name

Business rates

Business structure

Business-to-business (B2B)

By-products

C

C-suite

Card payment

Card reader

Cash

Cash accounting

Cash discount

Cash flow

Cash on delivery (COD)

Charity

Chip and PIN

Click and mortar

Commercial invoice

Commission

Community interest company (CIC)

Company registration number (CRN)

Construction Industry Scheme (CIS)

Consumer

Consumer Rights Act 2015

Contractor

Corporation

Cost of goods sold

Credit note

Creditor

Customer Lifetime Value (CLTV)

Customs Duty

D

Data Protection Act

Debit note

Debtor

Deductible VAT

Default

Delivery note

Department

Deposit

Diminishing marginal utility

Direct debit

Director

Distance selling

Domestic reverse charge

Down payment

Due date

Due diligence

E

Electronic invoicing

Ending inventory

EORI number

Exchange gain or loss

Excise Duty

Expense

Export VAT

F

Finished goods

Fixed exchange rates

FOB destination

Freelancer

G

Glocalisation

Goodwill

Group consolidation

I

Import duty

Import VAT

Insolvency

Instalment payments

Intellectual property

Invoice

Invoice format

Invoice number

J

Joint products

L

Late fees

Liabilities

Lifetime Individual Savings Account (LISA)

Limited company

Limited liability

Liquidation

M

Making Tax Digital (MTD)

Managed service company (MSC)

Markdown

Markup

Merchandise

Merchant acquirer

Mergers and acquisitions (M&A)

N

Net sales

P

Packing note

Partial payment

Partnership

Partnership agreement

Payment guarantee

Payment on account

Payment receipt

Payment terms

Periodic stock management

Perpetual stock management

Personal service company (PSC)

Point of sale (POS)

Prepayments

Producer surplus

Product list

Profit & loss statement (P&L)

Proforma invoice

Purchase order

Purchasing power

Q

Quotation

R

Rateable value (RV)

Recurring invoice

Refund or reimbursement

Registered share

Reminder letter

Revenues

Reverse charge

Rounding

S

Sales

Sales discount

Sales turnover

SEPA

Share

Shareholder

Simplified invoice

Single market

Sole trader

Standing order

Statement of account

Stock management

Subcontractor

Subscription

Supply and demand

SWIFT/BIC codes

T

Tariff

Tax point

Touch ID

Transaction

Transaction fee

U

Unbundling

Unique Taxpayer Reference (UTR)

Unlimited liability

V

Variance

VAT

VAT exemption

VAT Flat Rate Scheme

VAT invoice

VAT number

VAT rate

VAT registration

VAT report

VAT Return

VAT taxable turnover

VAT threshold

W

Wholesaler

Word of mouth (WOM)

Work in process