Accountants, taxation and business advisers

Accountancy isn’t always as complicated as you may think, however with any financial service there’s always a little jargon involved. Let us help.

Companies House
The UK’s registrar of companies

FPS
Full Payment Submission (the submission you make to HMRC when you pay your employees)

HMRC
Her Majesty’s Revenue and Customs (the people who collect your taxes)

Limited company
A private company which is a distinct entity from its owners

LLP
Limited Liability Partnership (where some or all partners have limited liabilities)

PSC register
A register of People with Significant Control in relation to a company

RTI
Real Time Information (the real-time submission made to HMRC when paying employees)

Sage
Market leader for integrated payroll, accounting and payment systems

SME
Small and Medium-sized enterprises (companies with less than 250 employees)

SMP
Statutory Maternity Pay (what employees earn when on parental leave)

Sole trader
Someone who sets up and owns their own business

SPP
Statutory Paternity Pay (what employees earn when on parental leave)

SSP
Statutory Sick Pay (what employees earn when absent from work through illness)

VAT
Value Added Tax (a tax based on the value of goods or services)