Glossary

Too many jargons confuse you so we have created a Glossary list to empower you

GLOSSARY

HMRC: Her Majesty's Revenue and Customs is a non-ministerial department of the UK Government responsible for the collection of taxes, the payment and the administration of regulatory regimes including the national minimum wage.

R&D: Activities undertaken by the companies work directed towards the innovation, introduction, and improvement of products and processes.

SME: Small and medium sized enterprises (SME) having staff less than 500 and a turnover of under €100m or a balance sheet total under €86m

Research and Development Expenditure Credit (RDEC): This is credit that large companies get for working on R&D projects.

SME Subcontracting: bringing in an outside company or individual to perform specific parts of a contract or project that cannot be handled internally.

Advanced Assurance: It enables companies to receive a provisional indication from HMRC whether they may be eligible to apply for tax relief for their investors.

CT600: A form for filing Company Tax Return for Corporation Tax with HM Revenue and Customs (HMRC).

Capital expenditure: Capital expenditure is the money spent on buying and maintenance of its fixed assets, such as land, buildings, vehicles or equipments.

Operating expenditure: An operating expenditure is an ongoing cost for running a product, business, or system.