Glossary

If you don’t understand a word, look no further

Accountant

An accountant is a professional who performs accounting functions such as account analysis, auditing, or financial statement analysis.

Accounting

Accounting is the process of recording financial transactions pertaining to a business.

Accounts Preparation

Statutory accounts preparation means completing the right documentation from your financial records for submission to HMRC.

Accounting Software

Accounting software is a computer program that assists accountants in recording and reporting a firm’s financial transactions.

Allowable Expenses

Allowable expenses are essential business costs that are not taxable.

Audits

The purpose of an audit is for an independent third party to examine the financial statements of an entity.

Bank Accounts

A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded

Benchmarking

Benchmarking is defined as the process of measuring products, services, and processes against those of organizations known to be leaders in one or more aspects of their operations.

Bookkeeping

Bookkeeping is the process of recording your company’s financial transactions into organized accounts on a daily basis.

Bookkeeping Health Check

This is where we carry out a number of checks to ensure that good bookkeeping practices are in place.

Business Growth

Business Growth is a stage where the business reaches the point for expansion and seeks additional options to generate more profit.

Business Health Check

The business health check gives you a very easy way to find out how well your business is doing and highlights the areas that are doing well and the areas that are doing not so well.

Business Plans

A business plan is a written document that describes your business. A business plan helps you to: clarify your business idea. spot potential problems.

Business Support Services

Business support services means establishments primarily within structures, providing other businesses with services including maintenance, repair, and service, testing, rental, etc.

Business Support Sessions

Business support sessions are meant to help your business develop by analyzing their current situation, reviewing their issues and providing constructive feedback and strategies to overcome those issues.

Business Valuations

A business valuation is a general process of determining the economic value of a whole business or company unit.

Company Formation

Company formation is the process of incorporating (registering) a business in the form of a limited company.

Company Secretarial Services

Company secretarial services are not the traditional work of a secretary, as the name might suggest, but rather it refers to the level of administrative function within a business that ensures good corporate governance, effective administration and compliance with legislation, laws and regulations that govern business and industry.

Contractors

Contractors are businesses that agree to conduct work for another entity as specified under the terms of a contract.

Employee Remuneration Planning

A remuneration package is the complete bundle of pay, benefits and perks given (or offered) to an employee.

Employment Status

Employment status is a general term referring to the relationship between an employee and their current or former employer.

Enlightenment

The accountancy blog from Seagrave French

Factoring

Factoring is the selling or transferring of accounts receivable in order to gain funds that are immediately available. A company sells its receivables to another company, which is called a factor.

Inheritance Tax Planning

Inheritance Tax planning is about passing the proceeds of an estate to chosen beneficiaries rather than to HMRC.

IR35

The purpose of IR35 is to tackle tax avoidance from businesses that are designating their workers as disguised employees and contractors that are designating themselves as disguised employees.

Knowledge Bank

A Knowledge Bank is a published collection of information that includes answers to frequently asked questions, how-to guides, and troubleshooting instructions. It’s designed to make it easy for people to find solutions to their problems without having to ask for help.

Limited Company

A limited company is a type of business structure whereby a company is considered a legally distinct body.

Management Accounts

Management accounts are a type of financial report, providing insight into the financial performance of your business.

Management Information

Management information (MI) is any data that relates to business activity, including information about customers, staff and sales.

Management Systems

A management system is the way in which an organization manages the interrelated parts of its business in order to achieve its objectives.

Payroll

Payroll is the process of paying salary to a company’s employees.

PAYE

PAYE stands for ‘Pay As You Earn’. PAYE ensures that the yearly amounts you have to pay are collected evenly on each pay day over the course of the tax year. PAYE is also used for people who receive an occupational pension from a previous employer.

Personal Tax

Personal tax is the tax on your earnings.

Property Tax

Property tax is a tax paid on property owned by an individual or other legal entity.

Raising Finance

When someone finances something such as a project or a purchase, they provide the money that is needed to pay for them.

Registered Office

A Registered Office, is considered an entity’s official address where formal government correspondence and other company mailings can be sent and confirmed as received by the organization.

Seagrave French

Seagrave French is Nottingham’s top certified chartered accountant & business adviser.

Strategic Plan

Strategic planning is the art of creating specific business strategies, implementing them, and evaluating the results of executing the plan, in regard to a company’s overall long-term goals or desires.

Tax Advisors

A tax advisor is a financial professional who provides advice on strategies to minimize taxes owed while staying within the scope of the law and regulation.

Tax consultants

Tax consultants help clients with a variety of tax-related issues. Mainly, they make sure clients comply with tax rules and regulations.

Tax Disputes

Tax Dispute means any contention by a Tax authority that a liability to Tax may arise or that a Tax Relief may not be available.

Tax Enquiry

A tax enquiry is the process by which HMRC check in detail that the information on a tax return is correct and complete.

Tax Planning

Tax planning is the legal process of arranging your affairs to minimise a tax liability.

Trusts

A trust is a legal arrangement for managing assets. In a trust, assets are held and managed by one person or peopleto benefit another person or people.

VAT

VAT stands for Value Added Tax and is a general tax placed on almost all goods and services sold. The simple principle behind VAT is consumers pay a tax on the products they buy based on the value of the product.

VAT Return

A VAT return is a form you file with HMRC, usually four times a year, to show how much VAT you are due to pay them.

VAT registration

VAT registration is the process of listing your business with the government as active in production and sales.

Vat Health Check

The health-check involves checking a business’s VAT procedures as well as looking into ways to maximise recovery on costs.

Contact Us

Whatever your ambitions, we will commit to them wholeheartedly and deliver the premium service you deserve. Get in touch today to book a chat with the experts at Seagrave French.

enquiries@seagravefrenchbaa.com

0115 9415193

1 Poplars Court, Lenton Lane, Nottingham, NG7 2RR

M-F: 9am-5pm, S-S: Closed

Seagrave French Chartered Accountants

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