Business Accounting Glossary of Terms

General

• AEO - Attachment of Earnings Order
• CSL - Collection of Student Loans
• EDI - Electronic Data Interchange
• FBI - Filing by Internet
• ISFP - Internet Service for PAYE
• SAP - Statutory Adoption Pay
• SMP - Statutory Maternity Pay
• SPP - Statutory Paternity Pay
• SSP - Statutory Sick Pay

Tax

• HM Revenue & Customs (HMRC) - Her Majesty's Revenue & Customs
• Income Tax Year- Defined from 6 April in one year and ending on 5 April in the following year. E.g. the 2011-12 tax year starts on 6 April 2011 and ends on 5 April 2012
• PAYE - Pay As You Earn
• WTC - Working Tax Credit

Thresholds and Limits

• ET - The Earnings Threshold
• LEL - The Lower Earnings Limit
• UEL - The Upper Earnings Limit

National Insurance

• NIC - National Insurance Contributions
• NICO - National Insurance Contributions Office
• NINO - National Insurance Number

Pensions

• COMP - Contracted-out Money Purchase Scheme
• COSR - Contracted-out Salary Related Scheme
• OPRA - Occupational Pensions Regulatory Authority
• SCON - Scheme Contracted Out Number
• SERPS - State Earnings Related Pension Scheme