Tax Glossary UK - Glossario Tasse Imposte Fiscale UK
- B -
Backwards or Forwards Spreading
It recognises the time taken to complete the work giving rise to the income.
You
may spread income back for two years if it took you between one and two
years to create the work, or back for two years if it took more than
two years to create.
Forwards spreading may apply if you receive a lump sum instead of future annual royalties.
If a customer of a business fails to pay the bill for goods or services received, the unpaid amount is a "bad debt".
Although the sale is included in the declared turnover, the bad debt is an allowable expense.
Where tenants fail to pay rent due, the bad debts are allowable rental expenses.
A type of capital allowance that may be given if you sell an asset for less than its tax written down value.
Balancing
allowances are not given on items of plant that are included in the
general capital allowances pool until the business ceases.
Withdrawal of some or all of the capital allowances previously given.
They arise when fixed assets stop being used in your business.
Balancing
charges may be made on the general capital allowances pool if the
proceeds of sale of pooled assets exceed the tax written down value of
the whole pool.
An approved company that accepts monetary deposits or loans money. In the UK, the Bank of England approves all banks.
Charges
raised by a bank for the day to day running of your bank account such
as overdraft charges, charges levied on the number of cheques issued and
so on.
Bare
Trust is a term used to describe a situation where one party (party A)
holds an asset (such as shares) on behalf of another party (party B).
The
income arising on the asset is taxed as part of party B's taxable
income, and any capital gains as part of party B's capital gains.
Most interest rates are linked to the Base Rate.
The Bank of England meets monthly to decide what the base rate should be set at.
The base rate determines how much other banks and building societies pay for loans they take out from the Bank of England.
These base rates in turn affect the interest rate you pay for loans.Basis of Accounting Accruals
For example you
should include sales you have made but which you have not yet been paid
for, and the cost of electricity which you have used but have not paid
for, even if you have not yet been billed for it.
The
method of accounting which only includes income actually received
during the accounting period and expenses actually paid during the
accounting period.
Some business use a modified cash basis, including income when it is received, but including expenses on an accruals basis.
You may not use the cash basis for accounting periods beginning on or after 7 April 1999.
The period used to identify the profits taxable in any particular tax year.
Normally
the Basis Period is the same as the accounting period, but special
rules apply in the first three tax years of trading, on a change of
accounting date, and on cessation.
Someone
who receives a benefit from someone or something. Most commonly used to
refer to a person who receives income or capital from a trust, or from
the estate of a deceased person.
An
agency belonging to the Department of Social Security which is
responsible for calculating entitlement to, and for paying, state
benefits such as Income Support and so on.
Benefits (from Employment)
Benefits which the Government pays to certain individuals in certain situations.
Examples are jobseeker's allowance, incapacity benefit, disability benefits and so on.
An
extra allowance you are entitled to if your sight has failed and you
are registered as blind (registers do not exist in Scotland or Northern
Ireland).
A free issue of shares to existing shareholders in proportion to their existing shares.
This is the same as a Scrip Issue, but is not the same as a scrip dividend.
An
extra reward paid by employers to employees either at a certain time of
the year such as at Christmas, or in recognition of a good performance.
The bonuses can be anything from cash to a holiday or a valuable asset.
Books, Magazines, References
If
you are employed by a third party, it is very difficult to get tax
relief as they must be bought "wholly, exclusively and necessarily" in
the performance of the employment.
Used
by the bank to identify which branch of that bank holds your account.
It is a series of 6 numbers, which are normally found in the top right
hand corner of your cheques.
Similar to a bank but owned by members of the building society rather than shareholders in a company (bank).
Broadly, you are in business if you are trading with a view to making a profit.
There
are criteria to differentiate between a business and a hobby. If in
doubt, contact the Inland Revenue, accountant or Tax Advisor.
Expenses of a business incurred in earning the profits of the business.
Not all business expenses are allowable for tax purposes.
Income derived by the business from sales, fees and so on.
Losses made by a business where business expenses exceed business income.
You need to adjust business losses to arrive at allowable losses for tax purposes.
Business Start Up Allowance
Travel
between places of work, or to a place of work to carry out duties
there, but excluding private travel and ordinary commuting.
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