Glossary
UK business admin glossary
Short definitions for the Companies House, HMRC and record-keeping terms first-time business owners meet.
- Annual accounts
- Accounts prepared from company records at the end of the financial year and filed with Companies House. Read more about annual accounts
- Company Tax Return
- The HMRC return used by companies to report profit or loss and work out Corporation Tax. Read more about company tax return
- Confirmation statement
- A Companies House filing used to confirm that key company information is accurate. Read more about confirmation statement
- Corporation Tax
- Tax paid by limited companies and certain organisations on taxable profits. Read more about corporation tax
- Director responsibilities
- The legal and admin duties a UK limited company director remains responsible for, even when they hire help. Read more about director responsibilities
- Self Assessment
- The HMRC system many sole traders use to report income and pay Income Tax and National Insurance based on profits. Read more about self assessment