Contractors Limited Company Limited Company Terminology
Professional Online Accounting for Contractors and Small BusinessesLimited Company Terminology
AIA: Annual Investment Allowance (capital costs)
AMAPs: Approved Mileage Allowance Payments
B&B: Bed & Breakfast
BIK: Benefit in Kind (where the employee is subject to income tax and National Insurance Contributions and the employer pays Class 1 A and National Insurance Contributions)
CHAPS: The Clearing House Automated Payment system (instant/same day money transfer from one bank to another)
Class 1A NICs: Employers National Insurance Contributions charge for the employer on expenses and benefits of an employee
CT: Corporation Tax
ICTA; Income and Corporation Taxes Act (1988)
ITEPA: Income Tax Earnings & Pensions Act (2003)
LEL; Lower Earnings Level
MAR: Mileage Allowance Relief
MAPs: Mileage Allowance Payments (via a dispensation)
NICs: National Insurance Contributions
P11d: Record of employee expenses and benefits not covered by an HMRC dispensation
SATR: Self-Assessment Tax Return
