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Limited Company

Limited Company Terminology

It's bad enough starting your own Limited Company without having to adjust to the jargon. Don't worry too much, we are here to help, so you're not on your own.

In a few months you will be used to the Limited Company jargon and be confident that if there is something you're unsure of, we are only a quick call away. Here are some abbreviations and explanations, to assist you:

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