Ever wondered what R&D actually stands for?
Being told you need a P11d and have no idea what that form’s for?
You can use our free online tax glossary to get tax terms explained in a simple and easy to read format.
Like most areas of life, HMRC have their own specialist language that is incredibly efficient for them to organise and process our massive tax system. It literally has to cater for every possible permutation of each taxpayer’s financial situation. This makes for an enormous set of rules, with many sub sections, most of which will never apply to you. That is one of the trickiest things about it – every situation really considered on an individual basis.
At TRS, we think that everyone should be able to access our tax system. It is involved in just about every area of our lives. There’s no getting away from its influence from the moment we are issued our National Insurance Number. It is really important that taxpayers have access to reliable facts about their tax position. HMRC’s section on GOV.UK does contain all the information you could possibly need. But it can still be rather impenetrable, particularly if you just want to quickly check the definition of something.
Online tax glossary
That’s why we decide to create our Online Tax Glossary. It forms that bridge of understanding between HMRC’s very detailed information and what you actually want to know.
As you would expect, everything is in alphabetical order. You can go straight to what you need and perhaps skim through some other useful bits along the way. It includes terms relating to PAYE tax rebates, self employment and national insurance.
We have included links to other high authority sites where appropriate. This includes our more in depth Tax Rebate Services guides, TRS FAQs and the specific page within HMRC’s website. We have included these sign posts because sometimes the first thing you wanted to find out, leads you to more questions. We have pointed you in the right direction, to save you time.
As we keep our own knowledge current, you know that you will only find the most up-to-date information in our Online Tax Glossary.
