Learn: the terms behind your business bills and rewards

Terms

• What is PAYE?
  PAYE explained for employers: what it is, who must register, what the monthly bill includes, and when it is paid.
• What is VAT?
  VAT explained for businesses: what it is charged on, the three rates, when a business must register, and how input and output VAT work.
• What is National Insurance?
  National Insurance explained for employers: employee and employer Class 1 contributions, category letters, and how it is paid with PAYE.
• What is a UTR number?
  The Unique Taxpayer Reference explained: what it is, who gets one, where to find it, and what it is used for.
• What is Corporation Tax?
  Corporation Tax explained: who pays it, what it is charged on, how it is worked out and when it is due.
• What are business rates?
  Business rates explained: which properties they apply to, how the bill is calculated from rateable value and the multiplier, and who collects them.
• What is a VAT registration number?
  The VAT registration number explained: its format, where to find it, where it must appear, and how it differs from other HMRC references.
• What is a VAT return?
  The VAT Return explained: what it reports, how often it is due, the deadline, and what happens when it is late.
• What is a VAT invoice?
  The VAT invoice explained: when one must be issued, what it must show, and why the customer needs it.
• What is Avios?
  Avios explained: whose currency it is, what one is worth, how it is earned and spent, and how a UK business earns it on its bills.