Learn the UK Tax Language

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UK Tax Glossary

Welcome to our Tax Glossary. Here you will find clear and comprehensible definitions of most of the tax terms you will face when dealing with UK income tax. This Glossary will help you understand the tax language, however it will not offer direct solutions to your tax issues. If you need further advice on any of those tax terms - just ask a tax adviser and get a free consultation right now!

Letter: E

Earned Income: This is monies received in relation to one's work and can be received from employment, directorship or self-employment. A similar but broader term is Non-savings Income.

Emergency tax: This applies when one starts a new job and does not have a P45 from previous employment(s). In this case the new employer uses an "emergency tax code" while the Tax Office sorts out the proper tax code. Most often it results in paying the wrong amount of tax.

Emoluments: "Emoluments" include all salaries, fees, wages, perquisites, including benefits in kind and profits whatsoever.

Employee: An employee is an individual who works under the control of and as part of the business of another.

Employment Pages: A set of supplementary pages to the standard Tax Return form. Normally, employees are not required to file a Tax Return, however in some cases (e.g. if they had benefits in kind) a Tax Return will be required and the Employment Pages should be enclosed with it.

Enquiries: The HMRC can make enquiries into one's self assessment tax return up to 22 months from the end of the tax year to which the return relates.

Enterprise Investment Scheme: EIS is designed to encourage investment in unquoted companies. Subject to certain criteria, tax relief is available on money invested in start up businesses, with the possibility of getting the investment back at a later date.

Estate: The whole of one's possessions, especially all the property and debts left by one at death.

ETI Scheme: Stands for "Employee Tax Installment Scheme" - the Guernsey analogue of the British PAYE (pay as you earn) system. Just as in the UK, this system is operated by employers through tax coding issued by the tax office. Deductions are weekly or monthly.

Exempt Income: Income which is exempt from UK tax. Examples include premium bond prizes, some social security benefits, damages for personal injury.

Expenses: When referring to employment - expenses which are wholly, exclusively and necessarily incurred in the performance of the duties of employment. These qualify for tax relief.

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