Glossary
Quick reference for common UK terms. Definitions are simplified—use official guidance for compliance.
- Making Tax Digital (MTD)
- HMRC programme requiring digital records and compatible software for taxes in scope. Official overviews: MTD for VAT, MTD for Income Tax. Also: our MTD basics guide.
- MTD for Income Tax (ITSA)
- MTD for Income Tax Self Assessment applies in stages from 6 April 2026 using qualifying income thresholds set by HMRC (£50,000 / £30,000 / £20,000 steps—see GOV.UK). Our guide · HMRC: Use MTD for Income Tax.
- VAT registration threshold
- Taxable turnover above which you must usually register for VAT. The UK threshold was raised to £90,000 from 1 April 2024—confirm on GOV.UK. Our VAT registration thresholds guide.
- VAT quarter
- Three-month period used for VAT returns; dates depend on your VAT stagger.
- Self Assessment
- HMRC system for reporting income and gains not fully taxed at source; key deadlines on GOV.UK. Self Assessment guide.
- CT600
- Company Tax Return form for Corporation Tax—filed with HMRC alongside accounts where required. Corporation Tax basics.
- Confirmation statement
- Annual Companies House filing confirming key details about a company’s officers and structure (formerly annual return). Companies House filings guide.
- Companies House
- UK registrar of companies; handles incorporation and certain public filings for limited companies and LLPs. See starting a business.
- HMRC
- His Majesty’s Revenue and Customs—UK tax and customs authority.
- Sole trader
- Self-employed individual trading in their own name; unlimited liability. Contrasts with a limited company.
- Reconciliation (supplier)
- Process of matching supplier statements and payments to your ledger. Supplier reconciliation hub (optional product links).