A payment on account is an advance payment or part payment towards an outstanding balance or debt, typically not linked to any specific invoice. It is often used in ongoing business relationships where frequent transactions occur.
Pre-financing refers to an arrangement where a buyer, often an importer, finances the activities of a supplier by making an advance payment against future delivery. This practice is sometimes employed as a fair trade policy to support farmers in developing nations.
A retainer is a payment made in advance to a service provider, entitling the client to specific services or guaranteeing the provider's availability for service needs at a future time. Commonly used by attorneys and consultants.
A Tax Deposit Certificate is issued by HM Revenue and Customs (HMRC) to a taxpayer who has made an advance payment for future liabilities such as income tax, capital-gains tax, or inheritance tax. It offers an interest-bearing option for managing tax obligations efficiently.
