The Accounting Standards Committee (ASC) was a joint committee established in 1976 to create and issue accounting standards in the UK. It was later replaced by the Accounting Standards Board (ASB) due to concerns about its effectiveness.
Alternative finance arrangements refer to specific lending structures compliant with Islamic law, as defined under UK Finance Acts, ensuring tax levies and reliefs align with traditional interest-based frameworks.
A Gross Ton (GT) is a unit of weight commonly used in the United Kingdom and United States for measuring heavy masses, equivalent to 2,240 pounds in the Avoirdupois system, traditionally employed in shipping and heavy industries.
The minimum wage is the lowest legal rate of remuneration that employers must pay workers. It varies by region, age, and employment type, aiming to ensure a basic standard of living for workers.
The Pay-As-You-Earn (PAYE) system is a method of paying income tax and national insurance contributions to the revenue authorities based on an employee’s regular earnings.
The Serious Fraud Office (SFO) is a governmental agency established in 1987 that investigates and prosecutes serious or complex fraud and corruption cases in England, Wales, and Northern Ireland. Operating as part of the UK criminal justice system, the SFO handles cases that go straight to the Crown Court without a committal for trial.
Stamp Duty Land Tax (SDLT) is a tax levied on the purchase of property or land in the United Kingdom. The tax is paid by the buyer and varies depending on the value and type of property.
Uniform Business Rate (UBR) is a standardized rate set by the government used to calculate non-domestic property taxes in the United Kingdom.
