The Forum Jargon Buster is a great way to find out what some of the common words or definitions mean, that we use on a daily basis.
It is always difficult understanding terminology and definitions when you are trying to run a business. The Forum has put together in plain English what many of the terms, words and phrases mean.
Click on the letters above to display words in alphabetical order and are updated weekly).
Accounting period
A range of time in which accounting functions are performed, aggregated and analysed.
Accounting Records
Documentation and books used in the preperation of financial statements. They include records of assets, liabilities, monetary transactions, ledgers, journals, checks and invoices.
Accounting Reference date (or ARD)
The end of a limited company or limited liability company’s financial year.
Agency Worker
An agency worker provides work or services to a company but is contracted and paid by an agency, rather than the company.
Allotment of Shares
Creation and Issue of shares to share holders or third parties from the company
Articles of Association
The internal rules that set out how the company is run and are binding on the company and all of its shareholders (or members)
Assets
Resources or things of value that can be converted in to cash. Assets are owned by individuals and businesses
Auditor
Someone who examines financial records and ensures businesses are run efficiently. They follow cash flow from beginning to end, ensuring all funds are accounted for properly
Auto-enrolement
A work place pension arranged by your employer. Employees are automatically entered in to the scheme unless they decide opt out. To be eligible for the scheme employees must be between 22 and 74 and earn over £10,000 per year
Absence
People are absent from work for 3 main reasons – they are sick, they are unable to come to work because of personal responsibilities or they are on authorised leave such as holiday
Adoption leave and pay
Qualifying employees who have been matched with a child for adoption may take up to 52 weeks adoption leave and may also be entitled to 39 weeks of statutory adoption pay. If you are a couple adopting a child one may take adoption leave and the other parent may be able to take paternity leave or shared parental leave
Age Audit Tool
This is a survey tool to help assess employee attitudes towards age in your business
Absence
People are absent from work for 3 main reasons – they are sick, they are unable to come to work because of personal responsibilities or they are on authorised leave such as holiday.
AAL
Additional Adoption Leave.
ASPP
Additional Statutory Paternity Pay.
Acas
Advisory, Conciliation and Arbitration Service.
ADR
Alternative Dispute Resolution.
AML
Aditional Maternity Leave.
APL
Additional Paternity Leave.
Age Discrimination
When a person is treated differently or stereotyped because of their age.
Agency Workers
Individuals that are supplied by an employment business to a client, who then work under the client’s direction and supervision.
Alcohol and Drugs Policy
To ensure the health and safety of all employees and visitors, by having rules set in place in regards of the possession and use of alcohol and drugs, in the work environment.
Annual Leave
The set amount of days or hours that employees are permitted to be away from their work placement, without any consequences.
Antenatal Appointments
An appointment for where pregnant employees are entitled to paid time off including travel time, to check up on the health of the unborn child and mother.
Anxiety in the Workplace
When an individual has a feeling of being nervous, worried or at unease within in their workplace. This can be caused by various reasons such as meeting with deadlines, maintaining professional and personal relationships, the management of a team, dealing with problems, creating presentations and presenting them.
Appraisals
When an employee’s line manager has been examining them to give positive feedback on their qualities and success and help with any needs they may need.
Apprentice
An individual who is learning a trade from skilled employees, whilst working for a reduced wage to substitute the cost of their education fee.
Arbitration
Arbitration is a way to resolve disputes outside the area of the courts in a non-judicial view.
Board of Directors
A group of individuals elected or appointed who jointly oversea the activities of a company.
Broker
Someone who arranges transactions between a buyer and a seller, in return for commission.
Business Plan
A document that describes your business. Covering objectives, strategies, sales, marketing and financial forecast. For a Guide on Business Planning see Business Resources.
Business Rates
A tax, set by the government on business property.
Balance sheet
a statement of the assets, liabilities, and capital of a business or other organisation at a particular point in time, detailing the balance of income and expenditure over the preceding period.
Business model
a plan for the successful operation of a business, identifying sources of revenue, the intended customer base, products, and details of financing.
Business Partner
A commercial entity with which another commercial entity has some form of alliance. This relationship may be a contractual, exclusive bond in which both entities commit not to ally with third parties.
Business Proposal
A proposal is a written offer from a seller to a prospective buyer. Business proposals are often a key step in a sales process. See also Proposal.
BACS
Bankers’ Automated Clearing Service.
Being Monitored in the Workplace
Employers will monitor employees to improve productivity within different departments. They can also gather information about the workload and locations of employees.
Bereavement
A condition when an individual has been deprived of something or someone valuable to them.
Blogging
A website in which a writer or a group of writers create and input entries for audiences to read.
Breastfeeding in the Workplace
Employers may provide designated private areas for employees to have a flexible schedule for expressing milk during their working hours. The employer may also give them part time contracts in able to do this in the privacy of the employees home or provide them with an extended maternity.
Bribery
An act where one will give a person money or a present, in order for them to do something for them in return.
Bullying and Harassment
An act that makes an individual feel offended, degraded, humiliated or intimidated by unnecessary behavior carried out either by an individual or a group of people.
Capital
Cash or other assets introduced into a business by the owners.
European Conformity (CE)
The French phrase “Conformité Européene” which literally means “European Conformity”. If a product has CE marking it means is complies with the requirments of European health, safety and environmental protection legislation.
Certificate of Incorporation
A legal document issued to a UK company when it is incorporated (registered) with companies house.
Companies House
Incorporates and dissolves limited companies, registers the information companies are legally required to supply and makes that information available to the public.
Company Accounts
Registered companies in the UK are required to prepare annual accounts for Companies house and HMRC every year. They should include profit and loss account, a balance sheet, directors report, auditors report, name and signature of company director.
Company Law
The law that regulates anti-competitive conduct by companies.
Company Limited by Shares
An incorporated company that has shareholders who have limited liability. The shares cannot be offered to the general public, unlike those of a public liability company.
Company Registration number
This is a unique number given to companies once they become incorporated at companies house. Also known as Companies house number.
Company Secretary
An offical who is on the board of directors of a compnay who deals with financial and legal issues.
Competition Law
The law that regulates anti-competitive conduct by companies. Visit Competition & Markets Authority for more information.
Confidentiality Agreement
A confidentiality agreement (also called a nondisclosure agreement or NDA) is a legally binding contract in which a person or business promises to treat specific information as a trade secret and promises not to disclose the secret to others without proper authorisation.
Confirmation Period/Statement
The annual confirmation statement is a new filing requirement that was introduced on 30th June 2016. It has replaced the annual return (Companies House form AR01) but serves exactly the same purpose in a simplified format. All private limited companies and limited liability partnerships (LLPs) registered in the United Kingdom must deliver at a confirmation statement to Companies House at least once every 12 months, even if the business is dormant.
Consultation period
The length of time to disuss and consult an employee who is at risk of redundancy. The number of employees at risk will determine the length of time the consultation must be. 0-19 employees minimum 14 days, 20-99 employees minimum 30 days, 100 or more employees a minimum of 45 days.
Contract of employment
A contract of employment is an agreement between an employer and employee and is the basis of the employment relationship.
Contractor
A Contractor provides services to a specific client under specific terms. A Contractor, however, can either be classed as a worker, an employee or self-employed.
Corporation Tax
Corporation tax is, quite simply, a tax on company profits. Taxable profit is the sum of its income profits and chargeable gains less certain deductible payments that a company may make.
COSHH
Under the Control of Substances Hazardous to Health Regulations 2002 (COSHH), employers have a duty to prevent or control the exposure of employees to any substances that are hazardous to their health. Employers are also required to carry out an assessment of the risks to employees involved in working with such substances. The COSHH Regulations apply to the self-employed in the same way that they apply to employers.
Credit Rating
An assessment of the credit risk of a potential borrower. Predicting their ability to pay back the debt.
Cyber Crime
A criminal act dealing with computers and networks (called hacking). Additionally, cyber crime also includes traditional crimes conducted through the Internet. For example; hate crimes, telemarketing and Internet fraud, identity theft, and credit card account thefts are considered to be cyber crimes when the illegal activities are committed through the use of a computer and the Internet.
Cyber Security
Protection of systems, networks and data in cyberspace against Cyber crime. This is a critical issue for all businesses.
Cyber Bullying
Using an electronic communication device to bully a person. See Bullying
Conduct Regulator
A regulator will ask companies to improve their conduct policies. They will look at the company and its organisation, the employees and the impact the company has outside the organisation.
Cash Flow Statement
A summary report either of the estimated or actual amount of in comings and outgoing of cash within an organisation in an accounting period such as a month, quarter or year
Consumer Prices Index (CPI)
A measurement of the changes in the price of consumer goods and services.
Career Break
When a person takes a period of time away from employment for various reasons such as raising a child or to take time out for personal or professional development.
Challenging Conversations
When at least two people are engaged in a conversation where their opinions may differ causing emotions to rung strong.
Change Management
The change of the management within an organisation this could be either a change in the management team or how things are managed within the company.
Christmas Holidays
A Christian holiday celebrated around the world. Companies will shut down for a week to give employees time to rest before starting again in the New Year.
Code of Practice
A set of rules in which explains to employees how to work in a professional manor within the work environment.
Collective Bargaining
A negotiation between a company’s management and trade union representing its employees, discussing working conditions such as wages, working hours, working conditions.
Communications
To send out a message, order or notice by using telephone, telegraph, radio, television, email, social media and any channel to get in contact with audiences or a particular individual or group.
Communications in the workplace
The exchange of information between people in the workplace environment.
Compassionate Leave
An authorised absence for personal circumstances
Conditions automatically treated as a disability
A mental or physical disability, which has a long-term effect on a person’s daily life.
Conflict at work
A dispute at a workplace caused by a serious disagreement
Consultation
A meeting taking place to discuss a subject or to get advice or an opinion on the subject
Consulting employees
A consultation meeting between a line manager and employees. See Consultation
Contracts of Employment
A contract that every employee legally needs, stating their role, salary, holiday entitlements, sick pay, rights and more
Conversations
A talk within two or more people where ideas, thoughts and feelings are discussed. People ask questions and answer them or share news or information
Criminal Record Checks
A record of an individual’s criminal history, which is used by employers
E-cigarettes in the workplace
It is up to the employer’s policy if they wish to ban the use of E-cigarettes in the workplace, or to treat them the same as a normal cigarettes.
Marriage and Civil Partnerships
A marriage between two people from either the opposite sex or same sex.
Creditors
An individual or business who owns money
Data Protection Act
The Data Protection Act controls how your personal information is used by organisations, businesses or the government. Everyone responsible for using data has to follow strict rules called ‘data protection principles’.
Debt Finance
Debt financing occurs when a firm raises money for working capital or capital expenditures by selling bonds, bills or notes to individuals and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise the principal and interest on the debt will be repaid.
Director
An appointed or elected member of the board of directors of a company who, with other directors, has the responsibility for determining and implementing the company’s policy.
Director Duties
The Companies Act 2006 outlines the statutory duties of company directors as seven general duties;
Duty to act within your powers as a company director
Duty to promote the success of your company
Duty to exercise independent judgement
Duty to exercise reasonable care, skill and diligence
Duty to avoid conflicts of interest
Duty not to accept benefits from third parties
Duty to declare interest in proposed transaction or arrangement with the company
Directors and Officers Insurance
Directors’ and officers’ liability insurance – also known as D&O insurance – covers the cost of compensation claims made against your business’s directors and key managers (officers) for alleged wrongful acts. Wrongful acts include: breach of trust, breach of duty, neglect, error, misleading, statements, wrongful trading.
Disciplinary
An employer could start formal disciplinary action against an employee if they have concerns about their work, conduct or absence. Disciplinary procedures are a set way for an employer to deal with disciplinary issues. They should include a disciplinary hearing where the employee is given a chance to explain their side of the story. There should also be a chance to appeal any disciplinary action the employer decides to take.
Discrimination
Discrimination means treating a person unfairly because of who they are or because they possess certain characteristics. If you have been treated differently from other people only because of who you are or because you possess certain characteristics, you may have been discriminated against.
Dismissal
A dismissal is when an employees contract is ended. There are 4 different types of dismissal, Fair Dismissal, Unfair Dismissal, Constructive Dismissal, Wrongful Dismissal.
Distance contract
A distance contract is made between you and a consumer where you are not face-to-face and which is negotiated and agreed by one or more organised means of distance communication (e.g. telephone, post, email, internet).
Distance contract
A distance contract is made between you and a consumer where you are not face-to-face and which is negotiated and agreed by one or more organised means of distance communication (e.g. telephone, post, email, internet).
Distributable profits
Distributable profits are essentially the realised profits (after prior distributions or capitalisation) less realised losses (after losses which are written off in a reduction or capital reorganisation).
Dividends
A dividend is a distribution made to shareholders from a company’s post-tax profits. It is a way for a company to give value to the shareholders.
DSE Assessment
Display Screen Equipment – an assessment that takes into account the environment in which the DSE is used, comments made by the user, guidance and information.
Deregistration Threshold
As of the 1st April, 2017 deregistration threshold rose from £81,000 to £83,000.
Data Protection Act
An act created in 1998 which states how information about living people is handled and used
Difficult Conversations
A talk in which opinions, needs and wants differ from one another which can cause emotions to get involved. See Conversations.
Direct Payments
A scheme run by the UK Government that gives people money directly to pay for their own care, instead of a local government authority providing care for them.
Disability Discrimination
When a person living with a disability is treated differently in a negative manor compared to someone who isn’t living with a disability.
Discipline
The ability to make others obey rules that are set, or to behave in a certain manor.
Discipline and grievance hearing
A meeting that takes place between an employer and employee in which discipline can take place, and will also listen to any complaints being said by the employee. See Discipline.
Discipline and grievance: Code of Practice
A code in which helps employers, employees and any representative’s deal with Discipline and grievance hearing in the workplace. See Discipline and grievance hearing.
Discrimination
When a person or group is treated differently for a reason such as race, gender and sexuality.
Dismissing employees
The termination of an employee from a workplace, used as a last resort after investigations are taken place.
Disputes and conflict in the workplace
A disruption in the workplace that can make less production for a business, this can be a person or group with a grievance. See Grievance.
Disputes and problems at work
A disagreement or disturbance to the work environment or an issue with anything that an employee might have.
Diversity
A variety of differences such as a mixed range of age groups at a workplace.
Diwali (Hindu)
The celebration of light, celebrated by the Hindu religion.
Drugs
A medical substance used in the treatment of a person.
Domain Name Suffix
This is an alternative name for a domain name extension.
Domain Name Registrar
This is a company that provides domain name registration services. You can find a list of ‘.uk’ registrars at: www.nominet.org.uk/uk-domain-names/registering-uk-domain/choosing-registrar/list-registrars.
Fair Dismissal
Dismissal is normally fair if an employer can show that it is for one of the following reasons: a reason related to an employee’s conduct, a reason related to an employee’s capability or qualifications for the job, because of a redundancy, because a statutory duty or restriction prohibited the employment being continued, some other substantial reason of a kind which justifies the dismissal and that they acted reasonably in treating that reason as sufficient for dismissal.
Fiduciary
Someone entrusted with the care of money or property.
Financial Conduct Authority (FCA)
A conduct regulator for 56,000 financial firms and financial markets in the UK and the prudential regulator for over 24,000 of them. Also knows as FCA.
Financial Statements
A summary report that shows how a firm has used the funds entrusted to it by its shareholders and lenders, and what is its current financial position. The three basic financial statements are the (1) balance sheet, which shows firm’s assets, liabilities, and net worth on a stated date; (2) income statement (also called profit & loss account), which shows how the net income of the firm is arrived at over a stated period, and (3) cash flow statement, which shows the inflows and outflows of cash caused by the firm’s activities during a stated period. Also called business financials.
Financial year
The financial year is 1 April to 31 March.
Fire Marshall/warden
Fire wardens (or fire marshals as they are sometimes called) must have a structure or frame work to follow within the organisation to allow their role to work in preventing fires. This structure has to be regularly audited and managed to ensure it works and protects staff. Failure to take it serious could result in a significant fire incident. A Fire Wardens roles and responsibilities fall broadly into 2 categories: Proactive day to day duties, Reactive emergency duties.
Fixed-term employee
An employee employed for a fixed period of time, rather than on a permanent basis. If you engage employees temporarily or for a specific task itself, rather than via an employment business, it will often be on a fixed-term basis. Fixed-term employees accrue employment rights in the same way as permanent employees. Note: an employee who is continuously employed under a series of fixed-term contracts for at least four continuous years will be deemed to be a permanent employee.
Flexible working requests
All employees have the right to ask their employer for a change to their contracted terms and conditions to work flexibly. Do do this the employee must have worked for their employer for 26 weeks.
Fire Risk Assessment (FRA)
Fire Risk Assessment must be undertaken to ensure that you are identifying and controlling the fire risks of your operators.
Franchise
A business in which the owners (franchisors) sell rights to their business, including trademark, trade name, and business model. The franchisee must follow certain rules and guidelines already established by the franchisor, and in most cases, the franchisee must pay an ongoing franchise royalty fee to the franchisor.
Franchisee
A franchisee is a person or company that is granted a license to do business under the franchisor’s trademark, trade name, and business model, by the franchisor. The franchisee purchases a franchise from the franchisor. The franchisee must follow certain rules and guidelines already established by the franchisor, and in most cases the franchisee must pay an ongoing franchise royalty fee to the franchisor.
Franchising
A franchise agreement will give you (the franchisee) permission to trade as your own business but under the brand of the other (the franchisor). Usually, you will have to follow a proven business model and you may receive training, advice, guidance and certain consumables to run the business. In some cases, a franchisor may even take a head lease (of premises) and grant a sub-lease to you.A franchisee is a person or company that is granted a license to do business under the franchisor’s trademark, trade name, and business model, by the franchisor. The franchisee purchases a franchise from the franchisor. The franchisee must follow certain rules and guidelines already established by the franchisor, and in most cases, the franchisee must pay an ongoing franchise royalty fee to the franchisor.
Franchisor
The company owning/controlling the rights to grant franchises to potential franchisees.
Funding
Finding financial resources in order to fund a business/project.
Fit for Work
With their consent, employees are referred to an occupational health professional who will identify obstacles preventing the employee from returning to work, and develop a Return to Work Plan tailored to the employee’s needs.
First Job
An individual’s first employment placement.
Fit Note
Short for Fitness for Work is a statement from an individual GP or hospital stating if they think they are not fit to work.
Fixed-term work
A contract that gives an employee a certain date that their employment will be terminated or once a certain project or task is completed.
Front line managers
Either a first or second level of management who are responsible for the supervision of employees and the running of a workplace team.
The right to request flexible working
Employees have a right to ask employers for a change in their contract terms and conditions of hours as long as they have work at the business for 26 weeks.
HACCP
Hazard Analysis and Critical Control Points assessment.
Harassment
Harassment is when someone behaves in a way which offends you or makes you feel distressed or intimidated. This could be abusive comments or jokes, graffiti or insulting gestures. Harassment is a form of discrimination under the Equality Act 2010. If you’ve experienced this kind of behaviour you may be able to do something about it.
Hazard
Anything that may cause harm
HMRC
Her Majesty’s Revenue and Customers – responsible for the collection of taxes, the payment of state support.
Homeworking
Home working can cover various scenarios: Occasional working, part and part which is working from home and office based, working entirely at home apart from meetings.
HR
Human Resources.
HSE
Having difficult conversations
When a discussion is taken and has a subject that can be about a challenging subject.
HIV at work
A virus that damages a person’s immune system, an employee does not have to reveal their status of it to other employees
Holiday Entitlement
The allowance of an employee’s annual leave
Holiday Leave
Paid time for an employee to have off and do as they wish
Holidays
A time where a person has off for leisure, usually spent in abroad
Homeworking
The act of working at a home instead of a workplace
Hot Weather
Warm and sunny temperatures
HR for Beginners
An introduction to a HR department for a new beginner
The Human Rights Act
UK Law that lets a person defend their rights as a human being
Health and Safety at the Workplace
A set of rules to follow to ensure everyone is safe in a work environment
Joint Tenancy
The holding of an estate or property jointly by two or more parties. The share of each passing to the other or others upon death.
Job Sharing
Two workers share the content of single job by splitting it between them, for example one person working in the morning and one person working in the afternoon
Lay off
A temporary interruption to work and will be specified with terms and conditions of employment contract
Legal Costs / Legal Expenses
The filing of fees, jury fees, court order fees and other expenses incurred in the prosecution of or defence again a civil suit. A court may order a losing party in civil action proceedings to reimburse the successful party for their costs.
Legislation
The processing of making or enacting laws.
Limited Liability Company (LTD)
A privately held small business entity. This type of business entity limits owner liability to their shares limits the number of shareholders to 50 and restricts shareholders from publicly trading shares.
Limited Liability Partnership (LLP)
A partnership which some or all of the partners have limited liabilities. It is, therefore, exhibits elements of partnerships and corporations. In a LLP each partner is not responsible or liable for another parners misconduct or negligence.
Limited Partnership (LP)
when two or more partners unite to jointly conduct business in which one or more of the partners are liable only to the extent of the amount of money that partner has invested. The term can also be referred to as Limited Liability Partnership (LLP).
Loss Adjuster
An insurance employee who will assess the amount of compensation that should be paid after a person has claimed on their insurance policy.
Lone Worker (LV)
An employee who performs the working role in isolation from other works with close or direct supervision. Such staff may be exposed to risk because there is no one to assist them and so a risk assessment may be required.
Limited Liability
The condition by which shareholders are legally responsible for the debt of a business but only to the extent of the nominal value of the share they own.
Lenders
An individual or organisation who lends an item such as money
Lateness
Arriving late from the time specified within a contract to start
Market Value
The recommended amount for which something can be sold on a given market.
Memorandum of Association (MOA)
A legal document prepared in the formation and registration process of a Limited Liability company (LLP) to define its relationship with shareholders.
Minutes
A measurement of time
Minimum Wages
The lowest an organisation can pay a person
Maternity Rights
A pregnant employee has the right to have statutory maternity pay
Moratorium Period
A time where a borrower does not have to pay back a lender. See Lender
Model articles
The most popular form of articles for UK businesses
Method Statement
A business document that has detailed information of the process of a work task
No Definitions Exist
Officers
An officer is any director, manager or secretary or any person who is treated as an officer of the company for the purposes of the provision [in the Companies Act 2006] in question.
Ordinary Resolution
An “ordinary resolution” is a resolution passed by the members (aka shareholders) by a simple majority vote.
Office holder
An individual who has an authoritative position
People with significant Control (PSC)
PSC has the right to exert significant influence or control over the business and management of a limited company or LLP.
PPE
Personal Protective Equipment – employers must provide their employees with the correct PPE as for the Work Regulations 1992.
Proposal
A proposal is a written offer from a seller to a prospective buyer. Business proposals are often a key step in a sales process.
Prescribed Person
Prescribed persons order 2014 sets out a list of over 60 organisations and individuals that a worker may approach outside their workplace to report suspected or known wrongdoing. The person or organisations within the listing have normally been designated as a prescribed person because they have an authoritative or oversight relationship with their sector, often as a regulatory body. Up to date lists can be found here.
Paternity Leave
An authorised absence of work for a father to have after the birth of his child
Permission to work
For anyone to work they need permission, this can be stating your nationality as proof of work in the UK.
Public Liability Insurance
Protects a business, if anyone is killed or injured along with protection of the workplace property
Public Interest Disclosure Act 1998 (PIDA)
Protects people who share information in the eye of the public
Policy
A plan that has been agreed by a business, people or organisation for people to follow and refer back to.
Procedure
A professional and established way of doing something
Prudential regulator
A regulator for The Prudential Regulation Authority which is a financial service.
PILONs
Payments in lieu of notice
No Definitions Exist
RPE
Respiratory Protective Equipment.
Return to Work Interview
Standard procedure to give a short interview with an employee on returning to work after a period of sickness absence or unauthorised absence, and as such may be covered in an employer’s absence policy or company handbook.
Redundancy
There has to be a genuine reason for redundancy because it is the employee’s job or function that is being made redundant, not the person.
Generally, reasons for redundancy may include:
1. A restructuring or reorganisation
2. A need to reduce overheads because of falling sales or increases in losses (it will be necessary to produce figures to demonstrate such losses)
3. An increase in automation, so that there is no longer any requirement to employ the number of individuals previously employed.
Remuneration
Full details of the employee’s pay/salary should be included, as well as the frequency and method of payment.
Registered Office/Address/Premises
A registered office is the official address of an incorporated company, association or any other legal entity.
Renewal
Extending or resuming something for a period of time
Royalty Fee
A fee that a franchisee pays to a franchiser
Retail Prices Index (RPI)
A measurement of the cost changes in retail goods and services
Risk Assessment
An examination on the safety of a building, area, item such as computer to ensure employees are safe
Restrictions on working time
Rules of what can and can’t be done within the time of work
Shareholders
An owner of shares.
Shares
A proportion of a larger amount which is divided amongst a number of people which they become joint owners.
Sole Trader
A person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses.
Special Resolution
A special resolution is a resolution of members passed by a majority of at least 75% of members entitled to vote.
Statutory / Contractual Sick Pay
Employees need to qualify for statutory sick pay (SSP), and must have been off work sick for 4 or more days in a row (including non-working days).
Statutory Adoption Pay
Statutory adoption pay has been £139.58 per week. For the first 6 weeks, the employee will be entitled to 90% of their earnings. Following this 33 weeks will be paid at the statutory adoption pay rate. Some employers do choose to pay more than the statutory rate and this will be stated within the terms and conditions of employment. From the 2nd April 2017, the rate will be £140.98.
Supervisor
An individual in the management team who manages a team or individual at the workplace
Start up guide
A step by step informative book for people needing help
Safety Signs or Signals
A warning to protect people from potential injury
Self-employed
A person who works for themselves
Shareholders Agreements
An agreement that gives all owners of a business protection
Sub-lease
A person who rents a property and then rents out to others
Statutory maternity pay (SMP).
Legal paid time for a pregnant employee to take time off work
Slide share
A online web-hosting site where people can upload and share slideshows
Sales Contract
An agreement between a seller and buyer that covers the sale and delivery of a service, product and other items
Statutory Duties
The law that a organisation has to follow
Trading disclosures
The Company, Limited Liability Partnership and Business (Names and Trading Disclosures) Regulations 2015 (SI 2015/17) set out how you must disclose the company name and other registration details, at the registered office, on company communications etc.
Tax Year
6 April to 5 April.
Trading Disclosures
You are required to display certain information about your company at your premises and on correspondence.
Types of employee
Different kinds of employees such as level status
Trustees
A legal saying where a person has a position of trust who can take decisions
Taxation (Tax)
A legal compulsory contribute taken by the government from workers income and a businesses profit and given to the state revenue
Tax Self-Assessment
A system that collects Income tax used by HM Revenue and customs
Tenant
A person who lives or works in a property that is owned by a landlord
Tribunal
A case that is taken to court to settle a dispute
Trademark
A word or symbol that is registered legally to a person, company or item.
Trade Name
A name that is owned by a certain person or business trade
Tenants in Common
Tenants that have an agreed set of a share between one another. See Tenant
Transfer of Undertakings (TUPE)
A rule that apples to organisations to help protect employee’s rights when they transfer to a new employer
Unauthorised Absence
An odd day off when an employee gives no reason for the absence.
Unlawful Dividend
Insufficient profits exist within the company to cover amounts paid. Companies Act 2006 states, “a dividend or distribution to shareholders may only be made out of profits available for the purpose.”
Unfair Dismissal
Employees of any age are able to make a claim for unfair dismissal (as long as they have 24 months’ service). A dismissal may be fair or unfair, depending on the reason for dismissal and whether the employer acted ‘reasonably’ in the circumstances. You should bear in mind that employment tribunals follow previous legal decisions in deciding/
defining what is ‘reasonable’. To dismiss an employee fairly, you must first have a fair reason for doing so.
URL
A uniform resource locator (URL) is the specific address of a website, web page or file on the Internet. It has the following format: ‘http://www.fpb.org’.
Working At Height
Any situation where a person could be injured by falling, even if the place they fall from is at or below ground level.
- Working at Height Regulations 2005
- Construction (design and management) Regulations 2015
Worker
A person who works in a particular subject
Wrongful Dismissal
When an employee’s contract is terminated but not at a professional level
WHOIS Search
A WHOIS search provides information about a registered domain name. It tells you who owns the domain name, where and when it was registered, and when it is due to expire. It also identifies the servers assigned to the domain name. There are many websites that will let you perform a WHOIS search for free. Go to www.whois.sc, www.whois.net or www.dnsstuff.com for example.
No Definitions Exist
No Definitions Exist
No Defintions Exist