Tax Glossary
Welcome to the TWD Accountants Tax Glossary. To help you interpret the jargon that you can come across in dealing with your tax, our team of experts have written a brief explanation for hundreds of technical terms. Click on a letter to show entries.
An occupational or company pension is established by an employer to provide pension benefits to individuals in respect of their service as employees.
Ordinary residence means greater permanance than residence. This is the place where you normally live. Ordinary residence determines individual liability to income tax and capital gains tax in the UK.
On commencement of a business or change of accounting period, the overlap rules have the effect of taxing the same profits in two successive years of asssessment. The 'overlap profit' is the amount that has been taxed twice. Relief for overlap profit is given by way of a deduction from profits when there is a change of accounting period resulting in a basis period of more than 12 months or, on cessation of the business.
As from 1 April 2010 this relief relaces error or mistake relief.
A individual can claim overpayment relief to reclaim income & capital gains tax as well as class 4 NIC or to reduce an excessive assessment. The claim must be made within 4 years following the end of the tax year to which the return relates.
Claims must state the amount that the individual believes they have overpaid and that they are making a claim for overpayment relief under Schedule 1AB TMA 1970. It should also show, the tax year, the grounds for the claim, whether there has already been an appeal for the year in question and if required documentary evidence of the claim. The claim should also be signed.
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