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.
Means using the tax rules to your best advantage. If you have used a scheme or arrangement to obtain a tax advantage you are required to disclose the details to H M Revenue & Customs. Failure to do so will result in penalties.
Means illegally reducing your tax bill by: -
Understating your income;
Excessive claim for expenses;
Deliberately falsifying the nature of transactions, etc. In such cases you may face criminal prosecution as well as being required to pay the tax lost plus interest and penalties.
Tenancy in Common A tenancy in common is where:
The owners can have unequal interests in the property
The interest of any owner passes on death under their will or, if there is no will, under the rules of intestacy
The share of a tenant in common is usually in proportion to the money they put in to buy the joint property