In recent weeks, we’ve shared a series of articles drawn from the Essential Guide To Starting A Business, published by X-Forces Enterprise and British Business Bank. This time we’re pleased to present a ‘jargon buster’ to help you smoothly navigate the Guide itself.
Below you’ll find explanations of some of the commonly used financial and business terms:
– Balance sheet – A statement that outlines a business’s assets, liabilities, and shareholder’s equity at a specific point in time
– Cash flow statement – A statement that shows the money coming in and going out of a business
– Corporation Tax – A tax paid on the profits made by limited companies
– Imposter syndrome – The feeling of self-doubt about your skills, talents, or accomplishments
– Intellectual property (IP) – intangible assets created by intellect, such as branding, logos, slogans, inventions, photographs, illustrations, and taglines
– Profit and loss account– A statement showing a company’s income and expenses at a specific point in time which indicates whether it is making a profit or loss
– Search engine optimisation (SEO) – The tactics used to improve where a website appears in search results
– Seed Enterprise Investment Scheme (SEIS) – A government scheme that provides tax relief to investors backing small businesses
– Value Added Tax (VAT) – A tax applied to the sale of most goods and services.
Learn more about the context around these terms and a plethora of other information in the Essential Guide To Starting A Business here.
