Fiducia TogetherPartial exemption
When you make both VATable and exempt supplies, you cannot reclaim all your input VAT.
Business A to Z
Every trade has words it uses without explaining. In business the cost of not knowing one is real: some of them are ordinary jargon and some of them are a decision that can take a house.
Please note: This page explains what a term means. It is general information, not legal, financial, tax or investment advice, and it does not know anything about your business. Before you sign, file or commit to anything, check it with an accountant, a solicitor, or the official guidance we link to.
Studying business? We write GCSE revision songs, and there is one for business studies. Listen to the revision playlist.
46 terms filed under P, showing 1–10 (page 1 of 5).
P
Partnership
Also called General partnership, LLP, Limited liability partnership
Two or more people in business together. In a general partnership each is liable for all of it.
Partnerships and channel
Selling through somebody else, or alongside them.
Passing off
The common law action against someone trading off your reputation. The fallback when there is no registration.
Patching and updates
Keeping software current. The dullest and most effective security control.
Patent
A monopoly on an invention for up to twenty years, in exchange for publishing it.
Payback period
How long until an investment has paid for itself.
PAYE
Also called Pay As You Earn, Payroll
The system for deducting income tax and National Insurance from wages before they are paid.
Payment processing
Taking card payments: the players, the fees and the rules.
Due date and payment terms
Also called Net 30, Payment terms, Credit terms
When you have agreed to be paid. Negotiable far more often than most small businesses attempt.
Something missing?
If there is a word you have been nodding along to, tell us and we will write it up. This library exists because of the questions people were too polite to ask.
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