[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"global":3,"entry:resource:glossary":324},{"id":4,"documentId":5,"siteName":6,"organizationSchema":7,"contactEmail":13,"contactPhones":48,"address":49,"currencyRates":50,"createdAt":70,"updatedAt":71,"publishedAt":72,"logoDark":49,"logoLight":49,"nav":73,"footer":257},1,"ded2oyx8g005xuue0dkk17wm","Accountaire",{"url":8,"logo":9,"name":6,"@type":10,"email":13,"sameAs":14,"address":16,"@context":21,"legalName":22,"telephone":23,"areaServed":24,"knowsAbout":36,"description":46,"foundingDate":47},"https:\u002F\u002Faccountaire.com","https:\u002F\u002Faccountaire.com\u002Flogo.png",[11,12],"Organization","AccountingService","hello@accountaire.com",[15],"https:\u002F\u002Fwww.linkedin.com\u002Fcompany\u002Faccountaire",{"@type":17,"streetAddress":18,"addressCountry":19,"addressLocality":20},"PostalAddress","5 Davis Road, G-8, Shimla Tower","PK","Lahore","https:\u002F\u002Fschema.org","Accountaire (SMC-Private) Limited","+1-925-219-6399",[25,28,30,32,34],{"name":26,"@type":27},"United Kingdom","Country",{"name":29,"@type":27},"United States",{"name":31,"@type":27},"United Arab Emirates",{"name":33,"@type":27},"Canada",{"name":35,"@type":27},"Australia",[37,38,39,40,41,42,43,44,45],"Bookkeeping","Cloud Accounting","VAT","Payroll","Management Accounts","CFO Advisory","Xero","QuickBooks Online","Making Tax Digital","Modern remote accounting for ambitious SMEs. ACCA-qualified team delivering bookkeeping, payroll, tax and CFO advisory across the UK, US, UAE, Canada and Australia.","2022-09-08",[23],null,{"AED":51,"AUD":55,"CAD":59,"GBP":63,"USD":67},{"sym":52,"rate":53,"label":54},"AED ",3.67,"AED",{"sym":56,"rate":57,"label":58},"A$",1.52,"AUD",{"sym":60,"rate":61,"label":62},"C$",1.36,"CAD",{"sym":64,"rate":65,"label":66},"£",0.79,"GBP",{"sym":68,"rate":4,"label":69},"$","USD","2026-06-03T16:16:36.280Z","2026-06-23T19:38:06.501Z","2026-06-23T19:38:05.773Z",{"id":74,"groups":75},31,[76,128,197,238],{"id":77,"title":78,"twoCol":79,"links":80},121,"Services",false,[81,85,88,92,96,100,104,108,112,116,120,124],{"id":82,"label":83,"href":84,"badge":49,"external":79},1949,"Cloud bookkeeping","\u002Fservices\u002Fcloud-bookkeeping",{"id":86,"label":40,"href":87,"badge":49,"external":79},1950,"\u002Fservices\u002Fpayroll",{"id":89,"label":90,"href":91,"badge":49,"external":79},1951,"Tax & 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businesses","\u002Findustries\u002Fcrypto",{"id":198,"title":199,"twoCol":79,"links":200},123,"Software",[201,205,210,214,218,222,226,230,234],{"id":202,"label":43,"href":203,"badge":204,"external":79},1977,"\u002Fsoftware\u002Fxero","Certified",{"id":206,"label":207,"href":208,"badge":209,"external":79},1978,"QuickBooks","\u002Fsoftware\u002Fquickbooks","ProAdvisor",{"id":211,"label":212,"href":213,"badge":49,"external":79},1979,"FreeAgent","\u002Fsoftware\u002Ffreeagent",{"id":215,"label":216,"href":217,"badge":49,"external":79},1980,"Sage","\u002Fsoftware\u002Fsage",{"id":219,"label":220,"href":221,"badge":49,"external":79},1981,"Zoho 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modern remote finance team for ambitious businesses across the UK, US, UAE, Canada and Australia.","© Accountaire (SMC-Private) Limited. All rights reserved.",[261,265,269],{"id":262,"label":263,"href":264,"badge":49,"external":79},2006,"Privacy","\u002Flegal\u002Fprivacy",{"id":266,"label":267,"href":268,"badge":49,"external":79},2007,"Terms","\u002Flegal\u002Fterms",{"id":270,"label":271,"href":272,"badge":49,"external":79},2008,"DPA","\u002Flegal\u002Fdpa",[],[275,291,304],{"id":276,"title":78,"links":277},91,[278,280,282,284,286,288],{"id":279,"label":83,"href":84,"badge":49,"external":79},1991,{"id":281,"label":40,"href":87,"badge":49,"external":79},1992,{"id":283,"label":90,"href":91,"badge":49,"external":79},1993,{"id":285,"label":94,"href":95,"badge":49,"external":79},1994,{"id":287,"label":98,"href":99,"badge":49,"external":79},1995,{"id":289,"label":290,"href":103,"badge":49,"external":79},1996,"Catch-up",{"id":292,"title":240,"links":293},92,[294,296,298,300,302],{"id":295,"label":26,"href":244,"badge":49,"external":79},1997,{"id":297,"label":29,"href":247,"badge":49,"external":79},1998,{"id":299,"label":31,"href":250,"badge":49,"external":79},1999,{"id":301,"label":33,"href":253,"badge":49,"external":79},2000,{"id":303,"label":35,"href":256,"badge":49,"external":79},2001,{"id":305,"title":306,"links":307},93,"Company",[308,312,316,320],{"id":309,"label":310,"href":311,"badge":49,"external":79},2002,"About","\u002Fabout",{"id":313,"label":314,"href":315,"badge":49,"external":79},2003,"Pricing","\u002Fpricing",{"id":317,"label":318,"href":319,"badge":49,"external":79},2004,"Blog","\u002Fblog",{"id":321,"label":322,"href":323,"badge":49,"external":79},2005,"Contact","\u002Fcontact",{"id":325,"documentId":326,"title":327,"slug":328,"body":329,"createdAt":330,"updatedAt":330,"publishedAt":331,"seo":332},2,"vhfywtx1849di8fosri29vhg","Accounting and tax glossary.","glossary","\u003Csection class=\"page-header\"> \u003Cdiv class=\"container\"> \u003Cdiv class=\"crumbs\">\u003Ca href=\"\u002F\">Home\u003C\u002Fa>\u003Cspan>\u002F\u003C\u002Fspan>\u003Cspan>Resources\u003C\u002Fspan>\u003Cspan>\u002F\u003C\u002Fspan>\u003Cspan>Glossary\u003C\u002Fspan>\u003C\u002Fdiv> \u003Cspan class=\"eyebrow\">Resources\u003C\u002Fspan> \u003Ch1 style=\"margin-top:20px;\">Accounting and tax glossary.\u003C\u002Fh1> \u003Cp class=\"lead\">This accounting and tax glossary defines every acronym used across the site, once, with the authority that owns the term and the page that covers it in depth. It spans five markets: the United Kingdom, the United States, the United Arab Emirates, Canada and Australia, from HMRC's MTD rules to ASC 606.\u003C\u002Fp> \u003C\u002Fdiv> \u003C\u002Fsection> \u003Csection class=\"section\"> \u003Cdiv class=\"container\"> \u003Cdiv class=\"post-doc\"> \u003Cp>This glossary defines the accounting, tax and compliance terms used across Accountaire's service, industry and market pages, covering the United Kingdom, United States, United Arab Emirates, Canada and Australia. Each definition states what the term means, which authority owns it, and where on this site the subject is covered in depth. Terms that need more than a paragraph link through to the longer treatments on the \u003Ca href=\"\u002Fblog\">Accountaire blog\u003C\u002Fa>.\u003C\u002Fp> \u003Ch2>Accounting and tax glossary: United Kingdom terms\u003C\u002Fh2> \u003Ch3>IR35 and the off-payroll working rules\u003C\u002Fh3> \u003Cp>Tax rules deciding whether someone working through their own limited company should be taxed as an employee. Since 6 April 2021, medium and large private sector clients make the determination and the fee payer operates PAYE. HMRC's guidance is \u003Ca href=\"https:\u002F\u002Fwww.gov.uk\u002Fguidance\u002Funderstanding-off-payroll-working-ir35\" rel=\"noopener\" target=\"_blank\">Understanding off-payroll working\u003C\u002Fa>. Covered in full in our \u003Ca href=\"\u002Fblog\u002Fir35-guide-2026\">IR35 guide for contractors\u003C\u002Fa>.\u003C\u002Fp> \u003Ch3>Status Determination Statement (SDS)\u003C\u002Fh3> \u003Cp>The written statement a client must give a worker and the party it contracts with, setting out its IR35 conclusion and the reasons for it. It must be reached with reasonable care, and the client has 45 days to respond to any disagreement. Relevant to \u003Ca href=\"\u002Findustries\u002Ffreelancers\">freelancers and contractors\u003C\u002Fa>.\u003C\u002Fp> \u003Ch3>CEST\u003C\u002Fh3> \u003Cp>HMRC's \u003Ca href=\"https:\u002F\u002Fwww.gov.uk\u002Fguidance\u002Fcheck-employment-status-for-tax\" rel=\"noopener\" target=\"_blank\">Check Employment Status for Tax\u003C\u002Fa> tool, which produces an employment status result from answers about substitution, control and financial risk. HMRC stands behind the result only where the inputs are accurate and reflect actual working practices.\u003C\u002Fp> \u003Ch3>CIS (Construction Industry Scheme)\u003C\u002Fh3> \u003Cp>A withholding regime requiring contractors to deduct 20 per cent from registered subcontractors, 30 per cent from unregistered ones and nothing from those with gross payment status, on the labour element of each payment. See \u003Ca href=\"https:\u002F\u002Fwww.gov.uk\u002Fwhat-is-the-construction-industry-scheme\" rel=\"noopener\" target=\"_blank\">HMRC's CIS overview\u003C\u002Fa>, our \u003Ca href=\"\u002Fblog\u002Fcis-scheme-explained\">CIS scheme explained\u003C\u002Fa> guide and our \u003Ca href=\"\u002Findustries\u002Fconstruction\">construction accountants\u003C\u002Fa> page.\u003C\u002Fp> \u003Ch3>Gross payment status\u003C\u002Fh3> \u003Cp>An HMRC status allowing a construction subcontractor to be paid without deduction. It requires business, turnover and compliance tests to be met, is reviewed annually, and since 6 April 2024 VAT compliance forms part of the test.\u003C\u002Fp> \u003Ch3>MTD (Making Tax Digital)\u003C\u002Fh3> \u003Cp>HMRC's programme requiring digital records and software-based filing. \u003Ca href=\"https:\u002F\u002Fwww.gov.uk\u002Fguidance\u002Fmaking-tax-digital-for-vat\" rel=\"noopener\" target=\"_blank\">MTD for VAT\u003C\u002Fa> applies to VAT-registered businesses now, and \u003Ca href=\"https:\u002F\u002Fwww.gov.uk\u002Fgovernment\u002Fcollections\u002Fmaking-tax-digital-for-income-tax\" rel=\"noopener\" target=\"_blank\">MTD for Income Tax\u003C\u002Fa> phases in from April 2026. See our \u003Ca href=\"\u002Fblog\u002Fmtd-uk-vat-guide\">Making Tax Digital for VAT guide\u003C\u002Fa> and \u003Ca href=\"\u002Fblog\u002Fself-assessment-mtd-itsa\">MTD for Income Tax guide\u003C\u002Fa>.\u003C\u002Fp> \u003Ch3>PAYE\u003C\u002Fh3> \u003Cp>Pay As You Earn, the UK system for deducting income tax and National Insurance from wages at the point of payment and reporting each pay run to HMRC in real time. Handled by our \u003Ca href=\"\u002Fservices\u002Fpayroll\">multi-jurisdiction payroll service\u003C\u002Fa>.\u003C\u002Fp> \u003Ch3>Self-Assessment\u003C\u002Fh3> \u003Cp>The UK personal tax return regime. The online filing and balancing payment deadline is 31 January following the tax year, with payments on account due 31 January and 31 July. See \u003Ca href=\"https:\u002F\u002Fwww.gov.uk\u002Fself-assessment-tax-returns\" rel=\"noopener\" target=\"_blank\">HMRC's Self Assessment guidance\u003C\u002Fa> and our \u003Ca href=\"\u002Fservices\u002Fself-assessment\">Self-Assessment filing service\u003C\u002Fa>.\u003C\u002Fp> \u003Ch3>UTR\u003C\u002Fh3> \u003Cp>Unique Taxpayer Reference, the ten digit number HMRC uses to identify a taxpayer or a company for Self-Assessment and Corporation Tax. It is required for CIS verification and for authorising an agent to act.\u003C\u002Fp> \u003Ch3>Companies House\u003C\u002Fh3> \u003Cp>The UK registrar of companies, which holds the public register and receives annual accounts and confirmation statements. See \u003Ca href=\"https:\u002F\u002Fwww.gov.uk\u002Fgovernment\u002Forganisations\u002Fcompanies-house\" rel=\"noopener\" target=\"_blank\">Companies House\u003C\u002Fa> and the public \u003Ca href=\"https:\u002F\u002Ffind-and-update.company-information.service.gov.uk\u002F\" rel=\"noopener\" target=\"_blank\">company register\u003C\u002Fa>. Statutory filings are handled by our \u003Ca href=\"\u002Fservices\u002Fcompany-secretary\">outsourced company secretary service\u003C\u002Fa>.\u003C\u002Fp> \u003Ch3>VAT domestic reverse charge\u003C\u002Fh3> \u003Cp>A VAT mechanism, in force for building and construction services since 1 March 2021, under which the customer rather than the supplier accounts for the VAT. It applies to most CIS-reportable supplies between VAT-registered businesses and stops at the end user. See HMRC's guidance on the \u003Ca href=\"https:\u002F\u002Fwww.gov.uk\u002Fguidance\u002Fvat-domestic-reverse-charge-for-building-and-construction-services\" rel=\"noopener\" target=\"_blank\">VAT domestic reverse charge for building and construction services\u003C\u002Fa>.\u003C\u002Fp> \u003Ch3>ACCA\u003C\u002Fh3> \u003Cp>The \u003Ca href=\"https:\u002F\u002Fwww.accaglobal.com\u002F\" rel=\"noopener\" target=\"_blank\">Association of Chartered Certified Accountants\u003C\u002Fa>, a global professional body whose members complete examinations, a practical experience requirement and continuing professional development. Membership status can be checked on the body's own register. See \u003Ca href=\"\u002Fblog\u002Fbookkeeper-vs-accountant\">bookkeeper versus accountant\u003C\u002Fa> for how qualifications differ between the two roles.\u003C\u002Fp> \u003Ch2>United States terms\u003C\u002Fh2> \u003Ch3>LLC\u003C\u002Fh3> \u003Cp>A limited liability company, formed under state law. Federally it is disregarded if single-member, taxed as a partnership if multi-member, or taxed as a corporation if it elects. The IRS explains it at \u003Ca href=\"https:\u002F\u002Fwww.irs.gov\u002Fbusinesses\u002Fsmall-businesses-self-employed\u002Flimited-liability-company-llc\" rel=\"noopener\" target=\"_blank\">limited liability company\u003C\u002Fa>.\u003C\u002Fp> \u003Ch3>S corporation\u003C\u002Fh3> \u003Cp>A federal tax classification under Subchapter S, elected on Form 2553, under which income passes through to shareholders and only a reasonable wage carries payroll tax. Limited to 100 shareholders, one class of stock and no nonresident alien shareholders. See our \u003Ca href=\"\u002Fblog\u002Fs-corp-vs-llc-tax-guide\">S corp versus LLC tax guide\u003C\u002Fa>.\u003C\u002Fp> \u003Ch3>Form 941\u003C\u002Fh3> \u003Cp>The quarterly federal return reporting wages, withheld income tax and Social Security and Medicare taxes. See \u003Ca href=\"https:\u002F\u002Fwww.irs.gov\u002Fforms-pubs\u002Fabout-form-941\" rel=\"noopener\" target=\"_blank\">About Form 941\u003C\u002Fa> and our \u003Ca href=\"\u002Fblog\u002Fpaye-vs-941-payroll\">PAYE versus Form 941 comparison\u003C\u002Fa>.\u003C\u002Fp> \u003Ch3>Economic nexus\u003C\u002Fh3> \u003Cp>The sales or transaction threshold at which a seller becomes liable to register for and collect a state's sales tax without having a physical presence there, following South Dakota v. Wayfair. Thresholds differ by state. See our \u003Ca href=\"\u002Fblog\u002Fus-sales-tax-nexus\">US sales tax nexus guide\u003C\u002Fa>.\u003C\u002Fp> \u003Ch3>EIN\u003C\u002Fh3> \u003Cp>Employer Identification Number, the federal tax identifier for a business entity, required for payroll, most business bank accounts and many state registrations. Obtained from the \u003Ca href=\"https:\u002F\u002Fwww.irs.gov\u002Fbusinesses\u002Femployer-identification-number\" rel=\"noopener\" target=\"_blank\">IRS\u003C\u002Fa>.\u003C\u002Fp> \u003Ch3>ASC 606\u003C\u002Fh3> \u003Cp>The US revenue recognition standard, Revenue from Contracts with Customers, issued by the Financial Accounting Standards Board. Its five step model mirrors \u003Ca href=\"https:\u002F\u002Fwww.ifrs.org\u002Fissued-standards\u002Flist-of-standards\u002Fifrs-15-revenue-from-contracts-with-customers\u002F\" rel=\"noopener\" target=\"_blank\">IFRS 15\u003C\u002Fa>. Critical for subscription businesses, as covered on our \u003Ca href=\"\u002Findustries\u002Fsaas\">SaaS accountants\u003C\u002Fa> page.\u003C\u002Fp> \u003Ch2>United Arab Emirates terms\u003C\u002Fh2> \u003Ch3>FTA\u003C\u002Fh3> \u003Cp>The \u003Ca href=\"https:\u002F\u002Ftax.gov.ae\u002Fen\u002F\" rel=\"noopener\" target=\"_blank\">Federal Tax Authority\u003C\u002Fa>, which administers UAE VAT, Corporate Tax and excise tax. Registration, filing and payment all run through its systems.\u003C\u002Fp> \u003Ch3>EmaraTax\u003C\u002Fh3> \u003Cp>The FTA's online platform for tax registration, return filing, payment and refunds. See the \u003Ca href=\"https:\u002F\u002Ftax.gov.ae\u002Fen\u002Fservices\u002Femaratax.aspx\" rel=\"noopener\" target=\"_blank\">EmaraTax service page\u003C\u002Fa> and our \u003Ca href=\"\u002Fblog\u002Fuae-vat-corporate-tax-2026\">UAE VAT and Corporate Tax compliance calendar\u003C\u002Fa>.\u003C\u002Fp> \u003Ch3>Small Business Relief\u003C\u002Fh3> \u003Cp>A UAE Corporate Tax relief under which an eligible resident person with revenue below the prescribed threshold may elect to be treated as having no taxable income for the period. Details at the \u003Ca href=\"https:\u002F\u002Ftax.gov.ae\u002Fen\u002Ftaxes\u002Fcorporate.tax\u002Fcorporate.tax.topics\u002Fsmall.business.relief.aspx\" rel=\"noopener\" target=\"_blank\">FTA\u003C\u002Fa>. Covered on our \u003Ca href=\"\u002Fmarkets\u002Fuae\">UAE accounting service\u003C\u002Fa> page.\u003C\u002Fp> \u003Ch3>WPS\u003C\u002Fh3> \u003Cp>The Wage Protection System, the UAE electronic salary transfer regime that requires employers to pay wages through approved financial institutions so payments can be monitored. It shapes how UAE payroll runs are prepared and timed.\u003C\u002Fp> \u003Ch2>Canada terms\u003C\u002Fh2> \u003Ch3>GST and HST\u003C\u002Fh3> \u003Cp>The federal Goods and Services Tax at 5 per cent, and the Harmonized Sales Tax charged in provinces that combined their provincial tax with it. Both are reported on one return to the \u003Ca href=\"https:\u002F\u002Fwww.canada.ca\u002Fen\u002Frevenue-agency\u002Fservices\u002Ftax\u002Fbusinesses\u002Ftopics\u002Fgst-hst-businesses.html\" rel=\"noopener\" target=\"_blank\">Canada Revenue Agency\u003C\u002Fa>. See our \u003Ca href=\"\u002Fblog\u002Fgst-hst-filing-guide-canada\">GST\u002FHST filing guide for Canada\u003C\u002Fa>.\u003C\u002Fp> \u003Ch3>Input tax credit (ITC)\u003C\u002Fh3> \u003Cp>The mechanism for recovering GST\u002FHST paid on business purchases. Most businesses have four years from the due date of the relevant return to claim, with a shorter window for certain large businesses and financial institutions.\u003C\u002Fp> \u003Ch3>T2\u003C\u002Fh3> \u003Cp>The Canadian corporate income tax return, due within six months of the fiscal year end, with tax payable earlier than the filing deadline. Covered on our \u003Ca href=\"\u002Fmarkets\u002Fcanada\">Canadian accounting service\u003C\u002Fa> page.\u003C\u002Fp> \u003Ch2>Australia terms\u003C\u002Fh2> \u003Ch3>BAS\u003C\u002Fh3> \u003Cp>The Business Activity Statement, a single return reporting GST, PAYG withholding and PAYG instalments to the \u003Ca href=\"https:\u002F\u002Fwww.ato.gov.au\u002Fbusinesses-and-organisations\u002Fpreparing-lodging-and-paying\u002Fbusiness-activity-statements-bas\" rel=\"noopener\" target=\"_blank\">Australian Taxation Office\u003C\u002Fa>. Most businesses lodge quarterly. See our \u003Ca href=\"\u002Fblog\u002Fbas-lodgement-guide-australia\">BAS lodgement guide\u003C\u002Fa>.\u003C\u002Fp> \u003Ch3>STP\u003C\u002Fh3> \u003Cp>\u003Ca href=\"https:\u002F\u002Fwww.ato.gov.au\u002Fbusinesses-and-organisations\u002Fhiring-and-paying-your-workers\u002Fsingle-touch-payroll\" rel=\"noopener\" target=\"_blank\">Single Touch Payroll\u003C\u002Fa>, the Australian requirement to report salary, tax withheld and superannuation information to the ATO at the time of each pay run rather than annually.\u003C\u002Fp> \u003Ch3>Super guarantee\u003C\u002Fh3> \u003Cp>The compulsory employer superannuation contribution, payable quarterly by 28 October, 28 January, 28 April and 28 July, at 12 per cent of ordinary time earnings since 1 July 2025. Late payment costs the deduction and triggers the superannuation guarantee charge. See \u003Ca href=\"\u002Fmarkets\u002Faustralia\">accountants for Australian SMEs\u003C\u002Fa>.\u003C\u002Fp> \u003Ch3>ABN\u003C\u002Fh3> \u003Cp>Australian Business Number, the identifier required to register for GST, to appear on tax invoices, and to avoid having tax withheld from payments at the top rate by other businesses.\u003C\u002Fp> \u003Ch2>The same obligation, five different names\u003C\u002Fh2> \u003Cp>Most of the confusion in cross-border accounting comes from one idea wearing five labels. This table maps the consumption tax and payroll reporting regimes across the markets Accountaire serves.\u003C\u002Fp> \u003Cdiv class=\"compare-wrap\">\u003Ctable class=\"compare-table\">\u003Ccaption class=\"sr-only\">The same obligation, five different names\u003C\u002Fcaption> \u003Cthead>\u003Ctr>\u003Cth>Market\u003C\u002Fth>\u003Cth>Consumption tax\u003C\u002Fth>\u003Cth>Return name\u003C\u002Fth>\u003Cth>Payroll reporting\u003C\u002Fth>\u003Cth>Authority\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead> \u003Ctbody> \u003Ctr>\u003Ctd class=\"metric\">United Kingdom\u003C\u002Ftd>\u003Ctd>VAT\u003C\u002Ftd>\u003Ctd>VAT return under Making Tax Digital\u003C\u002Ftd>\u003Ctd>Real Time Information under PAYE\u003C\u002Ftd>\u003Ctd>HMRC\u003C\u002Ftd>\u003C\u002Ftr> \u003Ctr>\u003Ctd class=\"metric\">United States\u003C\u002Ftd>\u003Ctd>State sales tax\u003C\u002Ftd>\u003Ctd>State sales tax return, per state\u003C\u002Ftd>\u003Ctd>Form 941, quarterly\u003C\u002Ftd>\u003Ctd>IRS and state departments of revenue\u003C\u002Ftd>\u003C\u002Ftr> \u003Ctr>\u003Ctd class=\"metric\">United Arab Emirates\u003C\u002Ftd>\u003Ctd>VAT\u003C\u002Ftd>\u003Ctd>VAT return via EmaraTax\u003C\u002Ftd>\u003Ctd>Wage Protection System file\u003C\u002Ftd>\u003Ctd>Federal Tax Authority\u003C\u002Ftd>\u003C\u002Ftr> \u003Ctr>\u003Ctd class=\"metric\">Canada\u003C\u002Ftd>\u003Ctd>GST and HST, plus provincial sales tax\u003C\u002Ftd>\u003Ctd>GST\u002FHST return\u003C\u002Ftd>\u003Ctd>Source deductions remittance\u003C\u002Ftd>\u003Ctd>Canada Revenue Agency\u003C\u002Ftd>\u003C\u002Ftr> \u003Ctr>\u003Ctd class=\"metric\">Australia\u003C\u002Ftd>\u003Ctd>GST\u003C\u002Ftd>\u003Ctd>Business Activity Statement\u003C\u002Ftd>\u003Ctd>Single Touch Payroll\u003C\u002Ftd>\u003Ctd>Australian Taxation Office\u003C\u002Ftd>\u003C\u002Ftr> \u003C\u002Ftbody> \u003C\u002Ftable>\u003C\u002Fdiv> \u003Ch2>Accounting, reporting and role terms\u003C\u002Fh2> \u003Ch3>IFRS\u003C\u002Fh3> \u003Cp>International Financial Reporting Standards, issued by the IFRS Foundation and used for consolidated reporting in over a hundred jurisdictions. The full \u003Ca href=\"https:\u002F\u002Fwww.ifrs.org\u002Fissued-standards\u002Flist-of-standards\u002F\" rel=\"noopener\" target=\"_blank\">list of standards\u003C\u002Fa> is published by the Foundation.\u003C\u002Fp> \u003Ch3>Management accounts\u003C\u002Fh3> \u003Cp>Internal financial statements produced monthly or quarterly, comparing performance against budget with written commentary, and designed to inform decisions rather than to satisfy a registrar. Delivered through our \u003Ca href=\"\u002Fservices\u002Fmanagement-accounts\">monthly management accounts service\u003C\u002Fa>.\u003C\u002Fp> \u003Ch3>Chart of accounts\u003C\u002Fh3> \u003Cp>The structured list of nominal accounts a business posts transactions to. A well-designed chart makes margin visible by channel or contract. See our \u003Ca href=\"\u002Fblog\u002Fshopify-amazon-coa\">Shopify and Amazon chart of accounts\u003C\u002Fa> guide.\u003C\u002Fp> \u003Ch3>Fractional CFO\u003C\u002Fh3> \u003Cp>A part-time senior finance executive engaged for a set number of days against a defined mandate, as distinct from a virtual CFO delivering ongoing remote finance leadership. Compared in \u003Ca href=\"\u002Fblog\u002Fvirtual-cfo-vs-fractional-cfo\">virtual CFO versus fractional CFO\u003C\u002Fa> and delivered through our \u003Ca href=\"\u002Fservices\u002Fcfo\">fractional CFO service\u003C\u002Fa>.\u003C\u002Fp> \u003Ch3>Catch-up bookkeeping\u003C\u002Fh3> \u003Cp>Reconstructing and reconciling a period of records that were never kept properly, usually before a filing deadline or a funding event. See our \u003Ca href=\"\u002Fservices\u002Fcatch-up\">catch-up bookkeeping service\u003C\u002Fa> and the \u003Ca href=\"\u002Fblog\u002Fcatch-up-bookkeeping-playbook\">six week process\u003C\u002Fa> behind it.\u003C\u002Fp> \u003Ch3>Thirteen week cash flow\u003C\u002Fh3> \u003Cp>A rolling weekly forecast of cash receipts and payments over the next thirteen weeks, reconciled to the bank each week. The standard short-horizon tool in turnaround and lending situations. Template and method in our \u003Ca href=\"\u002Fblog\u002F13-week-cash-flow\">13 week cash flow guide\u003C\u002Fa>.\u003C\u002Fp> \u003Ch2>Glossary questions\u003C\u002Fh2> \u003Cdetails class=\"faq\">\u003Csummary>What is the difference between VAT, GST and sales tax?\u003C\u002Fsummary>\u003Cdiv class=\"faq-body\">VAT and GST are the same idea under different names: tax charged at each stage of supply, with businesses recovering the tax on their inputs. US sales tax is charged once, at the final retail sale, and is administered state by state rather than federally. The compliance burden falls in completely different places.\u003C\u002Fdiv>\u003C\u002Fdetails>\u003Cdetails class=\"faq\">\u003Csummary>What does MTD stand for?\u003C\u002Fsummary>\u003Cdiv class=\"faq-body\">Making Tax Digital. Most businesses do the first half of it and stop: records kept digitally, but figures still retyped from one system into the next, when the rule asks for a digital link between them. For Income Tax the quarterly updates are not four tax returns, and entry into the regime is decided on gross qualifying income rather than on profit. HMRC publishes the current thresholds and start dates, which have moved before.\u003C\u002Fdiv>\u003C\u002Fdetails>\u003Cdetails class=\"faq\">\u003Csummary>Is ACCA the same as ACA or CPA?\u003C\u002Fsummary>\u003Cdiv class=\"faq-body\">No. They are separate qualifications from separate bodies: ACCA from the Association of Chartered Certified Accountants, ACA from ICAEW, and CPA from the relevant US state board. All involve examinations, experience requirements and continuing development, and all can be verified on the awarding body's own register.\u003C\u002Fdiv>\u003C\u002Fdetails>\u003Cdetails class=\"faq\">\u003Csummary>What is the difference between IFRS 15 and ASC 606?\u003C\u002Fsummary>\u003Cdiv class=\"faq-body\">They are the international and US versions of the same revenue recognition model, developed jointly and built on the same five steps. Wording, disclosure requirements and some practical expedients differ, which matters for a group reporting under both frameworks but rarely for a single-country business.\u003C\u002Fdiv>\u003C\u002Fdetails>\u003Cdetails class=\"faq\">\u003Csummary>What is a reverse charge?\u003C\u002Fsummary>\u003Cdiv class=\"faq-body\">A VAT mechanism that moves the obligation to account for the tax from the supplier to the customer. In construction the practical test is end user status: a customer not making an onward supply of construction services can say so in writing, and normal VAT resumes from that point. Suppliers who apply the charge to everyone without asking for that notification are the ones reissuing invoices later.\u003C\u002Fdiv>\u003C\u002Fdetails>\u003Cdetails class=\"faq\">\u003Csummary>What is the difference between CIS and IR35?\u003C\u002Fsummary>\u003Cdiv class=\"faq-body\">They answer different questions and can both bite on one job. A CIS deduction is money on account: the subcontractor recovers it later through their own return, so it is a cash flow problem rather than a lost cost. An incorrect employment status conclusion is not recoverable that way, and the bill can land on the client or the fee payer instead. That is where the cost lands.\u003C\u002Fdiv>\u003C\u002Fdetails>\u003Cdetails class=\"faq\">\u003Csummary>Which authority should I check for current tax rates?\u003C\u002Fsummary>\u003Cdiv class=\"faq-body\">The one that owns the tax: HMRC for the UK, the IRS for US federal taxes, the Federal Tax Authority for the UAE, the Canada Revenue Agency for Canada, and the Australian Taxation Office for Australia. Rates and thresholds change by budget, so a published figure in any article should be confirmed at source.\u003C\u002Fdiv>\u003C\u002Fdetails> \u003C\u002Fdiv> \u003C\u002Fdiv> \u003C\u002Fsection>","2026-09-11T00:59:05.057Z","2026-09-11T00:59:05.081Z",{"id":333,"metaTitle":334,"metaDescription":335,"keywords":336,"canonicalURL":337,"ogType":338,"ogLocale":339,"twitterCard":340,"noindex":79,"structuredData":341,"ogImage":49},4486,"Accounting and Tax Glossary for SMEs","An accounting and tax glossary covering the UK, US, UAE, Canada and Australia: IR35, CIS, MTD, IFRS, ASC 606, EmaraTax, WPS and STP defined.","accounting glossary, tax glossary, accounting terms explained, IR35 definition, CIS definition, MTD definition, ASC 606 definition","https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary","website","en_GB","summary_large_image",{"@graph":342,"@context":21},[343,489],{"@id":344,"url":337,"name":345,"@type":346,"@context":21,"inLanguage":347,"description":348,"hasDefinedTerm":349},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#glossary","Accounting and Tax Glossary","DefinedTermSet","en-GB","Accounting, tax and compliance terms used across the UK, US, UAE, Canada and Australia.",[350,355,359,363,367,371,375,379,383,387,391,395,399,403,407,411,415,419,423,427,431,435,439,443,447,451,455,459,463,467,471,474,478,482,485],{"@id":351,"name":352,"@type":353,"description":354,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#ir35-and-the-off-payroll-working-rules","IR35 and the off-payroll working rules","DefinedTerm","Tax rules deciding whether someone working through their own limited company should be taxed as an employee. Since 6 April 2021, medium and large private sector clients make the determination and the fee payer operates PAYE. HMRC's guidance is Understanding off-payroll working. Covered in full in our IR35 guide for contractors.",{"@id":356,"name":357,"@type":353,"description":358,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#status-determination-statement-sds","Status Determination Statement (SDS)","The written statement a client must give a worker and the party it contracts with, setting out its IR35 conclusion and the reasons for it. It must be reached with reasonable care, and the client has 45 days to respond to any disagreement. Relevant to freelancers and contractors.",{"@id":360,"name":361,"@type":353,"description":362,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#cest","CEST","HMRC's Check Employment Status for Tax tool, which produces an employment status result from answers about substitution, control and financial risk. HMRC stands behind the result only where the inputs are accurate and reflect actual working practices.",{"@id":364,"name":365,"@type":353,"description":366,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#cis-construction-industry-scheme","CIS (Construction Industry Scheme)","A withholding regime requiring contractors to deduct 20 per cent from registered subcontractors, 30 per cent from unregistered ones and nothing from those with gross payment status, on the labour element of each payment. See HMRC's CIS overview, our CIS scheme explained guide and our construction accountants page.",{"@id":368,"name":369,"@type":353,"description":370,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#gross-payment-status","Gross payment status","An HMRC status allowing a construction subcontractor to be paid without deduction. It requires business, turnover and compliance tests to be met, is reviewed annually, and since 6 April 2024 VAT compliance forms part of the test.",{"@id":372,"name":373,"@type":353,"description":374,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#mtd-making-tax-digital","MTD (Making Tax Digital)","HMRC's programme requiring digital records and software-based filing. MTD for VAT applies to VAT-registered businesses now, and MTD for Income Tax phases in from April 2026. See our Making Tax Digital for VAT guide and MTD for Income Tax guide.",{"@id":376,"name":377,"@type":353,"description":378,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#paye","PAYE","Pay As You Earn, the UK system for deducting income tax and National Insurance from wages at the point of payment and reporting each pay run to HMRC in real time. Handled by our multi-jurisdiction payroll service.",{"@id":380,"name":381,"@type":353,"description":382,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#self-assessment","Self-Assessment","The UK personal tax return regime. The online filing and balancing payment deadline is 31 January following the tax year, with payments on account due 31 January and 31 July. See HMRC's Self Assessment guidance and our Self-Assessment filing service.",{"@id":384,"name":385,"@type":353,"description":386,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#utr","UTR","Unique Taxpayer Reference, the ten digit number HMRC uses to identify a taxpayer or a company for Self-Assessment and Corporation Tax. It is required for CIS verification and for authorising an agent to act.",{"@id":388,"name":389,"@type":353,"description":390,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#companies-house","Companies House","The UK registrar of companies, which holds the public register and receives annual accounts and confirmation statements. See Companies House and the public company register. Statutory filings are handled by our outsourced company secretary service.",{"@id":392,"name":393,"@type":353,"description":394,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#vat-domestic-reverse-charge","VAT domestic reverse charge","A VAT mechanism, in force for building and construction services since 1 March 2021, under which the customer rather than the supplier accounts for the VAT. It applies to most CIS-reportable supplies between VAT-registered businesses and stops at the end user. HMRC guidance is here.",{"@id":396,"name":397,"@type":353,"description":398,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#acca","ACCA","The Association of Chartered Certified Accountants, a global professional body whose members complete examinations, a practical experience requirement and continuing professional development. Membership status can be checked on the body's own register. See bookkeeper versus accountant for how qualifications differ between the two roles.",{"@id":400,"name":401,"@type":353,"description":402,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#llc","LLC","A limited liability company, formed under state law. Federally it is disregarded if single-member, taxed as a partnership if multi-member, or taxed as a corporation if it elects. The IRS explains it at limited liability company.",{"@id":404,"name":405,"@type":353,"description":406,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#s-corporation","S corporation","A federal tax classification under Subchapter S, elected on Form 2553, under which income passes through to shareholders and only a reasonable wage carries payroll tax. Limited to 100 shareholders, one class of stock and no nonresident alien shareholders. See our S corp versus LLC tax guide.",{"@id":408,"name":409,"@type":353,"description":410,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#form-941","Form 941","The quarterly federal return reporting wages, withheld income tax and Social Security and Medicare taxes. See About Form 941 and our PAYE versus Form 941 comparison.",{"@id":412,"name":413,"@type":353,"description":414,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#economic-nexus","Economic nexus","The sales or transaction threshold at which a seller becomes liable to register for and collect a state's sales tax without having a physical presence there, following South Dakota v. Wayfair. Thresholds differ by state. See our US sales tax nexus guide.",{"@id":416,"name":417,"@type":353,"description":418,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#ein","EIN","Employer Identification Number, the federal tax identifier for a business entity, required for payroll, most business bank accounts and many state registrations. Obtained from the IRS.",{"@id":420,"name":421,"@type":353,"description":422,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#asc-606","ASC 606","The US revenue recognition standard, Revenue from Contracts with Customers, issued by the Financial Accounting Standards Board. Its five step model mirrors IFRS 15. Critical for subscription businesses, as covered on our SaaS accountants page.",{"@id":424,"name":425,"@type":353,"description":426,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#fta","FTA","The Federal Tax Authority, which administers UAE VAT, Corporate Tax and excise tax. Registration, filing and payment all run through its systems.",{"@id":428,"name":429,"@type":353,"description":430,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#emaratax","EmaraTax","The FTA's online platform for tax registration, return filing, payment and refunds. See the EmaraTax service page and our UAE VAT and Corporate Tax compliance calendar.",{"@id":432,"name":433,"@type":353,"description":434,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#small-business-relief","Small Business Relief","A UAE Corporate Tax relief under which an eligible resident person with revenue below the prescribed threshold may elect to be treated as having no taxable income for the period. Details at the FTA. Covered on our UAE accounting service page.",{"@id":436,"name":437,"@type":353,"description":438,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#wps","WPS","The Wage Protection System, the UAE electronic salary transfer regime that requires employers to pay wages through approved financial institutions so payments can be monitored. It shapes how UAE payroll runs are prepared and timed.",{"@id":440,"name":441,"@type":353,"description":442,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#gst-and-hst","GST and HST","The federal Goods and Services Tax at 5 per cent, and the Harmonized Sales Tax charged in provinces that combined their provincial tax with it. Both are reported on one return to the Canada Revenue Agency. See our GST\u002FHST filing guide for Canada.",{"@id":444,"name":445,"@type":353,"description":446,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#input-tax-credit-itc","Input tax credit (ITC)","The mechanism for recovering GST\u002FHST paid on business purchases. Most businesses have four years from the due date of the relevant return to claim, with a shorter window for certain large businesses and financial institutions.",{"@id":448,"name":449,"@type":353,"description":450,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#t2","T2","The Canadian corporate income tax return, due within six months of the fiscal year end, with tax payable earlier than the filing deadline. Covered on our Canadian accounting service page.",{"@id":452,"name":453,"@type":353,"description":454,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#bas","BAS","The Business Activity Statement, a single return reporting GST, PAYG withholding and PAYG instalments to the Australian Taxation Office. Most businesses lodge quarterly. See our BAS lodgement guide.",{"@id":456,"name":457,"@type":353,"description":458,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#stp","STP","Single Touch Payroll, the Australian requirement to report salary, tax withheld and superannuation information to the ATO at the time of each pay run rather than annually.",{"@id":460,"name":461,"@type":353,"description":462,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#super-guarantee","Super guarantee","The compulsory employer superannuation contribution, payable quarterly by 28 October, 28 January, 28 April and 28 July, at 12 per cent of ordinary time earnings since 1 July 2025. Late payment costs the deduction and triggers the superannuation guarantee charge. See accountants for Australian SMEs.",{"@id":464,"name":465,"@type":353,"description":466,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#abn","ABN","Australian Business Number, the identifier required to register for GST, to appear on tax invoices, and to avoid having tax withheld from payments at the top rate by other businesses.",{"@id":468,"name":469,"@type":353,"description":470,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#ifrs","IFRS","International Financial Reporting Standards, issued by the IFRS Foundation and used for consolidated reporting in over a hundred jurisdictions. The full list of standards is published by the Foundation.",{"@id":472,"name":94,"@type":353,"description":473,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#management-accounts","Internal financial statements produced monthly or quarterly, comparing performance against budget with written commentary, and designed to inform decisions rather than to satisfy a registrar. Delivered through our monthly management accounts service.",{"@id":475,"name":476,"@type":353,"description":477,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#chart-of-accounts","Chart of accounts","The structured list of nominal accounts a business posts transactions to. A well-designed chart makes margin visible by channel or contract. See our Shopify and Amazon chart of accounts guide.",{"@id":479,"name":480,"@type":353,"description":481,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#fractional-cfo","Fractional CFO","A part-time senior finance executive engaged for a set number of days against a defined mandate, as distinct from a virtual CFO delivering ongoing remote finance leadership. Compared in virtual CFO versus fractional CFO and delivered through our fractional CFO service.",{"@id":483,"name":102,"@type":353,"description":484,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#catch-up-bookkeeping","Reconstructing and reconciling a period of records that were never kept properly, usually before a filing deadline or a funding event. See our catch-up bookkeeping service and the six week process behind it.",{"@id":486,"name":487,"@type":353,"description":488,"inDefinedTermSet":344},"https:\u002F\u002Faccountaire.com\u002Fresources\u002Fglossary#thirteen-week-cash-flow","Thirteen week cash flow","A rolling weekly forecast of cash receipts and payments over the next thirteen weeks, reconciled to the bank each week. The standard short-horizon tool in turnaround and lending situations. Template and method in our 13 week cash flow guide.",{"@type":490,"@context":21,"mainEntity":491},"FAQPage",[492,498,502,506,510,514,518],{"name":493,"@type":494,"acceptedAnswer":495},"What is the difference between VAT, GST and sales tax?","Question",{"text":496,"@type":497},"VAT and GST are the same idea under different names: tax charged at each stage of supply, with businesses recovering the tax on their inputs. US sales tax is charged once, at the final retail sale, and is administered state by state rather than federally. The compliance burden falls in completely different places.","Answer",{"name":499,"@type":494,"acceptedAnswer":500},"What does MTD stand for?",{"text":501,"@type":497},"Making Tax Digital. Most businesses do the first half of it and stop: records kept digitally, but figures still retyped from one system into the next, when the rule asks for a digital link between them. For Income Tax the quarterly updates are not four tax returns, and entry into the regime is decided on gross qualifying income rather than on profit. HMRC publishes the current thresholds and start dates, which have moved before.",{"name":503,"@type":494,"acceptedAnswer":504},"Is ACCA the same as ACA or CPA?",{"text":505,"@type":497},"No. They are separate qualifications from separate bodies: ACCA from the Association of Chartered Certified Accountants, ACA from ICAEW, and CPA from the relevant US state board. All involve examinations, experience requirements and continuing development, and all can be verified on the awarding body's own register.",{"name":507,"@type":494,"acceptedAnswer":508},"What is the difference between IFRS 15 and ASC 606?",{"text":509,"@type":497},"They are the international and US versions of the same revenue recognition model, developed jointly and built on the same five steps. Wording, disclosure requirements and some practical expedients differ, which matters for a group reporting under both frameworks but rarely for a single-country business.",{"name":511,"@type":494,"acceptedAnswer":512},"What is a reverse charge?",{"text":513,"@type":497},"A VAT mechanism that moves the obligation to account for the tax from the supplier to the customer. In construction the practical test is end user status: a customer not making an onward supply of construction services can say so in writing, and normal VAT resumes from that point. Suppliers who apply the charge to everyone without asking for that notification are the ones reissuing invoices later.",{"name":515,"@type":494,"acceptedAnswer":516},"What is the difference between CIS and IR35?",{"text":517,"@type":497},"They answer different questions and can both bite on one job. A CIS deduction is money on account: the subcontractor recovers it later through their own return, so it is a cash flow problem rather than a lost cost. An incorrect employment status conclusion is not recoverable that way, and the bill can land on the client or the fee payer instead. That is where the cost lands.",{"name":519,"@type":494,"acceptedAnswer":520},"Which authority should I check for current tax rates?",{"text":521,"@type":497},"The one that owns the tax: HMRC for the UK, the IRS for US federal taxes, the Federal Tax Authority for the UAE, the Canada Revenue Agency for Canada, and the Australian Taxation Office for Australia. Rates and thresholds change by budget, so a published figure in any article should be confirmed at source."]