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anti-avoidance provisions

Overview page. Subjects: Law — Accounting.

A cluster of statutory provisions designed to stop certain arrangements that would otherwise reduce the taxpayer’s tax liability. The main anti-avoidance provisions, as found in the Taxes...

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Audit Commission

Overview page. Subjects: Law — Accounting.

An independent public body, named in full the Audit Commission for Local Authorities and the National Health Service in England and Wales, which is responsible for ensuring that public...

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auditing standards

Overview page. Subjects: Accounting — Law.

Basic principles and essential procedures with which auditors are required to comply in the conduct of any audit of financial statements. The Auditing Practices Committee issued a series of...

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business asset

Overview page. Subjects: Accounting — Law.

When calculating that part of a capital gain that is chargeable to capital gains tax, entrepreneurs’ relief is available where the gain arises on the disposal of business assets. (Prior to...

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community interest company

Overview page. Subjects: Accounting — Law.

A limited company registered under the Companies (Audit, Investigations and Community Enterprise) Act 2004. Registration requires the approval of the Regulator of Community Interest...

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Construction Industry Scheme

Overview page. Subjects: Accounting — Law.

A set of statutory provisions that require a person making a payment to a subcontractor in (usually) the building industry to deduct tax at basic rate from all payments made, unless the...

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distress

Overview page. Subjects: Accounting — Law.

The seizure of goods as security for the performance of an obligation. The two principal situations covered by the remedy of distress are (1) between landlord and tenant when the rent is in...

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duality

Overview page. Subjects: Law — Accounting.

A principle of UK income tax and corporation tax under which expenditure is not deductible in computing the profits subject to tax if the expenditure has a dual purpose. A deduction in...

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European Court of Auditors

Overview page. Subjects: Accounting — Law.

The EU institution responsible for auditing all revenue and spending by the European Communities or any body set up by the Communities. Its mission is to promote sound financial management...

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foreign company

Overview page. Subjects: Law — Accounting.

A company incorporated outside the UK but having a place of business within the UK. Foreign companies are subject to provisions of the Companies Act 2006 relating to registration, accounts,...

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