Item Count : 15
Page : 1 of 2
Back to A-Z
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P45 |
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This is the document that your employer has to give the tax office so that the right amount of tax can be deducted from your earnings. All employers are required by law to give you a P45 when you leave a job.
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Passport |
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A passport is a legal document that you must show when you travel to other countries. Passports are a good form of identification, because they are an official Government record of your identity, and they contain your photo. Your passport will only be accepted as a form of ID if it is valid – that is, as long as it is current (passports have to be renewed every ten years) and the details are all correct. You can apply for a passport by getting an application form from your local Post Office – new passports cost £66 for adults. If your passport is lost or stolen, report it to the police. The application form for a passport is complicated to fill in so you may want to pay a little bit extra and go to your local Post Office who will check you have filled it in correctly.
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Pay In |
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Putting money into your account. This could be cash or cheques.
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Pay Period |
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The year is divided into equal pay periods starting from early April (which is also start of the tax year). If you are paid monthly, there are 12 pay periods; if weekly, 52.
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Payee |
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The person the money is being paid to when you write out a cheque
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Paying-In Slip |
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A paying-in slip is a form that needs to be completed when you pay money into your account.
You can use it to pay in cash, cheques, or both at the same time. Your bank or building society gives you a book of paying-in slips when you open the account, and there are usually some at the back of your chequebook as well.
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Payment |
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Money you pay out, for example, on materials you need for your business, interest on loans, money for services such as gas & electricity.
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Pension |
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An income paid out after someone retires. The governnent gives tax relief on money paid into a scheme designed to provide a pension. A pension is a ‘locked box’ form of savings because you cannot spend any money in the fund until you have reached the minimum age (often 50). You can often take part of the proceeds as a cash lump sum but the rest must be taken as income. There are different types of pension schemes: occupational; Stakeholder; State; personal.
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Pension Deduction |
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Payments into a pension scheme will be taken automatically from your pay, if you pay into a pension scheme which is arranged by your employer. This will show up on your payslip as ´pension deductions´
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Personal Loan |
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Many different companies offer personal loans. These are usually loans that you can use to pay for whatever you want. But as with all loans, make sure you check the interest rate and conditions first.
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