Here is a collection of words relating to Entrepreneurs’ Relief and their explanations.
Business asset – Money or other valuables that belong to the business; an asset can be the business itself.
HMRC – Acronym & common abbreviation of Her Majesty’s Revenue & Customs; the UK Government department responsible for tax collection.
Self-assessment tax return – System of Income Tax collection; reporting tax that is not automatically deducted from wages, pensions & savings.
Sole trader – A self-employed individual who runs & is responsible for their own business.