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Chapter twelve: Jargon buster

Below you’ll find explanations of some of the financial and business terms used in this guide:

  • Balance sheet – A statement that outlines a business’s assets, liabilities, and shareholder’s equity at a specific point in time.
  • Cash flow statement – A statement that shows the money coming in and going out of a business.
  • Corporation Tax – A tax paid on the profits made by limited companies.
  • Imposter syndrome – The feeling of self-doubt about your skills, talents, or accomplishments.
  • Intellectual property (IP) – intangible assets created by intellect, such as branding, logos, slogans, inventions, photographs, illustrations, and taglines.
  • Profit and loss account – A statement showing a company’s income and expenses at a specific point in time and indicates whether it is making a profit or loss.
  • Search engine optimisation (SEO) – The tactics used to improve where a website appears in search results.
  • Seed Enterprise Investment Scheme (SEIS) – A government scheme that provides tax relief to investors backing small businesses.
  • Value Added Tax (VAT) – A tax applied to the sale of most goods and services.
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British Business Bank plc is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for the group can be found at british-business-bank.co.uk.

Whilst we make reasonable efforts to keep the information in this guide up to date, we do not guarantee or warrant (implied or otherwise) that it is current, accurate or complete. The information is intended for general information purposes only and does not take into account your personal situation, nor does it constitute legal, financial, tax or other professional advice. You should always consider whether the information is applicable to your particular circumstances and, where appropriate, seek professional or specialist advice or support.