Glossary

The words you'll meet in Receiptbinder, in plain English – what each one is and what to do.

Sole trader: You work for yourself without a company and pay tax through Self Assessment. Choose this if you're self-employed and have no company number.
Limited company: A business registered at Companies House that is separate from you: it files accounts and pays Corporation Tax. Choose this if your business has a company number.
Companies House: The UK government's register of companies. We use it to fill in your company's details and check when its accounts are due.
Company number: The 8-character number Companies House gave your company, e.g. 01234567 or SC123456. You'll find it on your certificate of incorporation and on Companies House letters.
Year end: The last day of your company's accounting year – most company deadlines count from it. Find it on Companies House (“accounts made up to”) or ask your accountant, then set it in Settings.; See also: Companies House accounts · Corporation Tax · Company Tax Return (CT600)
Tax year: The UK tax year runs from 6 April to 5 April. Sole traders' records and Self Assessment deadlines follow it, so they don't need a year end.; See also: Self Assessment · Payment on account
Companies House accounts: The yearly accounts every limited company must file at Companies House, normally within 9 months of its year end. Late filing means an automatic fine, so give your accountant your records in good time.
Corporation Tax: Tax on your company's profits, normally due 9 months and 1 day after the year end. Your accountant works out the amount – make sure the money is put aside.
Company Tax Return (CT600): Your company's yearly tax return to HMRC, due 12 months after the year end. Your accountant usually prepares it from the records you keep here.
Self Assessment: The yearly tax return for sole traders, for the tax year 6 April to 5 April; the return and any tax are due by 31 January after. Your accountant usually files it for you from these records.
Payment on account: Advance payments towards your next Self Assessment bill, due 31 January and 31 July. HMRC only asks for them if your last bill was over £1,000 – your accountant will tell you the amounts.
VAT registered: Your business has a VAT number from HMRC, so it charges VAT and sends VAT returns. Tick this only if you have a VAT number.; See also: VAT quarters · VAT return
VAT quarters: The months your VAT returns cover, e.g. quarters ending March, June, September and December. It's on your VAT registration certificate or in your HMRC VAT account – choose the matching option.; See also: VAT return
VAT return: The return to HMRC showing the VAT you charged and paid; it and any payment are due 1 month and 7 days after each period ends. Keep every receipt so the VAT you paid can be claimed back.
Hand papers to your accountant by: The date to give your accountant everything for the next deadline, so they have time to do the work. It's the deadline minus the days your accountant needs (set in Settings).
Days your accountant needs: How many days before each deadline your accountant wants your papers. Ask them – we use it to work out your hand-over dates.
How often you prepare papers: How often you sort out descriptions and receipts for your accountant, e.g. monthly. The home page then shows your progress for that period.
Business code: A short code of 2–5 letters or numbers for each business, e.g. ABC. It starts every transaction reference, so you can tell businesses apart at a glance.
Reference: The code on each transaction, e.g. ABC-OCT-26-0001. Write it on a paper receipt or quote it to your accountant to find the transaction straight away.
Bank statement import: Bringing your bank transactions in from a file downloaded from online banking. Import each month, then add a description and receipt to each payment.
CSV file: A simple spreadsheet file that banks and accounting software can save and open. Look for “Export” or “Download” as CSV in your online banking.
Waiting receipt: A receipt you've scanned that isn't attached to a bank payment yet. Once the payment is imported, attach the receipt to it – we suggest likely matches.
Private (personal): A payment from the business account that wasn't for the business, e.g. personal shopping. Mark it private – it needs no receipt, and your accountant records it as drawings or a director's loan.; See also: Drawings · Director's loan · s455 tax
Drawings: Money a sole trader takes out of the business for personal use. It isn't a business expense and isn't taxed as one – mark these payments as private.; See also: Private (personal)
Director's loan: Money a director takes from their company that isn't salary, dividends or a business expense (or money they lend it). Mark personal payments from the company account as private so your accountant can record them.; See also: Director's loan this year · Director loan in · s455 tax · Private (personal)
Director loan in: Money a director paid into the company from their own pocket, e.g. to cover costs. Mark it so it counts towards what the company owes them – we suggest it when the bank text says DIRECTOR LOAN.; See also: Director's loan · Director's loan this year
Director's loan this year: Money the director put in (Director loan in) minus private spending from the company account in this accounting year. It's an estimate from this account only – your accountant works out the real balance.; See also: Director loan in · s455 tax
s455 tax: Extra Corporation Tax (33.75%) on a director's loan not repaid within 9 months of the year end; HMRC refunds it once the loan is repaid. Repay personal spending in time, or talk to your accountant.; See also: Director's loan
Month status: Open: the client is still working on the month; Ready: the client has finished it; Closed: the accountant has finished and locked it. Start with the Ready ones.
Ready for your accountant: You've finished a month – descriptions and receipts are done. Mark it ready so your accountant knows they can start.; See also: Closed month
Closed month: Your accountant has finished the month and locked it, so nothing in it can change. If something needs fixing, ask them to reopen it.; See also: Ready for your accountant
Flags: Your accountant's mark on a transaction: a question (needs an answer), approved, or rejected (needs fixing). Reply on the transaction itself.
Access: What the client lets their accountant do: Can edit or View only. The client chooses it in Settings → Accountant and can change it at any time.; See also: Can edit · View only
Can edit: The accountant can change descriptions, receipts, imports, year end and VAT, and close months. Every change shows under the transaction with their name and can be undone.; See also: View only
View only: The accountant can see and download everything and ask questions, but can't change anything. The business owner can allow editing in Settings → Accountant.; See also: Can edit
Change history: Every change to a transaction – what, who and when. Nothing is ever deleted: “Restore previous version” brings an earlier one back.
Activity log: A record of important events on your business, such as settings changes, imports and month steps. It can't be edited, so it's always a true record.
Accounting CSV: A bank statement file in the layout Xero, QuickBooks Online or FreeAgent imports, one per bank account. Download it, then upload it to the matching bank account in that software.
Two-factor authentication: A second step when you sign in: a 6-digit code from an app on your phone, so a stolen password isn't enough. Set it up in Settings → Security.; See also: Authenticator app
Authenticator app: A phone app that shows a new 6-digit code every 30 seconds, e.g. Google Authenticator or Microsoft Authenticator. Add a backup one in case you lose your phone.
Read-only: You can see and download everything but not add or change anything, usually because the subscription has ended. Reactivate it in Settings → Subscription.
Needs attention: Red items need action now and stay until they're sorted; amber ones need doing soon; grey ones are for information. Press “What do I do?” on any item for the next step.; See also: Filed / paid
Filed / paid: Press it once the return has been filed or the tax paid, by you or your accountant. It clears the deadline from Needs attention and is recorded in the Activity log.