GLOSSARY

ICT

Information and Communications Technology. Includes computers, telecommunications, the Internet etc.

Income (for tax purposes)

Amounts of money earned or received over a given period of time, for example salary, profit, interest on savings etc.

Indirect Costs

Also known as fixed costs, running costs or overheads and are the costs incurred in running your business - whether you sell or not - they include things such as telephone, rent, rates, heat, light, vehicle running costs, business insurance, depreciation on capital equipment, consumables, advertising, stationery, etc. by deducting indirect costs from your gross profit you will have a net profit (taxable)

Incorporation Date

The day Companies House recognised the company's existence and issued a Certificate of Incorporation - in effect the company's 'birth certificate'. All transactions conducted from this day forwards qualify the owners for limited liability.

Intangible Assets

Assets which have no material existence i.e. goodwill.

Issued Capital

The amount of a company's share capital that has been issued to members/shareholders.

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