GLOSSARY

Net Profit

This is the profit calculated by deducting all overheads (also known as running costs, fixed costs or indirect costs) from your gross profit and is the figure that Inland revenue need to calculate your tax liability for the year. see profit and loss section in the BDP for examples.

NICs

National Insurance Contributions. Payments that must be made for every employee aged 16 or over and earning more than a prescribed minimum level of pay.

Nominal Capital

The total share capital that could be invested into the company by its owners.

 

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