Business Acronyms

Acronyms and abbreviations are often used in Scottish businesses. Find the definitions of frequently used business terms in our glossary.

The CMA

The Competition and Markets Authority (CMA) works to promote fair business competition businesses and consumers in Scotland, the rest of the UK and beyond. It's part of the UK Government.

HMRC

Her Majesty's Revenue and Customs (HMRC) is responsible for collecting taxes, paying some forms of state support and administering set regulations such as the National Minimum Wage. It's part of the UK Government.

HSE

The Health and Safety Executive (HSE) is the independent regulator for work-related health, safety and illness in Scotland and the rest of the UK. It focuses on reducing work-related deaths and serious injuries.

ICAS

The Institute of Chartered Accountants of Scotland (ICAS) is the professional body for chartered accountants in Scotland and the UK. It’s active in more than 100 countries around the world. The institute’s members can provide a variety of financial services to help you build a better company in Scotland.

ICO

The Information Commissioners Office (ICO) upholds good business practices in data protection across all sectors. It’s an independent body that works across the UK.

LBTT

The Land and Buildings Transaction Tax (LBTT) is a tax you pay when you purchase or lease a property of a certain value in Scotland. LBTT replaced the UK Stamp Duty Tax (SDLT) in Scotland from 1 April, 2015.

LLP

A Limited Liability Partnerships (LLP) is a business partnership structure where all the owners have limited personal liability for the financial obligations of the business. It has at least one ‘general partner’ and one ‘limited partner’. The partners have different responsibilities and levels of liability for any debts the business cannot pay.

NIC

National Insurance Contributions (NIC) is a tax paid by workers and employers. The tax is mainly designed to fund state benefits such as retirement pensions. As an employer, you pay employers’ NIC; you also deduct employee NIC from each employee’s salary. You then pay these contributions to the UK Government responsible for collecting taxes – HM Revenue and Customs.

Ofcom

Office of Communications (Ofcom) regulates television, radio and telecommunications in Scotland and the rest of the UK. It also regulates business competition in this sector.

PAYE

Pay As You Earn (PAYE) is the UK system for paying income tax and national insurance contributions. As an employer, you deduct tax from your employee’s salary and pay these contributions to the UK Government responsible for collecting taxes – HM Revenue and Customs.

PLC

A Public Listed Company (PLC) is a limited liability company whose shares may be freely sold and traded to the public. However, a PLC may also be privately held – typically by another PLC.

TUPE

The Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE) can apply to business transfers, takeovers and changes to service providers. It can influence the way business deals are structured and may have significant financial and commercial consequences.

VAT

Value Added Tax (VAT) is the sales tax businesses in Scotland and the rest of the UK must charge on the goods and services they provide. As a business in Scotland, you must register with HM Revenue & Customs (HMRC) and pay this tax.

UKIPO

The UK Intellectual Property Office (UKIPO) examines, issues and rejects patents – and maintains a register of intellectual property including patents, designs and trademarks. It’s the official UK Government body responsible or intellectual property rights in Scotland and the rest of the UK.

In this section

Choosing a structure for your business

When you set up a business in Scotland, you’ll need to consider which company structure to use. It’s important you choose the right structure for your particular business.

National minimum wage and salaries in Scotland

Salaries in Scotland vary according to the type of work, the sector and where the job is located. The National Minimum Wage is the minimum rate you must pay your employees.

Broadband, phones and IT

It’s essential your business has the right IT, phone and internet infrastructure to succeed. In Scotland, you have a wide choice of IT, phone and internet providers and services.

Business tax

Besides competitive business tax rates, Scotland offers incentives for research and development. Find out about tax requirements for your business.

Getting business insurance in Scotland

Find out about the different types of insurance you need to have for your business in Scotland.

Solicitors in Scotland

A solicitor can help guide you through the process, providing advice on everything from business structures, tax and insurance, to rules for employing staff, buying or renting property – and more.

Accountants in Scotland

The Institute of Chartered Accountants in Scotland can help you make sure you set up your business correctly.

Immigration and visas

Find information about different visa options if you want to relocate to or invest in Scotland.

If you have any questions or want to talk with one of our advisers, we’re always ready to help.