P11D (Accounting)

A P11D form is for Directors/Employees earning over £8,500 per annum, and needs to be sent to the Tax office with which their PAYE scheme is registered. P11Ds are used to report benefits and expenses that are not put through the payroll.

P35 (Accounting)

A P35 is a form completed by all employers at 'Year End'. The P35 lists the deductions made from the employee's salary reconciled to the payments made to HMRC during the tax year.

PAYE (Accounting)

A Pay As You Earn Tax (PAYE) is a withholding tax on income payments to a company's employees. Amounts withheld are treated as advance payments of income tax due. They are only refundable if they exceed tax as determined on tax returns.

Payroll (Accounting)

Payroll in a company is the total of all financial records of salaries for wages, employees, deductions and bonuses. In terms of accounting, Payroll refers to the amount paid to employees for services they provided during a certain period of time.

Pension & Capital (Business Insurance)

This is a policy that pays a fixed sum on a regular basis to an individual, usually after retirement. Pension and Capital Insurance (paid monthly) should not be confused with a severance package (a lump sum payment).

Pension Consolidation (Pensions)

Pension Consolidation is the process of combining all of your Pension Plans into one. This is done to help you keep track of your Pension, and will prevent you having to pay several separate Management Fees.

Pensions & Divorce (Pensions)

Pensions and Divorce is the process of reorganising or separating your Pension Plan upon Divorce.

Pension Commercial Property Purchase (Pensions)

A Pension Commercial Property Purchase is a Pension Plan that involves the acquisition of a non-residential property as a means for investment, commonly available via a SIPP (Self Invested Pension Plan).

Pension Sharing Order (Pensions)

A Pension Sharing Order is an order by the courts to give a proportion of one spouse's pension rights to the other. The order is carried out directly rather than on retirement

Pensions Transfer (Pensions)

A Pension Transfer is where an Individual moves an Occupational Pension to a Personal Pension or it can be part of a Pension Consolidation exercise as above.

Permanent Health Insurance (Personal Insurance)

Is a type of Insurance that can provide up to 75% of an individuals salary, until retirement, in the event of a prolonged illness or disability.

Personal Pension Plan (Pensions)

A Personal Pension or Personal Pension Plan (PPP), is for the purpose of generating capital upon retirement in a tax efficient manner. There are different types of Personal Pensions, (example) Insured Personal Pensions, are where every contract will have a specific set of Investment Funds for customers to choose from, and Self-Invested Personal Pensions (SIPPs).

Portfolio Construction (Investments)

Portfolio Construction is the process of constructing a well-diversified portfolio that reduces common exposures between funds and takes into account the potential effects of a volatile or changing market, by using particular stress test assumptions within the Portfolio.

Private Medical Insurance (Personal Insurance)

This is Insurance cover that pays for medical expenses incurred by the individual. This policy can either reimburse you for the medical costs, or pay them directly.

Professional Indemnity (Business Insurance)

Is a type of Liability Insurance that can protect against Service Providers and Professional Advisors from bearing the total cost of defending against a negligence claim made by a customer, and damages awarded in a lawsuit. The Insurance cover focuses on supposed failure to perform on the part of financial loss created by an error in the service sold by the Insurance company.

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