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property). If there are two fixed charges over one property/asset, the fixed charge that was created first will be paid back first (‘have priority’).
[See ‘Fixed Charge’, ‘Floating Charge’, ‘Crystallisation’ and ‘Debenture’.]
A person who is employed will have the tax on their earnings calculated and paid under the PAYE system. A self-employed person or a business will not pay tax on their earnings in this way; they will be ‘self-assessed’ and must send in a tax return of their earnings and expenses each year.
A self-assessment statement is made on a standard tax return form. As a business owner, a person must send a report of their annual earnings to HMRC. A self-assessment tax return should also include the sources of a person’s earnings.
Itis called ‘self-assessment’ because it is the individual person or business’s responsibility to work out how much tax needs to be paid.
[See ‘HMRC’ and ‘PAYE’.]
A self-invested personal pension (SIPP) is a pension ‘wrapper’ that allows a person investing in their retirement to save, invest and build up a pot of money for when they retire.
It is a type of personal pension and works in a similar way to a standard personal pension. The main difference is that, with a SIPP, a person has more flexibility with the investments they can choose.
SIPPs have wider investment options than many pensions, They include:
This list isn’t exhaustive; different SIPP providers offer different investment options.
[See ‘Personal Pension Scheme’.]
