An A to Z of Tax from...

Tax Glossary



Welcome to the Taxbuddies glossary. To help you interpret the jargon that you can come across in dealing with your tax, our team of experts have written a brief explanation for hundreds of technical terms. Click on a letter to show entries.

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Married Couple`s Allowance : Since 6th April 2000 this allowance is only available if either spouse was born before 6 April 1935. Also see age related allowances.
Mileage expenses : See Approved Mileage Rates
Minimum Wage : The National Minimum Wage rates are as follows:

16-17 years from:

1st October 2007 £3.40ph
1st October 2008 £3.53ph

18-21 years from:

1st October 2007 £4.60ph
1st October 2008 £4.77ph

21 and over from:

1st October 2007 £5.52ph
1st October 2008 £5.73ph
Money Laundering : New Money Laundering Regulations apply to most businesses in the financial sector and came into force on 1 March 2004. By law these businesses are now required to establish the identity and address of any new clients