PAYE (UK)
Definition
Pay As You Earn, the UK system by which employers deduct income tax and National Insurance from employees' wages and pay it to HMRC, reporting in real time each pay period.
Related Terms in International Tax
Making Tax Digital for VAT
A UK requirement for VAT-registered businesses to keep digital records and submit VAT returns through compatible software rather than manually, aimed at reducing errors and modernising tax administration.
GST (Australia)
Australia's broad-based goods and services tax applied at a single rate to most supplies. Registered businesses report it through a Business Activity Statement and claim credits for GST paid on purchases.
Business Activity Statement (BAS)
The Australian form businesses lodge to report and pay GST, PAYG withholding, PAYG instalments and other tax obligations in one statement, monthly or quarterly.
Australian Business Number (ABN)
A unique identifier for businesses dealing with the Australian Taxation Office and other businesses. It is required to register for GST and appears on invoices to avoid amounts being withheld.
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