Glossary

This page gives you a clear overview of common terms freelancers and entrepreneurs often come across.
Each term is explained briefly and in plain English.

Operational efficiency

Operational expenses

Operational planning

Operational risk

Outstanding invoice

Payroll administration

Permanent establishment

Place of supply

Prepaid expenses

Profit allocation

Profit and loss account

Profit distribution

Profit expectation

Profit forecast

Profit sensitivity

Profit volatility

Provisional assessment

Registration number

Retention period

Return on investment

Revenue recognition

Reverse charge mechanism

Risk assessment

Risk management

Risk mitigation

Self employed tax deduction

Substance requirements

Tax compliance check

Trade receivable

Transfer pricing

Turnover threshold

VAT identification number

VAT margin scheme

VAT on services

VAT reclaimable

VAT registration

VAT return period

VAT reverse charge

VAT small business scheme (KOR)

VAT taxable supply

Value adjustment

Value preservation

Value-added tax

Withholding obligation

Withholding tax

Withholding tax dividends

Working capital

Working capital cycle

Working capital requirement

Working hours administration

Working relationship

.w-richtext h6 { margin-bottom: 5px !important; display: block; } .w-richtext p { margin-top: 0px !important; }