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PA Enterprise
What is the meaning of year-to-date (YTD) in period of an employee who has been terminated/
a salary slip? This describes how much you’ve told not to work their notice.
earned so far this year. PP – Personal Pension
What does payment method mean on a Payments made to a pension provider.
payslip? Most employers will pay your earnings SAP – Statutory Adoption Pay
directly into your bank account. This is done An allowance given to people during the leave
through a system called Banker’s Automated they take to adopt a child.
Clearing Services, or BACS for short – which is
what you’ll normally see on your payslip. SEE – Small Earnings Exception
An exemption of Class Two National Insurance
UK payslip abbreviations contributions, given to self-employed people
who’s profits are less than £5,725 a year.
BACS – Bankers Automated Clearing Services
A payment scheme that processes financial SMP – Statutory Maternity Pay
transactions electronically. An allowance of 39 weeks, given to female
employees during the leave they take before and
BA/BP – Bereavement Allowance/Bereavement after having a child.
Payment
A weekly allowance given to widowers or SPP – Statutory Paternity Pay
surviving civil partners. An allowance of 2 weeks, given to male
employees during the leave they take before and
CHB – Child Benefit after having a child.
An allowance given to parents with children
under 16. SSP – Statutory Sick Pay
Pay given to employees who have been
CTC – Child Tax Credits absent from work due to illness.
An allowance given to parents with children
under 16. TY – Tax Year
The year in which tax is calculated, starting 6th
ET – Earnings Threshold April in the UK.
The amount you can earn before being required
to pay tax. VAT – Value Added Tax
Value based tax added to goods and services.
HMRC – Her Majesty’s Revenue and Customs
The department of government responsible for How can I check my payslip?
tax collection.
Is something not quite adding up?
LEL – Lower Earnings Limit
The amount you can earn before being required Don’t be afraid to question anything that doesn’t
to pay National Insurance. look right on your payslip by getting in touch
with your HR or Payroll department.
NIC – National Insurance Contributions
A sum deducted from your salary, in addition to It’s also a good idea to check your payslips
tax. regularly. Not only does this make sure no
mistakes slip through, it also ensures that what
PAYE – Pay As You Earn your payslip says tallies with the amount that has
A tax deduction taken from HMRC. been paid into your bank account.
PILON – Payment in Lieu of Notice
A compensation payment that covers the notice By Tom Bunkham Reed.co.uk
PA Enterprise is published by
20 August/September 2021
