Glossary
Echelons
Levels or positions within an organisation.
Originating from ‘scala’, the Latin word for ‘ladder’, this English word is borrowed from the French phrase meaning “rung of the ladder”.
Example: “He has worked his way to the upper echelons of the finance industry.”
Gangbusters
A very successful business, such as a restaurant.
Example: “The café was doing gangbuster business.”
Turnover Taxes
A term used by James Sinclair to describe costs to business owners which include business rates and employers’ National Insurance contributions.
Example: “It’s hard to grow your business when you’ve got to deal with so many turnover taxes.”
Mary Celeste
A merchant ship which was found abandoned in the Atlantic Ocean in 1872, still in a seaworthy condition. Nobody knows what happened to the crew.
Example: “All the people who should be there have disappeared in a mysterious way, just like the Mary Celeste.”
Trade Credit
An arrangement to buy goods or services on account, without needing to make immediate payment via cash or cheque.
Example: “I acquired the stock I needed using trade credit.”
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VAT
Value Added Tax (VAT) is a consumption tax added to most goods and services at each stage of the supply chain. It is an indirect tax as the consumer ultimately pays it as part of market price of their purchase.
Example: “The standard rate of VAT in the UK is 20%.”