Sales ledger

See ‘ledger’.


A generalised name for stocks, shares and other financial instruments.


Term used to indicate an individual or company is responsible for the computation of their tax liability payable to HM Revenue & Customs.

SERPS (State Earnings Related Pension Scheme)

Scheme allowing employees to increase their basic state pension via additional payments based on earnings.


A stake in a company entitling the holder to receive a pro-rata share of the company’s profits through dividends, based on their holding.

Share capital

The proportion of a company’s capital issued to shareholders in the form of ordinary and preference shares.

Share option

Option to buy shares in a company at a fixed price between a specified exercise period. This is used as an incentive, offered to company directors and employees, to promote loyalty and commitment.


The owner of shares in a company.

Stakeholder pension

Scheme to encourage people to make provisions for their own future if they have not been able to afford a personal pension.

Stamp duty

A UK tax imposed on the buying of shares and property.

Statement of account

Statement suppliers issue to customer detailing transactions entered into over a given period.

Statutory accounts

See ‘annual report’.

Statutory sick pay

Payments made by employers to employees when they are unable to work due to illness or injury for more than three consecutive days.


Goods that a company has produced or purchases but not yet sold, and are thus are held as current assets. Also known as inventories.