Acronyms can occasionally get us in a spin. So many things that we might think don’t need condensing get given an acronym and it leaves us fumbling over a number of letters. What do they mean? What exactly is an 'ISA' for example?
For your convenience here are a list of finance-related acronyms that we use regularly at LGBT Money. (You know what 'LGBT' stands for).
APR: Annual Percentage Rate; applies to loans and takes into account the cost, as well as interest and fees for the year.
ATM: Perhaps more commonly called a cashpoint in the UK, ATM stands for Automated Teller Machine.
BTL: Buy-to-let mortgages allow buyers to take out a mortgage with the intention to let.
HMRC: Her Majesty’s Revenue and Customs; Government department responsible for taxes, benefits and National Insurance.
ISA: Individual Savings Account; A savings account that allows you to put money aside, tax-free.
NI: National Insurance; a means of contributing money to the Government to aid you long-term through benefits and pension.
PAYE: Pay As You Earn; system used to monitor your earnings, income tax and National Insurance contributions.
SIPP: Self-Invested Personal Pension; a way of saving for your retirement allowing contributions from yourself, tax relief and your employer if you’re employed and they wish to contribute to your SIPP.
YTD: Year-to-date; often found on payslips, it simply totals pay, and other factors, for the current year – usually tax year (April onwards).