Glossary

Gas Safety Register

Organisations registered with the Gas Safety Register are the only ones authorised to install, inspect and maintain natural gas appliances. The Gas Safety Register replaced the Council for Registered Gas Installers.

Gearing

The gearing of a business refers to the percentage of money borrowed from the bank compared to money provided by the owners and other investors. For example, if a bank lends a business £40,000 and the shareholders provide £60,000 the gearing would be 40 per cent, because the bank provided 40 per cent of the total. There are risks associated with gearing and banks may be wary of lending to businesses with gearing of more than 50 per cent.

General Agreement on Tariffs and Trade  (GATT)

The agreement was designed to provide an international forum that encouraged free trade between member states by regulating and reducing tariffs on traded goods and by providing a common mechanism for resolving trade disputes. GATT membership now includes more than 125 countries.

General Valuation Statement  (GVS)

Form used as a "season ticket" in place of individual valuation declarations.

Generalised system of preferences  (GSP)

A full list of countries participating in preference schemes found in the Tariff.

Going concern

Accounting concept that states a business should be valued on the basis that it will be continuing in business and able to use its assets for their intended purpose. The alternative would be a break-up basis which sets values according to what the assets could be sold for immediately - this is often much less than their value would be if they were kept in use.

Gross

Before deduction of tax or discount. Net is after tax or discount.

Gross domestic product  (GDP)

The value of the goods and services produced by a national economy over a particular period.

Gross premium

A term normally applied to gross written insurance premiums before deduction of brokerage fees or commission and expenses.

Gross profit

The value of invoiced sales - whether or not the money has been received - minus the direct costs of production. The costs are what you have used, not what you have bought. Gross profit is sometimes expressed as per cent on sales.

Groundwaters

Underground water resources, eg aquifers, wells and boreholes.

Group of 7/8  (G7/8)

The G8 comprises the leaders of seven of the world's leading industrialised nations (G7) and Russia. The informal group meets annually to tackle global economic and political issues.

Group payment arrangement  (GPA)

Arrangement made with HM Revenue & Customs to pay the total amount of corporation tax owed by a group of companies without having to calculate the amount owed by the individual companies within the group.

Groupage

This allows exporters of small consignments to gain the benefits of containerisation. A freight forwarder undertakes to group together different exporters' consignments to fill a whole container for a particular destination.

Guarantee

The financial security required for some warehouse premises, some customs procedures and all movements of duty-suspended excise goods from an excise warehouse. Administered by HM Revenue & Customs.

Guarantee

Secondary agreement by which one person promises to honour the debt of another person if that debtor fails to pay. The directors of small companies are often called on by creditors to give their personal guarantees for company debts. A guarantee must be in writing and the guarantor can only be sued if the actual debtor can't pay, in contrast to indemnity.

Guarantee company

A company which has no share capital but the members have agreed, by way of guarantee, to pay a specified sum if the company is wound up. Commonly used for non-trading companies such as charities.

Guaranteeing associations

Organisations that are approved by HM Revenue & Customs (HMRC) to issue Transports Internationaux Routiers (TIR) Carnets.