Glossary
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P
Parallel port
The socket on a computer that a printer usually plugs in to.Parent company
A company that owns - ie has more than 50 per cent of the voting rights in - one or more businesses (known as subsidiaries). Sometimes, the parent company has less than 50 per cent but can control the board of directors of the subsidiary, ie it has the power to appoint and remove directors without referring to other shareholders.Pari passu
Equal and even. In terms of shares, this means that newly issued shares have the same rights and restrictions as those of the same class already existing.Part delivery
Alternatively known as a part release - the delivery by a transit shed operator of part of a Customs released consignment.Part shipment
The description for each of the two or more parts of a split export consignment.Pay As You Earn (PAYE)
The collection system for the basic income tax of employees.PAYE settlement agreement (PSA)
Voluntary agreement between a company and its HM Revenue & Customs office covering tax on certain expenses and benefits in kind. The agreement allows the business to pay the tax due without having to operate PAYE on them, enter them on a P11D or P9 or assess the National Insurance due on them.Paying agent
A trader known to HM Revenue & Customs and formally set up on the Customs Handling of Import and Export Freight (CHIEF) system who transmits import or customs warehouse removal declarations to the CHIEF system.Payment in advance
An exporter may be able to negotiate these terms for all or part of its shipment. The exporter bears no risks or financing costs. Payment or part-payment in advance is typically used for low-value sales to individuals or new customers.Payment Services Regulations (PSR)
The regulations implement into UK law the Payment Services Directive. Under the Payment Services Regulations all payment institutions (including banks, building societies and e-money issuers) must be authorised or registered with the Financial Services Authority. Payment institutions are also required to comply with a conduct of business contained in the Banking Conduct of Business Sourcebook.Peer-to-peer
A network in which each computer node has equal abilities. A computer can serve as both a server and a user, and each computer has access to all the network's resources on an equal basis.Period entry
The period within which the quantity of goods specified by a licence must be imported or exported.Period of risk/insurance
The period during which the insurer can incur liability under the terms of the policy.Period of validity
The period within which the quantity of goods specified by a licence must be imported or exported.Peripheral
Any device that is not part of the main computer but that is situated relatively close by, for example a printer or scanner.Permit to Work
A Permit to Work is a formal written statement of work to be done, safety precautions to be taken and confirmation that associated risks and hazards have been identified.Personal digital assistant (PDA)
A small, handheld computer with, typically, diary, email and address book applications and, increasingly, mobile phone connections built-in (also known as Palmtops).Personal equity plan (PEP)
A type of tax-efficient investment that was available between 1986 and 1999.Personal export scheme (PES)
A scheme under which a VAT-registered supplier can supply a motor vehicle to certain customers in the UK free of VAT, on condition that the vehicle is exported to a destination outside the European Union (EU) within a fixed time. Subject to some restrictions the vehicle may also be used in the EU prior to its final export.Personal Hearing Protection
Personal Hearing Protection is one type of Personal Protective Equipment, which is worn by the worker to protect their hearing in noisy work areas. Personal Hearing Protection is either earplugs or earmuffs.Personal Protective Equipment (PPE)
PPE is all equipment (including clothing) that is worn by a worker to protect him or her against one or more health and safety risks. Uniforms that do not specifically protect against risks to health and safety are not PPE. PPE includes safety helmets, gloves, eye protection, high-visibility clothing, safety footwear and safety harnesses.Phishing
Term used to describe the use of bogus e-mails and websites to trick the user into supplying confidential or personal information such as bank account numbers, PINs or passwords.Phytosanitary Certificates (PHYTO (Sanitary) Certificate)
Written verification that plant and plant products meet the standards required for foreign countries and meet European Union standards on pests and disease.Plug-in
A specialised software program that is used to expand the capability of a web browser. It is generally used to provide interactivity, increase functionality or support rich media eg video players.Point of entry
The location at which imported goods first enter the UK. This is not necessarily the place at which goods are presented for Customs clearance.Policy
A document detailing the terms and conditions applicable to an insurance contract and constituting legal evidence of the agreement to insure. It is issued by an insurer or their representatives for the first period of risk. On renewal a new policy may not be issued although the same conditions would apply, and the current wording would be evidence by the renewal receipt.Polluter pays principle
The polluter pays principle is a concept whereby those responsible for pollution meet the costs of restoration or remediation in full.Pollution Prevention and Control (PPC)
PPC is the term used in Northern Ireland and Scotland to cover both the earlier Integrated Pollution Prevention and Control and Local Air Pollution Prevention and Control systems, both of which are being phased out. It has been replaced in England and Wales by environmental permitting.Post-shipment declaration
A full statistical export declaration submitted to the Customs Handling of Import and Export Freight system after goods have been exported. A post shipment declaration is required following the export of goods under the simplified declaration procedure and local clearance procedure.Pre-finance goods
An arrangement whereby an export refund is paid on Common Agricultural Policy goods in advance of the actual export. Goods must be deposited in a Customs warehouse or free zone specially approved for pre-financing.Pre-financing
System permitting payment of Common Agricultural Policy export refund when goods for export are placed in Customs control in warehouse, or when basic products from which goods for export are to be produced are placed in Customs control at the manufacturing premises.Pre-shipment advice
An abbreviated export declaration presented to HM Revenue & Customs at the time of export.Pre-shipment declaration
A full statistical export declaration lodged with HM Revenue & Customs together with the goods before the time of shipment. A full manual declaration may be made either electronically, using the national export system, or as a manual declaration. At a designated export place a Customs Handling of Import and Export Freight declaration must be submitted.Pre-shipment inspection (PSI)
A few countries require goods and documents to be examined before export by an independent agency. In some countries it's optional but can be requested by the customer. Usually, countries where PSI applies have appointed one dedicated agency to perform the pre-shipment inspection. Normally, your freight forwarder or customer will be able to advise on the necessary arrangements.Preference
A system under which eligible goods imported into the European Union (EU) from certain non-EU countries qualify for a reduced (often nil) rate of Customs duty. These arrangements also cover EU goods exported to the non-EU country.Preferential creditor
A creditor entitled to payment in the event of insolvency after secured creditors and before unsecured creditors.Premium
The consideration paid for a contract of insurance, often paid monthly, quarterly or annually.Presentation of goods
The notification to Customs in the manner laid down of the arrival of goods at the Customs office or at any other place designated or approved by Customs.Price-to-earnings (P/E)
A ratio that indicates the value of a company's shares. The ratio compares the price of the share (P) with the amount of income the company earns from that investment (E). A good P/E ratio points to a more secure business and greater likelihood of shareholders receiving good dividends in future. Lists of P/E ratios of publicly quoted companies are published by quality newspapers.Private companies
Companies with no minimum or maximum capital, but that can be limited by shares or guarantee. Private companies cannot offer to sell shares to the public and so cannot be listed on the stock exchange. Private companies have "Limited" or the abbreviation "Ltd" after the company name.Private warehouse
A Customs warehouse reserved for the warehousing of goods by the warehousekeeper, ie the warehousekeeper is also the depositor of the goods.Privity of contract
The principle that a contract is private to the parties that agreed to it. Historically this meant that if the contract affected or even named persons who should benefit from it, they could not sue to enforce it if they were not actual parties to the agreement. This principle has now been greatly undermined by statute and third parties can now sue to enforce contracts that affect them.Pro forma invoice
Invoice provided by an exporter to an import customer before shipping. Typically used when the importer has to organise foreign exchange or get an import licence.Pro rata
Proportional entitlement or liability. For example, a pro rata share issue is offered in proportion to the number of shares each shareholder already has.Pro-rata premium
Charge for a number of days a risk is covered, calculated as a precise fraction of the annual premium.Procedure for Electronic Application for Certificates (PEACH)
Created to help businesses comply with the requirement for pre-notification of horticultural consignments being imported into the European Community (EC) and which fall under the EC Marketing Standards.Processing under Customs control for free circulation (PCC)
A system of import duty relief for goods imported or transferred from another Customs regime.Producer responsibility
Producer responsibility involves making manufacturers responsible for the entire lifecycle of the products and packaging they produce. The aim of producer responsibility is to ensure that someone (usually the original producer of the goods) takes responsibility for the proper and safe disposal or recovery of the goods when they have reached the end of their useful life.Production account point
This is the precise, clearly defined point through which all tobacco products are channelled and where the production account is raised.Professional indemnity insurance
Insurance that indemnifies a professional against their legal liability towards third parties for loss arising from their professional negligence or that of their employees.Profit and loss account
A statement of income received during a given period and the costs incurred to generate that income. It includes sales, costs, overheads, interest charges and a provision for tax and dividends.Prohibition notice
A prohibition notice is served where a health and safety inspector believes that continuing the activity presents the risk of serious personal injury. The prohibition notice requires the activity to stop until health and safety controls have been put in place. Environmental regulators can issue a notice when a business fails to comply with the conditions of a permit or licence and where this could lead to serious pollution of the environment.Proposal form
Document completed giving details required by insurers to enable them to decide whether to accept the risk and on what premium terms and conditions. Once agreed by both parties, it forms the basis of the insurance contract.Proprietor
In relation to excise goods this term includes the owner, importer, exporter, shipper, or other person owning or being beneficially interested in the goods.Provision and Use of Work Equipment Regulations 1998 (PUWER)
PUWER requires businesses to control risks to employees from work equipment.Proxy
A person who acts on behalf of another for a specific purpose. In a company a proxy is appointed to attend a meeting and vote on behalf of the shareholder that appointed the proxy. 'Proxy' can refer to both the business making the appointment and the person appointed.Proxy server
A computer (server) that sits between a client application (for example, a web browser) and a real server. The proxy intercepts all requests to the real server to see if it can fulfil the requests itself. If not, it forwards the request to the real server.Public liability insurance
Insurance that indemnifies against any claims for injury or damage by members of the public to their property by you or your business.Public Limited Company (PLC)
A PLC must issue at least £50,000 worth of shares. Before it can start trading the company must hold 25 pence for each £1 share. A public company must have at least two directors and a company secretary. Public companies can be listed on the stock exchange but this is not compulsory.Public warehouse
A Customs warehouse available for use by any person for the warehousing of goods.
