Glossary
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Radio frequency identification (RFID)
Technology that enables the tracking of goods and assets, particularly in the retail supply chain. It is increasingly used as an alternative to the bar code, with major retailers using RFID tags for the pallets and cases they distribute. The data held on the tag can be transmitted wirelessly to a receiver via radio waves enabling its identity, position and state to be established.Random access memory (RAM)
A computer's main working memory, where the operating system, applications programs and data in current use are kept. It retains memory for as long as the computer is running, but loses its data as soon as the computer is turned off.Ranking
The order in which holders of a business' securities are paid in the event of insolvency.Rate of yield
The amount of compensating product obtained from processing a given quantity of imported goods.Rateable value
Annual theoretical rental value assessed on commercial properties for the purposes of calculating business rates.Ratification
Giving authority to an act already done. A resolution of a company in a general meeting can ratify an act previously carried out by the directors and a principal can choose to ratify an act of an agent that was beyond the power of the agent.Reasonably practicable
The judgment of what is "reasonably practicable" in protecting people in the workplace is based upon the likelihood of an accident arising and the seriousness of the outcome if the accident occurs.Rebate
In the context of excise duty, a reduced rate of duty that is allowed on oils that have been put to industrial and off-road use. They are marked to show that they have been rebated. It is illegal to use rebated fuels as fuel in road vehicles.Rebate licence
A licence to use rebated heavy oil as road fuel, issued by HM Revenue & Customs.Recapitulative statements
The equivalent, in other member states of the European Union, for the UK term 'EC Sales Lists' (ESL). A recapitulative statement - or ESL - must be prepared and submitted to the tax authority by taxable persons. In it they report their total supplies of goods and from 1 January 2010 most services in the relevant period to each taxable person in another Member State.Receivership
The appointment of a licensed insolvency practitioner to take over the running of a company. The receiver is appointed by a creditor with a secured debt. The job of the receiver is to recover the debt either by taking the security and selling it, or by running the business until the debt is paid off.Reception input
An input message that records the physical receipt of export cargo and the associated documents.Rectification
The correction of a document by court order. The court can rectify a document that cannot be legally altered by anyone else - even the parties who created it. This includes company records and signed contracts.Redemption of shares
Where a company issues shares on the terms that they can be bought back by the company. Not all shares can be redeemed - only those stated to be redeemable when they were issued. The payment for the shares must generally come from reserves of profit so that the capital of the company is preserved.Reduced rates of duty
Some goods can be imported into the UK at a nil or reduced rate of HM Revenue & Customs duty because they originated in a preference country or are from a non-European Union (EU) country and qualify for a temporary suspension of Customs duty.Registered Consignee
The Registered Consignee scheme replaces the Registered Excise Dealers and Shippers (REDS) scheme on 1 April 2010. Registered Consignees require prior approval from HM Revenue & Customs. Once approved, they may only receive excise goods dispatched from another EU member state under duty suspension arrangements and may not hold or dispatch goods in duty suspension.Registered office
The official address of the company as stated on the register at Companies House. Any documents delivered to this address are legally served on the company.Registered owner
A person who has been authorised and registered by HM Revenue & Customs to deposit their duty-suspended goods in an excise warehouse.Registered person
An individual, firm or company that is registered for VAT under the terms of the VAT Act 1994.Release
Release of goods to a Customs procedure either at the frontier using the simplified declaration procedure or entry in the records using the local clearance procedure.Release note
A computer printout, or manual equivalent, for a consignment of goods which has been given HM Revenue & Customs release.Relevant goods
Excise goods on which the duty has not been paid (excluding hydrocarbon oils).Relevant revenue trader
An authorised warehouse keeper, registered owner or duty representative.Remedy/Remedies
Payments or actions ordered by the court as settlement of a dispute. The most common is damages - a payment of money. Others include specific performance of an action required in the contract, an injunction and rescission - putting things back to how they were before the contract was signed.Remote access
The connection of a device through communications lines such as phone lines, wide area networks (WANs) or virtual private networks (VPNs) in order to access applications and information hosted elsewhere.Remote transit shed
An approved place situated within the boundaries of the appointed area of an approved airport, but outside the HM Revenue & Customs approved area where non-European Union goods may be held until they are assigned to a Customs approved treatment or use.Removal
Goods removed with HM Revenue & Customs permission from approved inland or frontier premises under New Export System.Removal authority
A release note that is produced when a request has been made for goods in transit or for goods being removed to another shed or another airport.Removal document
Either single administrative document (SAD) copy three, approved commercial document, laser printed or approved privately printed versions of the SAD.Removed
The term includes goods dispatched to another member state of the European Union (EU) and goods exported to a destination outside the EU.Repetitive Strain Injury (RSI)
RSI refers to the same conditions of Work Related Upper Limb Disorders (WRULDs). RSI usually refers to pain in the arm when working with computers. The preferred term is WRULDs.Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 1995 (RIDDOR)
Under RIDDOR, you are required to report work-related accidents, diseases and dangerous occurrences. It applies to all work activities, but not to all incidents.Repossess
To take possession again of a property or goods after non-payment of money owed. This might follow a court order.Repudiation
Has two meanings in contract law. The first is where one party refuses to comply with a contract - this amounts to a breach of contract. The second is where a contract was made by a minor - a person under the age of 18 - who then repudiates it at or shortly after reaching the age of 18. Then the repudiation voids the contract rather than causing a breach of contract.Respiratory Protective Equipment (RPE)
RPE is one type of Personal Protective Equipment worn to protect the worker from inhaling hazardous substances and to provide the worker with air that is clean and safe to breathe.Restoration
A court order to restore a company to the register after it has been struck off. If a company has been struck off at the end of a winding up it can only be restored within two years - but if struck off for another reason, such as failure to file returns, it can be restored within twenty years. The usual reasons are to regain property the company owned when it was struck off or because it needs to be made party to a court case.Restricted goods
Goods needing a licence or certificate before they can be imported into, or exported from, the UK.Restriction of the Use of Certain Hazardous Substances in Electrical and Electronic Equipment Regulations 2008 (RoHS)
RoHS limits the amount of hazardous substances that can be included in new electrical and electronic equipment.Restrictions and sanctions
Regimes and rulings under which licences or certificates are issued on goods imported into or exported from the UK.Retail banking
Services provided by banks for individual customers, such as savings accounts, personal loans and cheque cashing.Retail price index (RPI)
The official measure of inflation calculated by weighting the costs of goods and services to approximate a typical family's spending pattern. RPI-X is the Retail price index excluding mortgage interest. RPI-Y is the Retail price index excluding indirect taxes and mortgage interest.Return on investment (ROI)
Simplistic accountancy valuation method that uses the division of the gain of an investment by its cost to provide a percentage figure indicating how well it might perform. The higher the percentage figure, the greater the perceived return.Return premium
A premium payable back to the insured as a result of a change in policy cover or declaration adjustment to reflect reduced exposure or sums insured.Returned goods relief (RGR)
A system of duty relief for goods previously exported from the European Union and re-imported in the same state as at export.Revenue trader
A person importing, exporting, producing, handling, processing, packaging, transporting or dealing in goods chargeable with excise duty.Ringelmann Smoke Charts
Ringelmann Smoke Charts are a series of four visual charts graded from white to black used to define the darkness of smoke. The charts can be found in the British Standard BS 2742.Risk
A risk is the likelihood that people or the environment will be harmed by a hazard.Risk
In insurance, this is the probability of an insured loss occurring.Risk assessment
A risk assessment is an examination of what in your work could cause harm to people or the environment. This will enable you to decide what precautions you should take to prevent that harm from occurring.Risk phrases
These are phrases assigned under the Chemicals (Hazard Information and Packaging for Supply) Regulations 2002 to chemicals, eg R22 'harmful if swallowed' and R10 'flammable'. They describe the hazards of a chemical/product and are included in safety data sheets.Router
A communications device that connects two networks, for example a local area network to the internet. A router sends its traffic by reading the destination addresses of the blocks of data (packets) and deciding on the best route to send them so that they arrive at the correct network address.Rural Payments Agency (RPA)
Agency with responsibility for issuing agricultural licences, collecting Common Agricultural Policy (CAP) charges and paying CAP refunds. The RPA was previously known as the Intervention Board Executive Agency, the Intervention Board for Agricultural Products or simply as the Intervention Board.
