Glossary
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S
Safety data sheet (SDS)
An SDS must be supplied if the chemical is dangerous and supplied for use at work. The SDS provides information on: the hazard of the chemicals, handling and storage, its environmental effects, exposure controls, and Personal Protective Equipment.Scalability
The ability to expand the number of users or increase the capabilities of a computing solution, without making major changes to the systems or application software. Essential to prevent a technology solution from being a stumbling block to organisational growth.Scottish Environment Protection Agency (SEPA)
SEPA is responsible for regulation and enforcement of most environmental matters in Scotland.Sea waybill
A waybill that covers both domestic and international transportation of goods to a specified destination by sea. This is a non-negotiable instrument of sea transport that serves as a receipt for the shipper, indicating that the carrier has accepted the goods listed and obligates itself to carry the consignment to the port of destination according to specified conditions.Search
An inspection carried out to establish whether any legal restraints, planning applications or aspects of legal ownership might affect the purchase of a property. Solicitors will look into land registry and local government records when pursuing this.Search engine
A web application that creates indices of websites, usually based upon their content and key words. The search engine has an interface that allows the user to key in specific search terms and then presents them with a list of those web addresses that meet the specified requirement. The list is presented in hypertext form which means that the user can click on any item in the list and go directly to that website.Secondary compensating products (SCP)
A product which is a necessary by-product of the processing of goods imported under inward processing relief. Secondary compensating products are not regarded as waste or scrap.Secure sockets layer (SSL)
A network protocol that provides security to web-based network traffic via authentication, encryption and message integrity services. It is used in e-commerce to prevent hackers from stealing sensitive information contained in electronic transactions.Secured creditor
A creditor who holds title to the asset of a debtor, such as a mortgage or loan, which can be held as security and sold to recover the debt. In the event of insolvency when a debtor's assets are sold or disposed of, secured creditors are paid before preferential and unsecured creditors.Secured loan
A loan in which a borrower pledges an asset such as a home or car that may be sold if they are unable to repay the loan. Secured lending is viewed as less risky than unsecured lending and interest rates are generally lower to reflect this.Securities
General name for stocks and shares of all types.SEED-on-Europa
The European Commission's System for the Exchange of Excise Data available on the Europa website. This system allows excise businesses to check the validity of excise numbers online and confirms the product codes that a trader is approved to hold.Serial port
A socket on a computer that is used for serial communication (one bit at a time) between a computer and another device. The serial port is normally used for the connection of a modem.Server
A powerful computer on a network that acts as a store for data and software. It also controls access to workstations, printers and other parts of the network.Service contract
Directors and officers are usually given service contracts that are formed differently from a contract of service, which is a more formal description of an employment contract. This is because directors and officers are not always employees.Service level agreement (SLA)
A contract between a service provider and a customer that specifies, in measurable terms, what services the provider will deliver to the customer. Typically used by commercial service providers such as internet service providers and outsourcing companies. The agreement is likely to include the percentage of time that a specified service should be available (the up-time), performance benchmarks against which actual system performance can be measured, and the expected response times for dealing with a variety of technical issues and problems.Share
An investment in, and part ownership of, a company, conferring the right to a proportion of the company's profits, usually by payment of a dividend. Shares may also carry voting rights and, in the case of public companies, can be traded on the open market.Share capital
Shares issued to or available to be issued to shareholders. Issued share capital is the value of shares issued to and held by shareholders. Authorised share capital is the value of the shares available to be issued. Issued share capital cannot exceed authorised share capital.Share premium
The excess paid over a share's nominal value.Shared secrets
An additional level of security for online services. For example, if an agent or client forgets their user ID or password and calls the Helpdesk, they will be asked their shared secrets for identification purposes. An agent will be asked to enter these the first time they transact online using the service.Shareholders
Owners of a company. In a private company they may also be the directors. In a public company they can include members of the public who have bought shares through a market such as the stock exchange.Shareholders' agreement
An agreement between all the shareholders about how the company should be run and how the rights of the shareholders are to be applied. This acts as a contract between the members, but as the company itself is not a party to it, the company is not bound by it.Sharia'a Law
Islamic law that prohibits the charging or receiving of interest (riba) on loans.Shed identity
A three-letter code that provides a unique identity for a transit shed located at a Cargo Community System airport.Simplified Administrative Accompanying Document (SAAD)
A control document for duty paid goods moving between European Union (EU) member states.Simplified clearance procedure (SCP)
A procedure under which exporters of goods may submit an abbreviated HM Revenue & Customs pre-entry or an approved commercial document at the time of export. Full statistical information must be provided after the goods are exported.Simplified declaration procedure (SDP)
Requires a two-stage declaration to the Customs Handling of Import and Export Freight system. The first stage is the provision of brief details of the consignment against which HM Revenue & Customs clearance is given. The second stage requires the submission of a full supplementary declaration within a specified period. The SDP is only available under the New Export System.Simplified declaration warehouse (SDW)
A supplementary declaration submitted for goods removed from a warehouse under HM Revenue & Customs freight simplified procedure arrangements.Simplified frontier declaration (SFD)
An HM Revenue & Customs declaration for goods imported under the Customs freight simplified procedure arrangements. A simplified frontier declaration (SFD) contains a minimum amount of information and is submitted at the frontier. Presentation of an SFD enables clearance at the frontier or removal to local clearance procedure.Simplified procedure for import clearance (SPIC)
A simplified procedure for Customs clearance of imported goods of a value not exceeding £600.Simplified procedure values (SPV)
One of two prescribed methods for giving an importation value to certain types of whole fresh fruit and vegetables for customs, VAT and trade statistics' purposes. Also see Standard import values (SIV).Single Administrative Document (SAD)
A multi-purpose HM Revenue & Customs document designed to simplify and harmonise customs information requirements within the European Union (EU). The full form of the single administrative document (SAD) is an eight-part document. It is also available in shorter forms suitable for use in particular applications. There are also electronic equivalents of the SAD for computer input purposes. Also known as form C88 in the UK, this document must be completed for all exports, imports and goods transiting the EU.Single European Declaration (SED)
The European Union (EU) form used to declare imported goods to HM Revenue & Customs.Single market
Measures brought into force by the European Union (EU), creating an area without internal frontiers in which the free movement of goods, persons, services and capital is ensured. These required important changes to the way VAT and some excise duties are charged and accounted for.SITPRO
Public body which aims to help businesses trade more effectively across national borders and cut the red tape associated with international trade.Small Firms Loan Guarantee (SFLG)
This service has been replaced by the Enterprise Finance Guarantee.Spam
Unsolicited emails sent to large numbers of recipients.Special resolution
A resolution requiring a majority of three quarters to vote in favour of it. Used for particular types of resolution as set out in legislation, eg a change of name or alteration to the articles.Special territories
Countries or areas that are effectively part of the Customs territory of the European Union (EU) but not part of the fiscal (excise duty and VAT) territory. Goods imported from these territories are liable to VAT and excise duty (if appropriate) unless they are eligible for a relief. These territories are the Aland Islands, the Canary Islands, the Channel Islands, French Guiana, Guadeloupe, Martinique, Mount Athos and Reunion.Special waste
Waste that has hazardous properties that may render it harmful to human health or the environment, eg batteries, oils and oil filters, paint and ink, chemical waste, solvents. The term now only applies in Scotland - England, Northern Ireland and Wales use "hazardous waste".Specific duty
Duty based on a unit quantity (for example litre or kilogram) of the imported goods.Spoofing
Term used to describe an online imposter who is pretending to be someone or something they are not. The most common form of spoofing is the forging of an email header so that the message appears to have come from someone other than the actual source. This approach is frequently used by distributors of spam.SSAP
Statement of standard accounting practice.Stamp Duty (SD)
Tax on transactions. Only applied to specific types of transactions, eg dealings in land, buildings, shares and ships.Stamp Duty Land Tax (SDLT)
The tax payable to the government upon the transfer of ownership of a property or share.Stamp Duty Reserve Tax (SDRT)
Tax payable on the purchase of shares in UK companies and foreign companies with a register in the UK.Standard exchange system (SES)
The SES is a variant of outward processing relief, which allows duty relief to be granted on goods imported as replacements for faulty goods which have been exported from the community for repair. Traders may import replacements before the faulty goods are exported, if they are authorised to use SES with prior importation.Standard import values (SIV)
One of two prescribed methods for valuing certain fresh fruit and vegetables at certain times of the year, when the entry price system is in force. They are used for giving an importation value for customs, VAT and trade statistics' purposes. Standard import values do not operate concurrently with simplified procedure values. Also see Simplified procedure values (SPV).Standard industrial classification (SIC)
Standard numerical code used by the UK government to classify products and services.Standard international trade classification (SITC)
Standard numerical code system developed by the United Nations (UN) to classify commodities used in international trade.Standard shipping note (SSN)
Document completed by the exporter which tells destination ports and container depots and ports how the goods should be handled. A dangerous goods note must also be sent if the goods are classified as dangerous or hazardous.State earnings related pension scheme (SERPS)
The state earnings related pension scheme ran from 6 April 1978 to 5 April 2002 and has now been replaced by the State Second Pension.State second pension (S2P)
An additional State pension, based on income level and National Insurance contributions, which is available to low to moderate income earners and certain carers and people with a long-term illness or disability. Formerly called the additional State Pension or SERPS.Statement of affairs
The listing of a debtor's assets and liabilities. It is required in receiverships and windings up and is sworn under oath by the debtor before a lawyer or Commissioner for taking oaths.Statement of auditing standards (SAS)
Statement detailing the practices, responsibilities and procedures which all auditors must abide by when completing an audit.Statutory adoption leave (SAL)
A period of time off work of up to 52 weeks available to an employee who is adopting a child.Statutory adoption pay (SAP)
Financial entitlement for an employee who has adopted a child, once the baby is officially placed with them.Statutory maternity leave (SML)
A period of time off work of up to 52 weeks available to an employee who is pregnant.Statutory maternity pay (SMP)
Financial entitlement for mothers during the first 39 weeks of statutory maternity leave.Statutory nuisance
A statutory nuisance is an activity (identified as a nuisance by legislation) that could cause damage to property or to the health of local residents or disturb the neighbourhood. It could arise for example from noise and vibration, smoke and fumes, dust, steam, light pollution, odours, and build up or deposit of waste and materials.Statutory paternity leave (SPL)
A period of time off work of either one week or two continuous weeks available to an employee who is the partner of either a woman who has given birth or someone who is adopting a child.Statutory paternity pay (SPP)
Financial entitlement for partners during statutory paternity leave (a period of either one week or two consecutive weeks)Stock exchange automated quotations system (SEAQ)
A continuously updated electronic noticeboard used by the London Stock Exchange to provide details of market makers' bids and offer prices and trade reports of UK securities.Stock exchange Electronic Trading Service (SETS)
SETS is the electronic trading service of the London Stock Exchange.Stock market
The market for the sale and purchase of shares, government bonds and other securities.Stocks
In Britain, this refers to government debt securities such as a gilt-edged investment where a reasonable level of interest can be earned on a very low risk investment. In America a stock is more likely to be a share.Striking off
The removal of a company's name from the official register kept at Companies House. Signifies the official death of the company. Its name can then be taken by a new company, but its registration number cannot be reused.Subject to survey
Phrase used by an insurer to signify provisional acceptance of a risk pending inspection by a surveyor whose report is then part of the assessment of that risk. The insurer reserves the right to vary or withdraw any offer as a result of the survey. The insurer may also impose specific requirements or make recommendations for risk improvement.Sublease
A lease that is given by a tenant on part or all of the leased premises to another person for a period shorter than the original lease, while still retaining some interest.Subrogation
Insurer's right to pursue action in the insured's name against the party considered legally liable for the loss or damage.Subsidiary company
A company that is over half owned by another company - its parent company.Supervisor
An insolvency practitioner appointed following the approval of a voluntary arrangement. They will monitor its progress, recover assets and contributions, report to and pay distributions to creditors, and terminate the arrangement on successful completion (or prematurely should the debtors fail to meet their obligations under the arrangement).Supplementary declaration (SD)
Another name used to describe a post-shipment declaration. Under the New Export System it is an electronic message sent to the Customs Handling of Import and Export Freight system to declare statistical and control information for all consignments exported under either the local clearance procedure or the simplified declaration procedure.Surface waters
Bodies of water on the surface of the land, eg rivers, lakes and streams.Sustainable development
Sustainable development is the concept of "development that meets the needs of the present without compromising the ability of future generations to meet their own needs".System for exchange of excise data (SEED)
This is a European Union wide database of tax warehouses and registered traders. Once EMCS is fully functional, SEED will automatically verify the validity of the receiving tax warehouse in order that excise goods move under duty suspension. All authorised traders must be registered on SEED and record their 13-digit number on all electronic Accompanying Documents (e-ADs).
