Discover the meaning of the latest PH payroll and HR terms and abbreviations with this free glossary.
ADP iHCM 2 ADP iHCM 2 is the name for ADP’s payroll and HR system for businesses of between 50 and 999 employees. It is a cloud-based solution for companies to manage their payroll and employee time, training, talent and recruitment.
Income tax Income tax is the tax payable on income. This includes salaries, self-employment profit,benefits in kind.
Income tax calculations Income tax calculations confirm the income tax liability of a business, based on its profitability for a defined period. Income tax is seen as a debt that needs to be settled within the next 12 months.
Industry 4.0 Industry 4.0 refers to a ‘fourth industrial revolution’, where innovations such as automation, artificial intelligence (AI) and the Internet of Things are coming together in manufacturing and industry. This will lead to smart factories using data from connected operations and production systems to adapt to new demands.
International business An international business trades goods, services, technology, knowledge or capital across borders. Sectors involved include construction, banking, finance and insurance.
International payroll services International payroll services are outsourced services provided by external payroll experts to companies with an international presence. They may take on running all of payroll, integrating data with HR so that one system of workforce record exists for all territories.
International payroll solutions International payroll solutions provide one unified, cloud-based system of record for businesses with multiple locations to manage their payroll. Benefits include teams having one, comprehensive system instead of multiple, plus better visibility over spend.
Internship An internship is offered, sometimes without pay, by companies to trainees or students who wish to have work experience in their chosen field.
IR35 Self-employed contractors who work through a limited company have some tax advantages. However, since April 2021, IR35 rules enforce that contractors, who work in the same way as permanent full-time or part-time staff, must pay the same tax and National Insurance as employees.