Insight Associates provide outsourced accounting and Finance Director services to ambitious and growing businesses. We work as your only resource or with existing staff to give you complete financial support including monthly management accounts, high level financial advice, robust controls and financial systems, funding and business planning, payroll & compliance, VAT returns and statutory compliance.

Successful business leaders have all the information they need to make good decisions…Do You?

Friday, September 18, 2015

I’ve no idea what HMRC stands for! LOL!

A recent Daily Mail article alarmed us slightly but also made us chuckle so we thought we’d share...

Research by Nationwide Building Society shows that Britons are more likely to know what text message abbreviations stand for than financial ones, such as PAYE, ATM and Isa. It found 79% of adults knew LOL means ‘laugh out loud’ in text speak, while only 60% knew Isa stands for Individual Savings Account.

77% of those questioned knew OMG is ‘oh my god’ compared with only 66% knowing PAYE is Pay As You Earn and even fewer (62%) knew what HMRC stands for Her Majesty's Revenue & Customs.

A building society spokesman said it’s alarming to see that people still don’t have a grasp of the basic financial terminology’.

To be fair it’s almost certainly not just banking and financial terminology many are unsure of but as we all earn/use/need/have money perhaps it should be slightly higher up our priority list than OMG!  I mean, how many people actually admit to believing in God these days? Whereas we do know HMRC exist!

The irony for me is some of the worst abbreviation culprits are ‘communications’ companies!

Here’s a few ideas we came up with for HMRC – why don’t you share yours with us…

  • Hopelessly Mysterious Restrictive Controls
  • Haphazard Meddling Ridiculously Coordinated
  • Haggered Muppets Remarkably Coping
  • Honourable Members Regularly Collecting
  • Humans Merely Reciting Cr**
  • Humungously Mediocre Regulatory Collective

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