Definitions, answered first

Turnover rent — also called percentage rent — is rent calculated as a percentage of a tenant's gross sales above an agreed threshold, paid in addition to a fixed base rent.

A Qualifying Free Zone Person is a UAE free zone entity that meets every condition set by the Corporate Tax legislation and can therefore apply a 0% rate to its qualifying income.

Small Business Relief is a UAE Corporate Tax election allowing a resident taxable person with revenue of AED 3 million or less to be treated as having no taxable income for that period.

The reverse charge is the mechanism by which a UAE business receiving goods or services from outside the UAE accounts for the VAT itself, instead of the overseas supplier charging it.

A tax invoice is the document a VAT-registered UAE supplier must issue for a taxable supply, carrying the particulars the VAT legislation prescribes.

The Wage Protection System (WPS) is the UAE's electronic salary transfer regime, requiring employers to pay wages through approved financial institutions so that payments are recorded and monitored.

End-of-service gratuity is the statutory terminal payment most UAE private-sector employees receive after at least one year of continuous service.

Management accounts are internal financial reports produced monthly to support decisions — typically a profit and loss against budget and prior year, a balance sheet, working capital and a cash forecast.

Deferred revenue is money received from a customer before the goods or services have been delivered.

IFRS 16 is the accounting standard for leases.

A trial balance is a list of every account in the general ledger with its closing debit or credit balance at a point in time.

A Tax Registration Number (TRN) is the unique number the UAE Federal Tax Authority issues to a registered person.