UK Payslip Glossary
Every term you might see on a UK payslip, explained in plain English. 97 entries, updated for the 2026/27 tax year.
B
- Benefits in Kind (BIK)Benefit
- Taxable non-cash perks like a company car, medical insurance, or a beneficial loan. Full definition
C
- Childcare VouchersBenefit
- A closed salary sacrifice scheme that swaps salary for tax-free childcare vouchers. Full definition
- Company Car TaxBenefit
- Income tax on the private use of a company car, scaled by list price and CO2. Full definition
- Cycle to Work SchemeBenefit
- A salary sacrifice for a bike and safety kit, repaid from gross pay over 12-18 months. Full definition
N
- Notional PayBenefit
- A non-cash amount that is treated as taxable pay for PAYE and NI purposes even though no money changes hands. Full definition
O
- Optional Remuneration Arrangements (OpRA)Benefit
- Anti-avoidance rules that strip the income-tax and NI savings out of most salary-sacrifice benefits taken in exchange for cash pay. Full definition
S
- Salary SacrificeBenefit
- Swap gross salary for a non-cash benefit, cutting tax and NI. Full definition