Companies House, Capital Allowances and Childcare Vouchers

Companies House

This is the central register for companies and Limited liability partnerships.  Whether you are a large multinational or trading as a single person Limited company you will have to file documents at Companies House.  And these records are open to the public.

Every company must file an annual return.   This is a record of the shareholders, directors, registered office and shares at a certain date.

Every company must also file its accounts. Large companies must file full accounts but small companies can file abbreviated accounts.  Accounts must be prepared every year and submitted to Companies House nine months after the accounting year finishes.

Capital allowances

When you prepare your company tax calculation or your own self-employed business income tax return not everything you purchase can be treated as a business expense for tax.  Some of your purchases will last many years, for example a piece of equipment may last five years.  Items that last a number of years are called “fixed assets” in accounts.  These fixed assets may qualify for tax deduction through capital allowances but they cannot be expensed.  The rate of capital allowances will vary from 100% (so all the cost can be deducted from your profits for tax) to 8% (so a small amount of the cost will be deducted over many years).

Childcare vouchers

Childcare vouchers of up to £55 per week can be issued to employees and these vouchers will not be subject to basic rate tax of 20% (you will pay some tax if you are a 40% taxpayer).  If you are an employee of your own limited company you can receive these vouchers tax and national insurance free and your company can deduct the costs from its profits.

See our blog on childcare vouchers if you want further information.