As a director you are legally responsible for running the company, making sure it’s profitable and all taxes and paperwork are correct and paid/filed on time. As your accountant we’ll help you and support you to do this but the final responsibility lies with you.
As a director of a limited company you’ll be responsible to the company for:
Trying to make the company a long-term success, using your skills, experience and judgement to support this
Complying with relevant legislation
Keeping company records (for 6 years minimum)
You can be fined or disqualified if you don’t do this
Details of directors, shareholders and their transactions
Invoices, receipts and financial transactions
Details of any loans, assets etc
Reporting changes to Companies House (CH)/HMRC i.e.
Registered office address
Company details i.e. business name, your name, type of trade, directors
Making sure the accounts are ‘true and fair’ - so the view of the business’ finances is accurate
Filing accounts with CH, filing tax returns with HMRC and paying Corporation tax
Filing an annual return/confirmation statement with CH, confirming company details to CH once a year
Following the rules laid down in the company’s articles
Things like how to make and record decisions, take votes, record distributions
Making decisions that benefit the company (taking all stakeholders into account) and telling other shareholders (if applicable) if you might benefit from a decision you make
You must also register for Self Assessment and submit Self Assessments every year to make sure your earnings are declared and taxed properly.
You’ll need to set up a company bank account and make sure you have a UK address that’s allowed to be your registered office. You’ll have other smaller responsibilities, like making sure invoices are issued properly.
There are time limits when reporting some of the changes, so let us know as soon as possible - there are more reportable changes than this so keep us in the loop.