Limited Company Series – Directors Duties
We feel that it is important to point out the directors responsibilities and duties, briefly summarised as follows:
To try to make the company a success, using your skills, experience and judgement.
To follow the rules as stated in the articles of association.
To make decisions which benefit the company and not yourself.
To inform shareholders if you personally benefit from a transaction.
To maintain company records for at least 6 years from the end of the companies last tax return. There is a £3000 penalty and director disqualification for non- compliance.
To report changes to Companies House & HMRC.
To register for self assessment and submit a tax return annually.
To ensure accounts show a true and fair view of the company.
If HMRC consider that you are in breach of these duties, you may be personally liable and fined, prosecuted or even disqualified as a company director. We can help you to ensure that you comply with the deadlines and advise Companies house of any changes on your behalf.