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.