If your limited company formation has taken place, as the Director, the law says you must:
- Try to make the company a success, using your skills, experience and judgment
- Follow the company’s rules, shown in its articles of association
- Make decisions for the benefit of the company, not yourself
- Tell other shareholders, if there are any, if you might personally benefit from a transaction the company makes
- Keep accurate company records and report changes to Companies House and HMRC
- Make sure the company’s accounts are a ‘true and fair view’ of the business’ finances and are filed annually on time with Companies House and HMRC
- Register for Self Assessment and send a personal Self Assessment tax return every year
You can engage professional contractor accountants/advisors, such as Genie Accountancy, to undertake some of the tasks for you. For instance we can prepare your Statutory Accounts but you retain legal responsibility for them. This means we will seek your approval of the accounts and confirmation that they can be filed before we submit them to Companies House and HMRC.
Professional advisors such as Genie Accountancy can offer advice in relation to the running of your company but the decision to act or not on that advice lies with you as director. Any advice given will be based on information provided by you as a company director and it is your responsibility to ensure the information you provide is an accurate reflection of the given situation.
Companies House provides further guidance on Directors responsibilities as does the Institute of Directors.
