Your Responsibilities as a Company Director
Posted on 2nd November 2020 at 12:00
You must inform HMRC if you are changing your business from self-employment to Limited company.
As a Director, you are legally responsible for making sure information is sent to Companies House on time.
the confirmation statement
the annual accounts
any changes in your company's officers or their personal details
a change to your company’s registered office
allotment of shares
registration of charges
any change in your company’s people with significant control
As a director, you are also responsible for the following:
Managing the company’s affairs
Following Company Law and any other regulations
You can hire a professional to manage some of these things for you, however you are remaining responsible for your company’s records, accounts and performance.
A company director doesn’t need to complete a Self-Assessment tax return because they are treated as an employee of the company.
You must not allow other people to control your powers as a director. You can accept advice, but you must use your own independent judgement to make final decisions.
If the company becomes insolvent, your responsibilities as director will apply towards the creditors, instead of the company. A creditor is anyone owed money by the company.
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