Duties as a director of a Limited Company?

What are my duties as a director of a Limited Company?

After completing the company formation process, the director's roles and responsibilities come next. As a director, you are required to perform certain duties. The duties include overseeing the well-being of the employees, strategic decisions and ensuring that the company complies with all legal and financial obligations. More details are as follows:

  • File accurate accounts with HMRC and Companies House

    The director of a Limited company is required by law to produce accounts and file them with HMRC and Companies House. dns will take care of the preparation and the filing of your accounts on time so that you’re never charged a penalty for late filing.

  • Keep accurate accounting records

    Proper records must be maintained as defined by the Companies Act and HMRC. dns will guide you on how to keep and maintain your records, and ensure that you’re always on the right side of the law.

  • File your annual return

    A director of a company is responsible for filing the company’s annual return to Companies House. An annual return is a list of officers of the company and the shareholders of the company as of a particular date. Non-compliance results in the company’s name being struck off from the Companies’ Register. dns will ensure that your annual returns are always filed on time.

  • You must make regular payments to the following:
    • Monthly: PAYE to the Inland Revenue
    • Quarterly: VAT to HMRC
    • Annual Corporation Tax to HMRC
    • Annual Self Assessment Tax Return to HMRC

    dns will ensure that you never miss a payment by reminding you when it is due. We encourage all our clients to use the dns online accounting portal, which will be available for small businesses very soon. Meanwhile your account manager at dns will remind you of all your due dates and tell you how much you owe and when.

    Late payments and late filing of statutory paperwork results in penalties and so, obviously, a responsible and organised approach to your business is desirable; it is also important that you set aside the funds in the company account to pay your tax bills.

    With dns everything is taken care off without fail: yes, by everything, dns means everything, and no hidden surprises.

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