Your Responsibilities as a Director
A Limited Company is a legal entity in its own right and, as a director, you are the person responsible for ensuring that it conducts its affairs in a way that is compliant with all relevant laws and tax authority requirements.
Failure to do so, could result in you being held to account and can mean you being personally financially responsible for certain losses. It is therefore vital that you ensure you have advisors who are knowledgeable in all these matters and can help you to adhere to all your obligations.
A professionally qualified accountant is trained in these requirements and will ensure that you are fully compliant. They will also be able to give you guidance on meeting your record keeping obligations so as to be able to render a full and complete return on your trading activities to HMRC. They will also know the timetable for submission of various returns so you avoid late filing penalties.
It is also important for you to comply with your filing obligations to Companies House, which include, notifications of changes to the officers of the company, the details for each officer, as well as your filing of each years accounts and your annual return.
These days, your trading partners will very likely have up to date information about your company from any one of a number of credit rating agencies. If your information at Companies House is not up to date, then this could affect your trading relationships. An example of this would be someone who has recently been appointed to be a director of your company, who holds himself out as having such authority, but whose appointment had not yet been notified to Companies House.
The role of your accountant is to look after most of the statutory reporting requirements for you and to provide you with expert guidance and advice on all other aspects of company governance.
For more information and to discuss your requirements with one of our experts please Contact Us today.
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