1. Directors' responsibilities
As a director of a limited company, you must:
- follow the company’s rules, shown in its articles of association
- keep company records and report changes
- file your accounts and your Company Tax Return
- tell other shareholders if you might personally benefit from a transaction the company makes
- pay Corporation Tax
- register for Self Assessment and send a personal Self Assessment tax return every year
You don’t need to register for Self Assessment or send a tax return if your company is a non-profit organisation (for example, a charity) and you didn’t get any pay or benefits, like a company car.
You can hire other people to manage some of these things day-to-day (for example, an accountant) but you’re still legally responsible for your company’s records, accounts and performance.
You may be fined, prosecuted or disqualified if you don’t meet your responsibilities as a director.
Contact your professional adviser or trade association to find out more.