Limited Company Responsibilities
As a Director/(s) of a company must follow the rules set out by Companies House as well as adhering to the guidelines included in the Memorandum of Association. You are duty bound to act lawfully and undertake decisions and activities in the best interest of both the Company and the wishes of the Shareholders.
Unlike those who are self-employed, Directors do not keep all the profits and are not liable for the company losses. However, dividends maybe payable based on certain profitability targets being met. This will be agreed with all shareholders as part of the Annual General Meeting (AGM).
There are also certain rules and regulations that must be followed:
• Keep records of all business sales and expenses
• Submit annual accounts each year
• Submit Corporation Tax return each year
• Pay Corporation Tax due on profits made
• Submit annual confirmation statement
• Notify Companies House of any change in Directorship
• Register for VAT if your turnover is expected to be more than £83,000 a year