You have a new business idea and so want to setup your company OR you would like to work for yourself and like to start with forming a limited company OR you are an 'IT contractor' and would like to invoice your client through your limited company as many client's require their contractors have a limited company. Whatever your situation is, in most of these cases you will want to be the director of the company.
Before you decide to become a company director, you need to be aware of certain duties you must fulfil to ensure your company complies with the law. The main duties as a limited company director are
- filing the annual accounts for your company
- filing the company statement for your company
As a director, it is going to be your responsibility to make sure that you send these documents to companies house on time. You could face penalties for late filing of your annual returns and also it is a criminal offence if you do not submit these documents.
So, even if you have an accountant to take care of your business accounting needs, since the ultimate responsibility is yours, you should keep tabs on the dates and follow up with your accountant to make sure they prepare and send the documents on time.
At Whizzy, we setup all these important business dates on the customer's account during the on boarding process and have reminders setup, so that we do not miss any deadlines. Our customers can be assured that all the documents will be prepared on time and filed at HMRC and Companies House on time.
If you are interested to know more about a director's annual responsibilities you can check out at www.companieshouse.gov.uk/director.
If you are new business and would like to use our Whizzy accountants for your book keeping or other accounting tasks, get in touch with our accountants.