Hello and welcome to the Ltd24ore.com business school.
Have you been appointed as director of a LTD company in Uk?
In this blog post we’ll be going through your obligations as a director of a UK limited company, indipendently that you are resident or not resident in Uk.
As a director of a company you have different responsibilities set out for you in the Companies Act.
The fundamental principle to observe is that you must always act solely in the interest of the company.
You will also need to submit annual company accounts within 21 month from the company incorporation.
This document is a ‘true and fair’ representation of the financial position of the company.
It includes Profit and Loss and Balance sheets.
Each year, you or your accountant will need to submit them to HMRC and Companies House.
Along with your accounts, you need to submit to the HMRC your corporation tax return in order to tell the HMRC how much tax your company owes.
You will also need to submit a confirmation statement to Companies House, a document that notifies of any changes to shareholders, directors, or other important information such as the registered office address.
If your limited company employs staff in Uk, you must ensure that staff
are paid correctly, calculating the correct amount of NI and taxes.
You have to submit this information with RTI return to HMRC on every pay date.
As a director, for the income you receive personally from your limited company, you are also required to submit a self-assessment tax return to HMRC.
If your company is VAT registered, there will likely be additional returns due every quarter throughout your financial year, these will need to be submitted online using HMRC recognised software.
Finally, you must be sure that your business can meet its financial liabilities.
How can you perform these tasks correctly?
So how can you stay on top of these obligations?
The best thing you can do is implement a regular
bookkeeping process, from day one, ensuring
your business to stay compliant.
We also recommend making by finding an accountant early on in your financial year.
They will have a wealth of experience in making sure your company runs efficiently and does not miss any submissions.
You will have a number of deadlines to meet, and if you miss these deadlines HMRC can issue penalties.
If you need any more information about your obligations when running a limited company, please head to our website at www.ltd24ore.com,
or give us a call using the contact number.