What are the responsibilities of a company director?

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Some friends and I are getting a company together, and apparently they’ve signed me up as a company director. I’m a bit nervous, as I don’t even technically know what that is. Could somebody let me know what a company director is actually supposed to do?

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The role of company director comes with a lot of responsibilities. Directors are required to run day-to-day business activities, ensure the company is being managed legally and for the benefit of its owners (shareholders or guarantors), manage finances and ensure all statutory filing and reporting requirements are adhered to at all times. The typical duties of a director include:

  • Running the business with a view to making a profit for the benefit of shareholders or to achieve its non-profit/charitable aims.
  • Making decisions on behalf of shareholders or guarantors.
  • Registering the business for taxes, including Corporation Tax and VAT.
  • Completing tax returns for HMRC.
  • Making sure taxes are paid to HMRC by the payment deadline.
  • Preparing financial accounts for Companies House.
  • Recording and reporting changes in the business to Companies House.
  • Preparing financial account every year for HMRC and Companies House.
  • Managing payroll and PAYE reporting requirements.
  • Keeping accurate accounting and business records, including income and expenditure, payroll, resolutions, minutes of meetings, and statutory registers.
  • Ensuring company stationery displays the correct and required information

Many companies have more than one director, particularly if when a business is a joint venture or the workload is too much for one person alone. Company secretaries can also be appointed to assist directors with their statutory duties.

a year ago
 

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