Limited Company Directors Responsibilities
Key Legal Duties
Running a limited company offers significant advantages, including tax efficiency and enhanced credibility. However, these benefits come with important legal responsibilities that every director must understand and fulfil.
Filing Requirements
All limited company directors must register with Companies House, maintain up-to-date company details, and submit Annual Confirmation Statements. Missing these deadlines can result in penalties or even company removal from the register.
Tax Compliance
Directors must submit Annual Accounts to Companies House, Corporation Tax Returns to HMRC, VAT Returns (if applicable), and manage Payroll and PAYE obligations for employees. Corporation Tax payments are due nine months and one day after your financial year-end—proper planning is essential to avoid cash flow difficulties.
Financial Management
Maintaining separate company funds, avoiding conflicts of interest, and ensuring company solvency are fundamental director responsibilities. Trading whilst insolvent constitutes a serious offence that can lead to personal liability.
At Highwoods Group, we ensure your filings remain compliant and on time, allowing you to focus on growing your business while meeting all your statutory obligations.
