Limited company director responsibilities
What a company director must legally do including registering for Self Assessment and filing a Company Tax Return.
As a director of a limited company, you must:
- follow the company's rules, shown in its articles of association
- keep company records and report changes
- tell other shareholders if you might personally benefit from a transaction the company makes
- pay Corporation Tax
- and send a personal every year
You don't need to register for Self Assessment or send a tax return if your company is a non-profit organisation (eg, a charity) and you didn't get any pay or benefits, like a company car.
You can hire other people to manage some of these things day-to-day (eg, an accountant) but you're still legally responsible for your company's records, accounts and performance.
You may be fined, prosecuted or if you don't meet your responsibilities as a director.
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