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Directors' responsibilities
Directors' responsibilities

Running a company and director tax obligations

Steven Anderson avatar
Written by Steven Anderson
Updated over a week ago

A director of a limited company has certain obligations to fulfil and it's important to be aware of these when running your company.

A director of a limited company must:

  • Follow the company's rules shown in its' articles of association

  • Keep company records and report changes

  • File their accounts and their Company Tax returns.

  • Inform shareholders if they may benefit from a transaction the company makes

  • Pay corporation tax

There are professionals a director of a limited company can hire to manage these things day-to-day (such as accountants) but they're still legally responsible for their company’s records, accounts and performance.

Failing to meet these responsibilities will result in a director of a limited company being fined, prosecuted, or even disqualified from being a director of a company.

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