A limited company director 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 limited company director can hire to manage these things day-to-day (such as accountants). However, they’re still legally responsible for their company’s records, accounts and performance.
Failing to meet these responsibilities will result in a limited company director being fined, prosecuted, or even disqualified from being a company director.