As a director of a limited company, the law says you must:
* try to make the company a success, using your skills, experience and judgment
* follow the company’s rules, shown in its articles of association
* make decisions for the benefit of the company, not yourself
* tell other shareholders if you might personally benefit from a transaction the company makes
* keep company records and report changes to Companies House and HM Revenue and Customs (HMRC)
* make sure the company’s accounts are a ‘true and fair view’ of the business’ finances
* register for Self Assessment and send a personal Self Assessment tax return every year – unless it’s a non-profit making company and you don’t get any pay or benefits, like a company car
You can employ an accountant to manage these things for you, but you are still legally responsible for your company’s records, accounts and performance.
