What would my responsibilities be as a limited company director?

What would my responsibilities be as a limited company director?

Under the rules of the Companies Act 2006, a company director has the following responsibilities:

  • Produce the company's annual accounts
  • Submit a snapshot of the enterprise at a given moment in time, known as a Confirmation Statement, to Companies House, and to keep them updated as to any changes made to the company, such as changes of address
  • To act in the best interests of the business and its shareholders, within the director's powers as laid out in the company's constitution
  • To demonstrate reasonable judgement and care in the conduct of business

As a company director, you may appoint a company secretary to oversee administrative tasks, but this is not a legal requirement. You are perfectly entitled to be the sole director of your own limited company.

Once you've set up your own limited company, you'll see why it is the most popular structure for IT contractors especially. There are a number of tax advantages over using an umbrella company, and doing your own paperwork and administration is a small price to pay for this. You also remain in complete control of your company, and most of the day-to-day admin can be handed over to a specialist contractor accountant.

You can discover more about the taxes that you will encounter as a limited company director on our website, and take your time to read through our other related guides.

Click here to read a comprehensive guide.

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