To be a director, you must be over 16 and not currently disqualified.
As a director your responsibilities include:
- filing your company’s annual accounts and reports or appoint an accountant to do it for you
- reporting changes in you or your company’s situation including changes of address
- sending a confirmation statement every year to Company’s House
- pay Corporation Tax, VAT, PAYE and National Insurance contributions due on time
Other key duties include:
Company’s constitution
You must follow the written constitution of your company. This is created when you set up your company.
Promote the success of the company
This means considering the impact your company has on others, the environment, any employees and colleagues. It also requires you to act in the interest of creditors if you are insolvent.
Independent judgement
Take advice, but always make decisions for yourself.
Exercise reasonable care, skill and diligence
Use the skills you have in the best way possible.
Avoid conflicts of interest
Do not take advantage of your position as a director to gain unfair advantages or create conflicts in business or other relationships.
Third-party benefits
Generally, you shouldn’t accept benefits from third parties that may cause conflicts of interest.
Interests in a transaction
You must tell other directors if you personally benefit from a company transaction.
Please call if you are uncertain what other duties directors have or any other matters that will help you decide if a corporate structure is the best option for your new business.