CONGRATULATIONS!
What you have achieved in becoming the Director of a Limited Company is awesome! As this blog goes on, never forget that!
You now have the power to create impact in your chosen industry, to drive growth within your company, and to achieve your life goals!
You’re LIT UP because inside, there are many exciting things that are your responsibility now..
- Improving your products or services,
- Marketing to your ideal clients,
- Creating personal relationships with your clients,
- Helping new team members to find their feet and grow,
- Deciding where to throw the staff party!!
And all of these are super fun and are where your strengths lie.
Juuuuust bringing things back down to earth for a second;
‘’With great power comes great responsibility‘’
*sigh*
We are NOT here to dampen your spirit and burden you with tonnes of boring things you now need to do. But, it does have to be said that there are now some very important things that have become part of your responsibilities, and, the reason we’re telling you is because if these things get missed, you could find yourself in a bit of hot water..!
Here are your financial responsibilities as a Limited Company Director
(note: this is not an all-inclusive or exhaustive list! There may be other nuances due to your industry. Once we get to know you and your company, we can ensure this list is complete for you!):
- Ensure that the company is registered with Companies House, and that an annual Confirmation Statement is filed,
- Choose a Registered Address for your company, and update all relevant documents if this ever changes
- Have the correct ‘paper trail’ for all company purchases and sales,
- Enlist the help of an accountant to file your year end accounts,
- Keep track of what stock is left at year end,
- Register your company for VAT when you reach the turnover threshold,
- Get VAT returns filed each quarter before the deadline,
- Submit a Director’s Tax Return after April 5th,
- Have payroll & CIS reports submitted on time,
- PAY all of the above on time
Are you now crying in the corner?
The good news is that although these are your ‘responsibilities’, there’s nothing wrong with surrounding yourself with a capable and reliable team and delegating some of these.
Blog suggestion’s : When’s the right time to hire your first employee? & How do I go about hiring an employee?
And, teaming up with a trustworthy accountant can take a lot of that off your plate too!
We offer services that will cover all of the above, and more, so head to our Get Started Page today, and share your burden!
