Responsibilities as a Director of a UK company

Описание: If you're operating in the UK, your company director will have a number of duties, as well as legal and financial responsibilities. You may wish to appoint a company secretary to support you managing these obligations. Assuming these duties are the same as in the country where you already operate would be a mistake.
So let's go through the essential things to know now. The Companies Act 2006 outlines the common law duties of a director, which are defined under good faith and care and skill. These duties are based around acting in the interests of your company and exercising reasonable care and skill in carrying out your duties.

The Companies Act 2006 also outlines the statutory duties of a company director which are to act within the company's powers, to promote the success of the company, exercise independent judgement and to exercise reasonable care, skill and diligence. Also to avoid conflicts of interest, not to accept any benefits from third parties and to declare interest in proposed transaction or arrangement with the company.

Your company director will also have a few financial responsibilities, some of which include submitting accurate accounts to Companies House, paying staff correctly and submitting a company tax return to HMRC. There are also legal responsibilities as a director, such as filing confirmation statements and notifying Companies House of any changes in directorship or registered office.

Breaching these duties can result in fines or, in the worst case, imprisonment and disqualification of future directorship. But the good news is that Goodwill can look after these financial tasks and legal responsibilities on your behalf through the provision of a company secretary. So don't be complacent and risk not complying with your obligations here in the UK. Get in touch and we can fill you in on all the finer details.