As a company director you have certain responsibilities - we list them below along with other helpful information.
We would suggest saving this link as it's very useful to refer back to.
You’ll need to set up a company bank account if you don’t already have one. You’ll need your certificate of incorporation to do this.
You’ll need to save money in the company bank account to pay for the company’s liabilities (e.g. corporation tax, VAT, PAYE/CIS). If you take out more money than you should, the company is technically insolvent which isn’t a good place to be!
There are personal taxes due on dividends and so you’ll need to save for these. For a breakdown of personal tax due on dividends, click here.
If you are doing your own PAYE, VAT or CIS you’ll need to register for the relevant taxes - see below for more information.
If you’re not VAT registered, you’ll need to keep an eye on your sales at the end of every month to make sure that they remain below the VAT threshold which is currently £85,000 (some businesses are exempt). Click here for more details.
Your bookkeeping needs to be kept to a good standard. If you leave things, its so much harder to work out issues that happened weeks, months & very often years ago! If you have any questions/issues we implore you to get in touch early on so that we can offer a free of charge meeting.
Get in contact with us if you have any issues - we're here to help!
You should receive a letter from Companies House with a 6 digit alphanumeric code on it (e.g. 123ABC) - this allows us to submit your company accounts to Companies House. This is sent out within a few months of registering your company to the company’s registered office address. If you haven’t received a code or you have misplaced it, you can request that another one be sent to your registered office address here.
We would be grateful if you could send the code to email@example.com.
If you are doing your own PAYE, VAT or CIS you’ll need to register for the relevant taxes here. If you’d like help setting up your taxes you can set up a meeting with us - we’d recommend that we help you register for VAT as its quite a complicated one to set up.
Remember to add dates to your diary so you never miss a deadline:
PAYE is due to be submitted by the day you pay wages to you or your employees - the tax due is usually payable every quarter but larger businesses may have to pay on the 19th of every month.
VAT returns are due to be submitted and paid a month and seven days after the end of your VAT quarter end (e.g. if your VAT Return is for the period from 1 January to 31 March, the VAT return is due by 7 May).
CIS is due to be submitted and paid on the 19th of every month.
Becoming Your Agent
If you do sign up for the following taxes we’d be grateful to receive the following details once you receive them:
UTR = Unique taxpayer reference (10 digit number)
Corporation tax reference (“123/1234567890” or “1234567890”)
VAT registration number (9 digit number)
Principal place of business postcode
Date of registration for VAT
Final month of last VAT return submitted (if you’ve submitted a VAT Return)
Box 5 figure on last VAT return submitted (if you’ve submitted a VAT Return)
Accounts office reference
We’ll then request to become your agent which will enable us to talk to HMRC on your behalf in relation to your taxes. You will therefore receive a letter for each of the following taxes (if applicable): self-assessment tax (SA12345678), corporation tax (CT12345678), VAT (VT12345678), CIS (CS12345678), PAYE (PE12345678).
Each letter will contain a code that we would be grateful if you could send to firstname.lastname@example.org.
Accounts & Confirmation Statement
A company must submit accounts and a confirmation statement (formerly the annual return) on a yearly basis to Companies House. To find out when they are due for your specific company, click here and search for your company name.
Accounts are due to Companies House nine months after the year end date. For example, if your company year end was 31 March 2000, your accounts would be due by 31 December 2000. If your company is trading, you'll also need to submit a corporation tax return to HMRC.
Your confirmation statement is due a year and two weeks after the previous confirmation statement date (or the incorporation date if the company has not yet filed a confirmation statement).
If we are responsible for your accounts, corporation tax return and/or confirmation statement we'll add your company details to our system so you don't miss the deadline.
If you aren’t already signed up for them, consider other services that we may be able to provide:
Management accounts & budgeting:
Helps to control costs
Helps with cash planning
Helps motivate you and your staff
Avoids big surprises at the year end
Helps to plan dividend payments and other remuneration
Bookkeeping and/or payroll
Saves you time
Allows you to focus on the business
More accurate records
Deadlines aren’t missed
Discover expenses that you may not be claiming for here - commonly missed expenses are given below:
Put your mobile phone in company name so you can claim for the cost 100%
Track business mileage
You may be able to claim for food and drink when out and about for your business.
You must tell Companies House about changes to your limited company, including:
new director appointments, resignations or changes to their personal details
changing your company name
changing your registered office address
changes to your ‘people with significant control’ (PSC) information
changes to your company’s share structure, for example if you issue new shares
Auto enrolment - if you have staff members other than directors you may need to enrol your staff in a pension scheme - more details can be found here.
Insurance - public liability, professional indemnity and/or employers insurance may be required.
Dividends & minutes - click here for a tutorial on how to pay yourself a dividend.
FAQs - check out our frequently asked questions here.
Set up a shareholders agreement - what happens when the two owners of the company disagree? Its best to have the rules in place from the start of the business.
Set up social media - Website, Facebook, Twitter, LinkedIn, Instagram, etc
We suggest having a meeting with an IFA (independent financial adviser) if you’re a higher rate taxpayer - we recommend Jim Monger, his details can be found here.
Do you have a Will in place? We recommend speaking to Jamie Shepherd, his details can be found here.
Contact us for more information on any of the above.