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 the company’s debts (e.g. corporation tax, VAT). If you take out more money than you should, the company is technically insolvent and that’s not 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’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.
You should have received (or will 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 five working days of registering your company to the 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 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 every month on the 19th.
Becoming Your Agent
We’ll 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 to your business:
Self-assessment tax (SA12345678)
Corporation tax (CT12345678)
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.
Auto Enrolment - if you have staff members other than directors you need to be aware of this.
Articles of association - you’ll need to store these at the registered office address. If we’re your registered office we’ll hold these for you.
Dividends & minutes - click here for a tutorial on how to pay yourself a dividend.
Address types - PSC register etc
FAQ’s - tax planning
We suggest having a meeting with an IFA (independent financial adviser) if you’re a higher rate taxpayer.
Set up website
Contact us for more information on any of the above.