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Director’s Fiduciary Responsibilities

When you become a director of a limited company, you are subject to what is called the Director’s Fiduciary Responsibilities. In less fancy language, this means “things a director must do”. You can read the full list of duties on Business Link. The most important responsibilities of a director are -

The annual return

This is a document giving a snapshot of the company. It includes the company name and address, details of company officers and shareholders, an overview of business activities, and where the company keeps its records (e.g. with their accountant). The annual return must be filed yearly (hence the name), usually on the anniversary of the company’s formation.

The annual accounts

Usually dealt with by an accountant (unless you’re particularly adept with numbers), the annual accounts contain records of all income and expenses, all company assets and liabilities, and all goods sold and purchased in the last financial year.

After your first year’s trading you will have nine months in which to submit your annual accounts, meaning they are due 21 months after you incorporate.

Company officer details

Any change of details in your company officers (directors and secretary) must be registered.

Change of registered office

Your registered office can be your business address or that of your accountant (if this is a service they offer). If this has changed the details must be updated.

Allotment of shares

You must keep Companies House informed of the ownership of your business, and details of your company ownership is made public. See our page on Shares and share capital or Who can view my Company information.

Other

Other duties a director must undertake include compliance with employment law, and ensuring a suitable health & safety policy is in place.

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