Running a limited company
As a director of a limited company, you must:
- follow the company's rules, shown in its articles of association
- keep company records and report changes
- file your accounts and your Company Tax Return
- tell other shareholders if you might personally benefit from a transaction the company makes
- pay Corporation Tax
- register for Self Assessment and send a personal Self Assessment tax return every year
You don't need to register for Self Assessment or send a tax return if your company is a non-profit organisation (eg - a charity) and you didn't get any pay or benefits, like a company car.
You can hire other people to manage some of these things day-to-day (eg - an accountant) but you're still legally responsible for your company's records, accounts and performance.
You may be fined, prosecuted or disqualified if you don't meet your responsibilities as a director.