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.