Being A Company Director: Your Duties and Responsibilities
‘I’m the director of my own company!’ You probably love saying it, it’s impressive and you’ve probably put a lot of work in to get this far. But it’s not all plain sailing from here on out – especially if you’ve acquired a distaste for admin over the years!
The Duties – Simplified
If you’re trying to find out what your duties and responsibilities are as a company director and you make the mistake of googling it, you’ll be met with some truly mind-boggling explanations straight out of a 12th century encyclopaedia. Check out our layman’s version:
- Follow the rules of your company that were set out in your articles of association (don’t worry, that’s just fancy talk for a handbook of rules that your company has – you most probably picked the standard set of rules – found here). They’re mostly common sense.
- Keep records properly – accounts, tax returns (both personal and company) and pay your corporation tax when it’s due. Your first accounts must be filed 21 months after you registered your company.
- Be a reasonable person (act in good faith, use your skills and knowledge) and do your very best to make the company a success. Now, we know, that success is an individual thing – but usually this means increasing the value or revenue/profitability over time.
- Avoid conflicts of interest. E.g. if you’re a director of two companies and they’re trading with each other.
- Don’t accept gifts or benefits from other people that might entice you to act in a certain way, or because you have/haven’t done something. E.g. Choosing a particular supplier.
Now, this makes being a director sound a huge burden. It doesn’t have to be that way, but if you’re not a fan of admin or filing then you might want to look to someone else to take care of all of this for you. That’s where Sidekick can swoop in and save you. Give us a call soon, to find out just what we can do.