With Great Contracting Power, Comes Great Director Responsibilities

Director’s Responsibilites

Many Contractors and Freelancers come to us keen to start up a Limited Company, this might be either because their end client requires them to have one, or because they are keen to be more tax efficient and increase their ‘take home pay’.

When we incorporate a Limited Company for you (which we complete at FW Accounting for free) you become the Director of a Limited Company, and in the wise words of Uncle Ben to Peter Parker in Spiderman:

with great power, comes great responsibility’

(Actually it was a Voltaire quote originally)

As Director of a Limited Company you have many  ‘Directors Responsibilities’ including ensuring that certain documents are prepared correctly and delivered to Companies House. Such as

  • Annual Return – Companies House check in every year on the anniversary of your company’s incorporation to confirm that all of the details are still the same – i.e. Company Name and Registered Number, Directors, Principal Business, Registered Office Address, Shareholders and Amounts of Shares, etc
  • Annual Report and Accounts – often referred to as your Limited Company Year End Accounts.
  • You also have to make sure that Companies House is made aware of any changes to the Limited Company.

These are your responsibilities but you can often get assistance from your Accountant, who could prepare and submit your annual return and will often act as your Registered Office Address, ensuring that your important company mail can be dealt with ASAP. Saves you time, money and worry!

Your Limited Company Accounts will be prepared by your accountant but it is your responsibility to sign off on the accounts and guarantee that they are correct.

This is why it is important to have;

  • an Accountant you trust – feeling as if you are in capable hands will ensure confidence in your Accounts.
  • an Accountant who will explain aspects of your accounts to you in plain English – to ensure you have full understanding of your business.
  • and an Accountant who you are not afraid to ask any questions before signing off your Accounts – no question should be too big or small.

There are in depth Companies Act Duties and Financial and Legal responsibilities of being a Limited Company Director and you can read about these in more detail on our downloadable guide here (please do read this)

FW Accounting. You Count. We Count.

Our Accountancy Packages

Choose from a choice of three fixed-fee packages, each one designed to suit how 'hands-on' you would like to be in the day-to-day administration of your company.

Standard Package

Provides all key Limited Company support services that an experienced contractor requires - ensuring low costs but leaves you with the responsibility of making all HMRC payments.

+VAT/month Find out more >>

Standard Plus Package

All the benefits of our Standard Package plus Initial IR35 Contract Review, Annual Tax Planning Review and Second Shareholder Personal Tax Return.

+VAT/month Find out more >>

Premier Package*

Our most popular service, 83% of our clients enjoy the all- inclusive support that this option provides. We take care of everything on your behalf – you won’t find a more complete service anywhere.

+VAT/month Find out more >>