As you know, there is so much to be done to keep the company running, but there is never enough time. It’s easy to forget about one or more of the multitude of director and company reporting obligations.
How will you, or anyone within your team, find the time study the regulations to keep up-to-date with the ever-expanding requirements? There is plenty of information available on-line: some good, some not so good. It does take a lot of time to find the right information, study it, and then complete the necessary reporting actions.
No matter how small your limited company, those reporting obligations must completed. As a director here are some of your responsibilities:-
- Follow the company’s rules (which are in the article of association).
- Keep up-to-date company records and report changes (such as change of registered office, trading name and location, appointment or change of accountant).
- File your company’s accounts and tax return (and pay the corporation tax bill).
- Inform all shareholders of any company transaction where you might benefit.
- Register with HMRC for Self-Assessment, and then make your return every year.
There are many other reporting requirements on a director’s list, and so it is important that the most efficient process be set up to fulfil these responsibilities:-
- Should you do the work?
- Should you delegate it to a team member?
- Should you outsource the on-going reporting work to a firm, such as ad+ Chartered Accountants, that has expertise in these matters and handles them on a daily basis?
There is a cost implication with every option, and so it boils down to deciding the best use of your resources.
Get in touch with David Charles to arrange your initial discussion about this matter.
T: 0141 643 9200