Without an accountant you are going to need some simple advice on running a limited company. Information in this section is helpful guidance on how to run a small organisation.
DIRECTOR DUTIES: The directors of limited companies have several important and legal responsibilities. Their duties include:
Note: There are some exceptions for Self Assessment registration and tax returns. They apply most to a non-profit organisation (e.g. a charity) and not receiving pay or any benefits (e.g. a company car).
You can get help with tax issues by hiring other people (e.g. an accountant). They often help manage the day-to-day running of a small private limited company.
But, the director has the legal responsibility for the company records and accounts. They are also responsible for the trading performance of a limited company.
Note: Failing to meet the responsibilities can result in a fine, prosecution, or a disqualified company director. Get in touch with a professional adviser or the trade association for further advice.
Part of learning how to run a limited company is understanding limited company formation. This type of business has a separate identity to working for yourself as a sole trader. Even so, it is the responsibility of a director to set up the company and submit annual returns.
This section explains how to report circumstantial or business changes in the organisation. It also covers how to take money or benefits out of your limited company.
ACCOUNTING RECORDS: There are legal requirements for company accounting and record keeping. Check out the section that explains what records you need to keep for a limited company.
AUDIT EXEMPTION: Check if your limited company gets an exemption from having its accounts audited and the process if shareholders ask for one.
CHANGE YEAR END: You can change your limited company year end to run for more than 12 months (or less). Check how to change accounting year end for a limited company.
COMPANY CHANGES: The convenient way of filing a change with Companies House is online. But, you can also inform them of changes using software or by postal methods.
FILING TAX RETURNS: The accounts and tax returns for private limited companies are annual. They take place after the end of the company's financial year.
UNFIT CONDUCT: The page explains when and how you can get disqualified from being a director of a company. Check how the company director disqualification process works if you get banned.
RESPONDING TO CREDITORS: There are several ways of dealing with limited company debt when creditors take action. Check how to respond to a court judgment, a statutory demand, or a winding-up order.
REPORTING CHANGES: It is not uncommon for a company to make some changes, such as the registered office address. But, there are certain company changes that you must report to Companies House or HMRC.
SIGNS & STATIONERY: The company must display a name sign and include specific details in business letters. Check the regulations on signs and stationery for limited companies.
WITHDRAWING MONEY: The rules and procedures for taking money out of a limited company allow 4 different methods. The reason for withdrawing cash, and the amount, determines how you take money out.
How to Run a Limited Company Guide for the United Kingdom