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
You can hire other people to manage some of these things day-to-day (for example, 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 do not meet your responsibilities as a director.
Contact your professional adviser or trade association to find out more.