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Reminders for Directors

  • One person can form a Ltd company.
  • Directors are to provide service address to Companies House for public record instead of residential address.
  • Service address can be the company registered office or other address as long as mails from Companies House can reach the directors.

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UK Tax Authority - HM Revenue and Customs

  • Companies are required to register for VAT if annual sales exceeded £68,000.
  • Companies are required to register for PAYE if directors are drawing salaries and maintain payroll records.
  • HM Revenue and Customs will issue £100 penalty if companies failed to file corporation tax returns on time.
 
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Directors skill and care

 

Directors must exercise the degree of skill and care that may reasonably be expected from someone in their position with their ability and experience. Professionally qualified directors must therefore act with the care and diligence expected from a member of their profession and, unless they are part time directors, should devote to the job on full time basis.

Non-executive directors are usually not involved in the day to day management of the company and the only requirement is that they regularly attend board meetings, but they must exercise an independent standard of judgement and should be encouraged to participate fully in board decisions.

Canterbury Accountancy -Resources for directors of UK companies

 
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London Registered Office for Ltd Companies

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 Company Registers CA2006

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