Company Director’s Guide – Reporting Duties for UK Limited Companies

Running a limited company comes with significant legal and administrative responsibilities. As a company director, understanding these obligations ensures compliance with UK law and protects the business from penalties. This guide outlines the reporting duties and their frequency.

Key Reporting Responsibilities for Directors

1. Annual Accounts Submission
   • What: Submit accurate financial statements to Companies House.
   • Frequency: Annually.
   • Tip: Outsourced bookkeeping can help ensure timely and accurate submissions. Learn more here.
2. Confirmation Statement
   • What: Verify and update company information such as directors, shareholders, and registered office address.
   • Frequency: Annually.
3. Corporation Tax Returns
   • What: File a CT600 form and pay Corporation Tax to HMRC.
   • Frequency: Annually, 12 months after the company’s accounting period ends.
   • Tip: Reduce your Corporation Tax liability with these strategies: Simple Ways to Reduce Corporation Tax.
4. Payroll and PAYE Compliance
   • What: If employing staff, report PAYE and make National Insurance contributions.
   • Frequency: Monthly.
   • Resource: Follow these 6 steps to simplify payroll.
5. VAT Returns
   • What: Submit VAT returns and payments if registered.
   • Frequency: Quarterly.
   • Note: You can upload receipts to Xero so that it is easier to find receipts/invoices if/when needed.
6. Self-Assessment Tax Returns
   • What: Declare personal income from dividends or other sources.
   • Frequency: Annually, by 31 January following the end of the tax year.

Other Essential Duties

• Keeping Accurate Records
  Maintain detailed financial and administrative records, including invoices, receipts, and board meeting minutes.
• Notifying HMRC of Changes
  Inform HMRC about changes in company structure, share allocation, or trading status.
• Directors’ Fiduciary Duties
  Fulfil obligations to act in the company’s best interest, ensure compliance with its constitution, and avoid conflicts of interest.

Penalties for Non-Compliance

Failing to meet these responsibilities can result in fines, disqualification as a director, or even criminal charges. For example, missing the deadline for filing annual accounts can incur penalties starting at £150.

FAQs

1. How can I simplify my reporting duties?
Use tools like Xero to streamline accounting and reporting processes.

2. What happens if I can’t pay HMRC on time?
Contact HMRC asap to arrange a payment plan. Delays may lead to penalties.

3. Are there tax reliefs available to directors?
Yes, you can claim allowable expenses and other tax reliefs.

Appoint TaxQube to manage your taxes

We help taxpayers in the UK to ensure compliance with HMRC – It is a legal responsibility. If you need help in submitting your Tax reports or accounts preparation, please do feel free to get in touch with us by completing the contact us form.