Being a company director brings with it certain responsibilities and obligations that you have to fulfil with Companies House.
We got our co-sec lead, Sue onto creating this list of the top 8 most vital things to ensure you are on top of when it comes to those responsibilities.
Appointment and Resignation updates
When a person becomes a director of a company, their appointment must be notified to Companies House within 14 days. Similarly, if a director resigns from their position, this information must also be reported to Companies House within the same timeframe.
Personal Details
As a director, you are required to provide your personal details, including all of these below to Companies House
- Full name
- Date of birth
- Occupation
- Residential address
- Service address
The service address will be publicly available, while the residential address will not be disclosed.
Consent to Act
Directors must give their consent to act as a director of the company.
This consent can be given during the appointment process or at any time later, but it must be in writing and kept by the company.
Register of Directors
Companies are required to maintain a register of Directors, which includes details such as their names, addresses, and dates of appointment. This register must be kept up to date and be available for public inspection. It’s basically an address book on file of your Directors and their appointment dates.
Statutory Duties
Directors have certain statutory duties, such as acting in the best interests of the company, promoting its success, exercising reasonable care, skill, and diligence, and avoiding conflicts of interest. These duties are outlined in the Companies Act 2006 and must be followed by all directors.
Filing Annual Accounts and Annual Confirmation Statements
Companies are required to file their annual accounts and annual confirmation statements with Companies House. Directors are responsible for ensuring that these filings are accurate, complete, and submitted on time.
Notification of Changes
Directors must inform Companies House of any changes to their personal details, such as a change of address or name. These changes must be reported within 14 days. Any changes made to the structure of the company, such as the issue of shares, must also be notified to Companies House within the timeframes specified under the Companies Act.
Company Records
Directors are responsible for maintaining accurate and up-to-date company records, including financial records, minutes of meetings, and registers of members and charges. These records must be kept at the company’s registered office or a Single Alternative Inspection Location (SAIL), if applicable.
Being a company director brings many perks, but there are formalities and requirements that the government & Companies House require of you.
It’s important to familiarise yourselves with these requirements and fulfil your obligations to Companies House. You can of course do this and be on top of this yourselves, or use a company like Shapes to be responsible to arrange, oversee and keep up to date on all company secretarial work for you.
Failure to comply with these obligations may result in penalties and legal consequences.
Of course, this information is as a general overview, and we recommend that you consult with a legal professional or accountant (Shapes!) for specific advice related to your specific company’s circumstances.
