Last Updated on: 22nd November 2023, 02:09 pm
Being the director of a company can be highly rewarding, but it comes with a wealth of responsibilities. As a company director, you may be able to make considerable tax savings, and the process of getting yourself set-up is normally a simple one. Nonetheless, there are many rules and regulations you need to be aware of if you’re to avoid tough fines and penalties. To find out more about how StriveX’s chartered accountants can help you meet your responsibilities as a director, contact us today.
Complying with legislation
It’s essential to gain a detailed understanding of the Companies Act as a company director. Once you’ve got to grips with the expectations of the Act, it will become easier to comply with the law. At StriveX, we are here to help if you do require guidance on the responsibilities that come with the role of a company director. We can provide detailed ongoing advice on filing requirements, profit extraction and reporting requirements as part of your account’s service.
Get the guidance you need
If you are an employer and company owner as well as director, you’ll need to become familiar with legislation on employee rights, insurance, debts, suppliers and contracts. Even if you need help with something we don’t have in-house expertise on, we can direct you to our support network so you can access the information and guidance that you need.
Tax compliance
A key area that you may require support on is tax compliance. You are obliged to report any taxable earnings to HMRC annually via your company tax returns. We can provide you with guidance on this so everything is submitted accurately and on time. When we prepare your company tax returns, we will identify areas where savings can be made and advise you on solutions that may help you reduce your tax liability going forward. As no two clients are ever the same, we closely consider your specific circumstances so we can provide the right support for your needs.
Company tax returns
If you have little or no experience with company tax returns, we can provide detailed workings, clearly explaining how your tax liability is worked out. We can provide you with ongoing advice on the tax process so you can make your business more tax-efficient. Submitting tax returns can seem daunting, but you can move much of the stress and strain from the process by outsourcing key tasks to us.
HMRC registration
Your business needs to be registered with HMRC whether it is trading or dormant. Once your business is registered, you will need to set up an online portal, register for all taxes relevant to your business and submit returns. If you need help with registering your business, we can help. We can also assist you if you’re already registered with HMRC and need help with compliance. We provide compliance services for PAYE, CIS, VAT and Corporation Tax. Regular reviews to ensure your schemes and reporting periods remain right for you can also be carried out.
