Directors’ responsibilities

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Directors of limited companies have several broad categories of general duties that they are legally bound to carry out and these are laid out in The Companies Act 2006.

Integro Accounting can provide considerable guidance in this area, helping you to make sure that you always meet your directors’ duties. It is, however, important to realise that whilst a good accountant will help you every step of the way, appointing an accountant does not mean that you have delegated your duties and are able to forget about them. A director is always ultimately responsible for the limited company.

Here are the general directors’ duties as laid out in The Companies Act 2006:

Duty to act within powers

Duty to promote the success of the company

Duty to exercise independent judgment

Duty to exercise reasonable care, skill and diligence

Duty to avoid conflicts of interest

Duty not to accept benefits from third parties

Duty to declare an interest in a proposed transaction or arrangement

It is important to note with regards to the duty to exercise reasonable care, skill and diligence that this refers to the level of knowledge, skill and experience that would reasonably be expected from a diligent person in the directors’ position and the knowledge, skill and experience of the director.

So, whilst you will be expected to take all reasonable steps to make sure that the accounts are filed on time; that the transactions put through the accounts are correct and so on, you are not expected to have the experience and knowledge of a qualified accountant.

More information on forming your limited company and working through a limited company can be found through the links below:

Why Integro Accounting?

Integro Accounting is the UK’s only specialist provider of fixed fee, limited company accountancy services for contractors, consultants and freelancers that was established to an award winning standard – our Practice Manager, Maria Williams, won The British Accountancy Awards’ ‘Accountant of the Year’ in 2011.

We were set up with the vision of providing a service that is the ultimate for the dynamic, busy professional of today in a language you understand.

Integro Accounting have designed a bespoke service for the contractor who is always on the go; never forgetting that one size will never fit all.

The relationship you have with your accountant is the most important factor in our service which is why we will always offer unlimited contact with your own personal accountant; whether that contact is via the phone, email or face to face.

We have our 3 offices located in London, the South-West and on the Bedfordshire and Buckinghamshire border. There are also meeting locations in many of the major cities and towns across the Home counties, South-West and South Wales, all conveniently placed so that you never have to travel far to meet your accountant.

If you have any questions about contracting or would like to find out more about how Integro Accounting can help you and business please call Christian on 01525 303984, email christian@integroaccounting.com or request a callback.