Directors are responsible for the upkeep of their businesses. This section explains a number of key responsibilities you'll need to be aware of.
A company’s first set of accounts normally has to be delivered to the Companies House Registrar within 22 months of the date of incorporation, or 3 months from financial year end, whichever is longer. For example, a company incorporated on 1st January 2018 with an Accounting Reference Date (ARD) of 31st Jan has until midnight on 1st November 2019 (22 months from the date of incorporation) to deliver its accounts.
All subsequent accounts need to be delivered within 9 months from the Accounting Reference Date / financial year end. If, however, the accounting reference period has been shortened, the time allowed for filing the accounts is the longer of:
9 months from the ARD or
3 months from the date of the notice (Form 225).
HMRC rules state that all limited companies, whether trading or not, must keep accounting records for at least 6 years plus the current year.
To keep everything tidy from the outset it is a good idea to loan your business some money to cover initial costs whilst you’re waiting for payment from your first customer.
You can transfer money into the company and record it as a director's loan. When your company has enough funds at a later date, you can then withdraw this amount tax free to repay the loan.
Read this guide to see how to record the loan in Provestor.