Directors' responsibilities for company filings
Legal Obligations
As a director of a UK limited company, you are legally responsible for ensuring that the company's annual accounts and tax returns are prepared accurately and submitted on time to both Companies House and HMRC.
Personal Liability
This responsibility rests with you personally, even if you hire an accountant to prepare the figures. By authorizing a submission through WeFile, you are making a legal declaration that the information is correct and complete to the best of your knowledge.
Penalties for Non-Compliance
Failing to meet filing deadlines results in severe financial penalties levied against the company. However, repeated failure to file can lead to personal prosecution, fines, and even disqualification from acting as a company director.
Reviewing the Data
Before pressing the final submission button in WeFile, it is crucial that you carefully review the generated summaries. You must be satisfied that the Profit & Loss statement reflects reality and that the Balance Sheet accurately portrays the company's position.
Record-Keeping Requirements
Directors are legally required to keep adequate accounting records. You must retain details of all money received and spent, assets owned, and debts owed. These records must be kept for at least 6 years from the end of the last company financial year they relate to.
Seeking Professional Advice
WeFile provides software to facilitate filing, but we do not provide tax advice. If you are unsure about how to categorize expenses, claim specific reliefs, or structure your accounts, it is your responsibility as a director to consult a qualified accountant.