The government website lists these duties as follows.
As a director of a limited company, you must:
- try to make the company a success, using your skills, experience and judgment
- follow the company’s rules, shown in its articles of association
- make decisions for the benefit of the company, not yourself
- tell other shareholders if you might personally benefit from a transaction the company makes
- keep company records and report changes to Companies House and HM Revenue and Customs (HMRC)
- make sure the company’s accounts are a ‘true and fair view’ of the business’ finances
- file a Company Tax Return and pay Corporation Tax
- register for Self Assessment and send a personal Self Assessment tax return every year - unless it’s a non-profit organisation (e.g. a charity) and you didn’t get any pay or benefits, like a company car
You may be personally liable for your company’s business liabilities and be fined, prosecuted or disqualified as a company director if you don’t follow the rules.
Taking on an appointment as a director should not be undertaken lightly. Readers who have been asked to act and are still unsure if they should accept should take professional advice.