The Company Director's Manual
A Tips & Advice book about...
In a nutshell
This book is an essential guide to keep you, as a company director, out of trouble and in the money. It clearly shows what your rights and obligations are and where the opportunities lie. It helps you easily find the answers to those gritty questions and frees up more of your valuable time.
In many respects, it's now harder than ever to succeed as a director. Just think about all the red tape, the form-filling, the never-ending rules and regulations. To help you deal with those tricky everyday problems, we've written this book. It provides you with a practical overview of:
- Your responsibilities
- Dealing with Companies House and legal formalities
- Complying with your duties as a director
- Avoiding personal liability
- Your obligations
- Getting to grips with legislation
- Effective personnel management
- Taking care of health and safety
- Dealing with compliance and insurance
- Your opportunities
- Tax-effective profit extraction strategies
- Maximising expenses claims
- Involving family members
- Legitimate use of loopholes
All the advice in this book has been tested by our experts and is safe to use. What's more, the Online Service includes a raft of ready-to-download documents to help you make the most of the advice.
We've created this Tips & Advice book especially for...
Company directors that want to:
- Be aware of their responsibilities and obligations
- Save on tax and avoid personal liability
- Free up more of their valuable time
Tax advisors that want to:
- Help company directors comply with the rules and maximise opportunities to save money
You'll get the following free extras with this Tips & Advice book...
An Online Service with ready-to-use documents
- To immediately apply our advice and solutions in practice
- That you can easily adapt to suit your own requirements
In this Tips & Advice book you'll read about...
1. What are directors?
1.1. Why be a director - what are the advantages?
1.2. What are the different types of director?
1.3. What are the eligibility requirements?
1.4. How is a director appointed?
1.5. How is a director removed?
1.6. What are the director’s principal duties?
1.7. Can a director enter into substantial property transactions with the company?
1.8. What’s the role of the board of directors?
1.9. How does a director’s role differ from a shareholder’s?
1.10. What should be included in a director’s service agreement?
2. A director’s liability
2.1. What is wrongful trading and how can I avoid it?
2.2. What are my data protection obligations?
2.3. What about health and safety and the environment?
2.4. When should/shouldn’t I give a guarantee?
2.5. What’s my position if I’ve signed a lease?
2.6. Am I personally liable if I’ve signed a contract for the company?
2.7. What could be my liability for my employees’ wrongdoings?
2.8. What are my obligations as an employer?
3. Company law
3.1. When is it necessary to hold meetings?
3.2. What are the different types of resolution?
3.3. What information must be included on company letterhead, etc.?
3.4. How is the company’s name changed?
3.5. How is the company’s authorised share capital changed?
3.6. Have annual returns been scrapped?
3.7. What are the minimum books and records that need to be kept?
3.8. Do the company’s accounts need to be audited each year?
3.9. What’s the current position on e-commerce?
3.10. What are the rules on company publicity?
3.11. What can I choose as a company name?
3.12. How do I choose/change the company’s year end?
4. Dealing with HMRC
4.1. Do I have to tell HMRC that I’ve set up a new company?
4.2. How much tax will the company have to pay?
4.3. What’s the deadline for paying tax and submitting the company return?
4.4. What happens if the company has overpaid corporation tax?
4.5. What is a “close” company?
4.6. What can I do to reduce the chance of an enquiry into the company’s return?
4.7. Can HMRC ask to see my personal records?
4.8. Do I need to complete a personal tax return?
5. Dealing with VAT
5.1. Does a new company need to register for VAT?
5.2. What are the VAT implications of a company buying a business as a going concern?
5.3. On what grounds might an application for registration be refused?
5.4. Can we avoid registering by setting up another company?
5.5. Can I claim back VAT on goods bought before the company registered?
5.6. Can I claim the VAT back on my expenses?
5.7. Should I check my suppliers’ VAT numbers are valid?
5.8. What’s the chance of a VAT visit and what can I do to reduce it?
5.9. As a director, can I be personally liable for any VAT owed by my company?
6. Directors’ remuneration strategies
6.1. Is it better to be paid dividends or salary?
6.2. Do I have to pay myself the minimum wage?
6.3. Can I pay dividends to my spouse or other family member?
6.4. Can I vote myself a bonus after the year end?
6.5. Can I receive interest on any money I lend to my company?
6.6. Can the company make contributions into my personal pension scheme?
6.7. Can tax-free payments be made to a departing director?
7. Directors’ loan accounts
7.1. What is a director’s loan account?
7.2. What does it mean if the account is overdrawn?
7.3. What’s the best way to clear an overdrawn loan account?
7.4. What records should I keep?
8. Directors’ expenses and benefits
8.1. As a director, what expenses can I claim?
8.2. Can I make a claim for use of home as office?
8.3. Do I have to pay tax if my company provides me with a computer at home?
8.4. Can the company pay my home telephone bill?
8.5. Can the company provide me with a mobile phone tax free?
8.6. What can I claim for entertaining customers?
8.7. How much can I claim for staying away on business?
8.8. Can the company pay for my business suits?
8.9. What’s the most tax-effective way to run a company car?
8.10. Can the company pay for my fuel?
9.1. What are the company’s minimum insurance requirements?
9.2. Is it worth taking out directors’ liability insurance?
9.3. What are the benefits of “keyman” insurance?
9.4. What about lifetime insurance?
10. Raising finance
10.1. Should I guarantee a loan, etc.?
10.2. What about the enterprise finance guarantee?
10.3. How can the company raise money without taking out a loan?
10.4. What are the risks of wider share ownership?
10.5. What about a joint venture?
10.6. What about crowdfunding?
10.7. How does factoring and invoice discounting work?
11. Selling or winding up the company
11.1. Is it better to sell the assets or shares?
11.2. What is the cheapest way to wind up a company?
11.3. Can I be liable for any of the debts in an insolvent company?
11.4. What is a company voluntary arrangement (CVA)?
Appendix - Company car taxable percentages
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