Running a limited company – what’s involved?

Running a limited company – what’s involved?

Jun 21, 2018

Having chosen to operate through your own limited company, your Crest Plus accountant will work with you to remind you of your responsibilities and, where appropriate, give advice or complete this work on your behalf.

Some of the key compliance matters are outlined below, though it’s important to be aware that you will need to seek tailored advice from your Crest Plus accountant as each company’s circumstances are different.

Directors’ duties

The role and obligations of directors in England is now codified under the Companies Act 2006. The intent being to make it easier and clearer for company directors to understand the duties that apply to them, as a result of the fiduciary relationship they have with their company.

A fiduciary relationship is a relationship of trust which places a duty on company directors to always act in the best interests of the company rather than themselves or any third party. It is important to understand your duties as a Director and our team of accountants is available to help you to remain compliant.

Dedicated accountant

Your named Crest Plus accountant and their assistant will be on hand to provide advice and support all year round, helping you to get the most out of running your own company.
Tax advice and planning

Our accountants are aware of the tax implications for your company and will be happy to answer any questions you have on this subject and to work with you to optimise your financial position. We are here to help you and make the entire process simple.

Limited company insurance

As a contractor providing services via your own limited company it’s essential you protect yourself and your assets from the unexpected by ensuring you have adequate business insurance cover in place; in fact many clients will insist on insurance being in place.

If your actions lead to anything being damaged or someone being injured; or any advice you provide or work you complete results in a client losing money, a claim could be made against you. In such a situation, having appropriate insurance in place could be what keeps you in business.

You will need to make appropriate insurance arrangements.

We have partnered with Caunce O’Hara and Kingsbridge Professional Solutions who can provide insurance for limited companies and freelance professionals. Their insurance solution has been specifically tailored to meet the demands of contractor and freelance professionals, providing cover for all the main exposures that could affect your business.

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