company director

[Maltin]

A lot of what you have to declare seems to depend in a manner I don't fully understand on whether the company pays you over £8,500.

This £8,500 limit relates to declaring benefits on a form P11D rather than specifically to company directors. I assume the limit was set to mean that the form only applied to higher paid employees.

Unfortunately, the limit was set around 1978 and, like a lot of government limits, not updated since.

 

[Maltin]

a bonus of setting up ltd for the first time is that you can offset alot of purchases/set up cost against tax, lap top, travel, motor etc

You can do that if you are self employed. You don't need to set up a company to do this.

 

[ethel]

You can do that if you are self employed. You don't need to set up a company to do this.

indeed. i believe the same is true for the flat rate scheme. the flat rate scheme is only really designed so that you don't have to keep receipts/work out VAT for all your expenses. it could leave you worse off than if you do a full VAT return!

 

[laptop]

a bonus of setting up ltd for the first time is that you can offset alot of purchases/set up cost against tax, lap top, travel, motor etc

You can claim all this as a self-employed non-Ltd person - at least for the expenses that are wholly and necessarily for business purposes.

E2A: Ooops, what Maltin said.

 

[Maltin]

she did

the main thing about being a compnay director is something called fiduciary duty. This means that in all decisions relating to the company the best interests of the company HAVE to be put before that of the individual. so you can potentially end up in a position where you have to do something that as an individual makes you worse off if the interests of the company are better served by doing whatever it is thnat needs to be done. Also in the vent of things going wrong if a director has acted wrongly or illegaly then they can be liable for all sorts of woe.

its not something to take on lightly

butterfly child said that she was the company secretary not a director. As far as I am aware, she would not have a fiduciary duty.

Companies House mentions "As the secretary is an officer of the company, they may be criminally liable for defaults committed by the company. For example failure to file - in the time allowed - any change in the details of the company's directors and secretary, and the company's annual return."

So a company secretary can be liable for some things, but not to as great an extent as the director(s).