The necessary role of the Company Secretary
Since 2008 the laws changed meaning that it is now not a legal requirement to appoint a separate Company Secretary to manage the day-to-day corporate governance of your business. However, the typical duties of a Company Secretary can amount to quite a task.
Do you know the responsibility you have in ensuring the legal admin of your company is taken care of?
Does your accountant offer this service for you?
Many business owners, doctors and dentists alike, who have been trading as a limited company for quite some time, will have a Company Secretary by default. As it was once a requirement, pre 2008, you could have a name attached to your company because one was required at the time in order to register with Companies House
If this is the case, does that named person actually carry out the necessary administrative tasks to support the company from a legal perspective? Or are they purely signing off documentation whilst you as the business owner actually take responsibility for the work required?
Are you, as the business owner actually taking responsibility for the work required? It’s a common set up and if this reflects your situation then it may be worth doing two things:
1) Look to remove that person from the company records (often it is the spouse, mother, father, best friend), as now there is no requirement to have an official Company Secretary it isn’t necessary.
2) Take action to ensure you have the right support you need to fulfill the company duties yourself.
Figurit include Company Secretarial duties as part of our Accountancy and Tax
packages to save you or your team the hassle and administrative burden.
What are typical Company Secretarial responsibilities?
Do you know what is required to maintain the administration side of your limited company?
Whilst they are not set in stone as such, broadly the tasks that need to be carried out include:
- Filing Financial Statements with Companies House – signing off the final documentation and ensuring they are submitted on time.
- Filing Annual Returns – responsibility for completing, signing and filing the Annual Return.
- Arranging meetings between directors and shareholders and taking suitable Minutes where key decisions are agreed. These need to be kept of file for future reference.
- Keeping the statutory books up to date with any amendments – to avoid a potential penalty of up to £5,000!
- Notifying Companies House of legal changes to things like new directors, new or changes in shareholders as well as updating their personal details and share allocation, when required
- Ensuring that marketing material is current with statutory information such as the correct Registered Office address and Company number. This includes stationary, website, forms and emails and any other relevant document portraying the company.
What are your options?
When it comes to the completion of these essential tasks, it’s quite simple… you have a few options:
1) Do it yourself (but sure you have more valuable tasks to be undertaking, like winning new patients)
2) Appoint your practice manager, spouse or other trusted contact to assist you with the responsibility – not being just a name on the record but actually taking control to ensure these tasks are fulfilled
3) Appoint an accountant who will take care of this for you
Speak with an accountant at Figurit regarding the duties of a Company Secretary and how you can minimise the time spent yet ensure you are remaining compliant. Call today: 020 87376 9333