April 1, 2025 - Page 9 of 12 - Three Kings Accounting

Directors’ Responsibilities

The position of director brings both rewards and responsibilities upon an individual. Whether you are appointed to the Board of the company you work for or you are involved in establishing a new business and take on the role of director you will feel a sense of achievement. However the office of director should not be accepted lightly. It carries with it a number of duties and responsibilities. We summarise these complex provisions below.

Corporation Tax Self Assessment

Corporation Tax Self Assessment key features include: a company is required to pay the tax due in advance of filing a tax return, a ‘process now, check later’ enquiry regime when the tax return is submitted, the inclusion in the tax return, and in a single self-assessment, of the liabilities of close companies on loans and advances to shareholders and others, and of liabilities under Controlled Foreign Companies legislation and the requirement for companies to self assess by reference to transfer pricing legislation.

Could I Really Make a Go of it?

Many people wonder deep down if they could really make a go of running their own business. It is not for everyone but the following is a list of attributes that successful business owners have. You do not need all of these characteristics but ‘go-getters’ have the majority of the qualities.

Credit Control

Obtaining new customers is great for business, unless they fail to pay you. If you fail to check that the customer can support the amount of credit you are granting, then commencing legal action when they do not pay can be a long, drawn out and potentially costly process. If payment from the customer is not obtained and the goods or services have been provided, your cash flow is likely to be under pressure.

Criminal Finances Act 2017

Under the Criminal Finances Act 2017 (CFA), companies and partnerships may be criminally liable for failing to prevent their employees from criminally facilitating tax evasion. A potential defence can be utilised, in cases where the business has put into place a system of reasonable prevention measures. Here, we take a look at the key aspects of the Act and the implications for your business.

Data Security – Access

Many businesses are now completely reliant on the data stored on their Network Servers, PCs, laptops, mobile devices and cloud service providers or internet service providers. Some of this data is likely to contain either personal information and/or confidential company information. Here we look at some of the issues to consider when reviewing the security of your computer systems with respect to access controls.

Data Security – Backup

Many companies are now completely reliant on the data stored on their network servers, PCs, laptops, mobile devices and in the cloud. Some of this data is likely to contain either personal information and/or confidential company information. Here we look at some of the issues to consider when reviewing the security of your computer systems and data.

Data Security – Cloud and Outsourcing

Many companies are now completely reliant on the data stored on their network servers, PCs, laptops, mobile devices or in the cloud. Some of this data is likely to contain either personal information and/or confidential company information. We have a related factsheet which covers the conventional data security considerations.

Data Security – Data Loss Risk Reduction

Many companies are now completely reliant on the data stored on their network servers, PCs, laptops, mobile devices or in the cloud. Some of this data is likely to contain either personal information and/or confidential company information. Here we look at some of the issues to consider when reviewing the security of your computer systems, and how to minimise the risks of data loss.

Data Security – General Data Protection Regulation

The General Data Protection Regulation (GDPR) replaced the Data Protection Act and applies from 25 May 2018. Whilst there are similarities between the Data Protection Act and the GDPR, there are some new elements and significant enhancements. The GDPR requires all organisations that deal with individuals living in an EU member state to protect the personal information belonging to those individuals and to have verified proof of such protection. Failure to comply with the regulation will result in significant fines.