A one-stop information portal has been set up to help directors make crucial business decisions.
The director information hub was launched by the Insolvency Service, providing advice and support regarding statutory obligations and potential financial pitfalls.
Who is it aimed at?
The hub hosts guidance and information on a range of business themes and is specifically designed for directors of micro, small and medium-size limited companies.
Directors of limited companies, unlike sole traders, must comply with certain statutory obligations. These can range from hairdressers and builders with their own companies to directors of mid-sized companies in the IT sector.
What does it offer?
Examples of the kind of advice available on the information hub include:
- Understanding company finances, director duties and obligations
- The benefits of a good accountant
- How to recognise early warning signs of financial distress
- How and when limited company debts can become personal debts
- How to avoid the risk of insolvency
Leanne Webb, project lead at the Insolvency Service, said: “Our research found that too many company directors struggled to locate the existing guidance that they needed, and that it was often complicated or overwhelming when they did.
“We hope this new one-stop shop provides the solution and helps directors take their companies in a positive direction.”
‘Need-to-know information in one place’
As well as direct research with company directors, the project also worked closely with teams in HMRC and Companies House, business finance specialists at Royal Bank of Scotland, and business groups, including The Directors Helpline and the Institute for Turnaround (IFT).
Milly Camley, CEO at the IFT, said: “Getting the right information and advice is crucial throughout the business cycle and most especially at points of stress.
“It’s great to see the need-to-know information – in plain language – in one place to enable directors to access what they need for business success.”
More information can be found at gov.uk.
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