What are the legal responsibilities of a company director in the UK?

I've developed an application with a couple of friends, and we want to publish it on various app stores. This requires a business bank account and VAT registration, and after some reading , the simplest and safest approach seems to be to set up a limited company.

I'm fairly happy with the formation side of things, but I was looking for an overview of the ongoing responsibilities we'd have, and how much they're likely to cost us (time and money-wise)...

We're not likely to do much with the company other than the app side of things, so the accounts should (presumably) be fairly simple?

The rules are pretty simple (not an inclusive list)

• Do what's in the companies interest (nothing illegal, nothing which will give you personal gain at the cost of other directors etc)
• File clear and correct taxes (no cooking the books) and on time
• Notify changes to companies house where required to (resignations etc)
• Address your tax situation personally (SA, PAYE etc)
• On any website, stationary etc related to your company display your full company name, number and registered trading address (If you are registered as "A big epic company ltd" but your customers know as you as "Facebook", declare you are trading as "Facebook").
• Your directors need to be over 16 and not disqualified from being a director.

I suggest you read information on directors responsibilites and forming a company documents.

The costs registering your company is around £15/£20

Your return's need to be submitted yearly (they email you months in advanced), you may need an accountant to audit/formulate the accounts, that cost will vary. Filing will cost around £13 a time. You can use something like Freeagent (others exist) to keep on top of them.

See Companies house current costs You might not need to worry about VAT registration until your turn over hits £79k (or is expected too in 12 months) but read the guidelines to see if you are different and need too.

Just a side note: I'm in no way an expert on this, but have registered a company in the past.

Good luck.