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How do I set a person as a director?

Setting directorships1:40

"How do I set a person as a director?"

A director is a person who's legally responsible for running a company and making sure company accounts are properly prepared.

To set a person as a director:

  1. First, select the person on: "Menu", then "People"
  2. Then tap: "Tax", then "Tax settings"
  3. Next, scroll down to the "Directorships" heading and expand it.
  4. Once you turn on Is a director..., you'll see three additional options.
  5. You can enter the date that the person started being a director. The start date is required.
  6. The end date is optional and can be kept empty in most cases. Come back and fill it in, one day, when the person's directorship comes to an end.
  7. In addition, if the person gets regular pay from the company, like a salary or wage, turn on: "Director NICs using alternative method"
  8. And finally, tap: Save

Keep in mind that:

  • There can be more than one director in a company.
  • In some cases, you may be the director of your own company, even if you're the only person in the company.
  • Even if you're the sole director, you still have to set yourself as a director.

For advanced usage:

  • Setting a person as a director doesn't increase their taxes paid.
  • The only effect it's got is a small change to how National Insurance is calculated.

And that's it! That's everything you need to know about setting a person as a director!

Updated: Thu, Oct 19, 2023.

© 2020–2024 1st Money UK Holdings Ltd. All rights reserved.