Online hub launched to help limited company directors stay financially on track

The director information hub, launched by the Insolvency Service, serves as a one-stop portal to assist directors in making critical business decisions. It aims to provide advice and support regarding statutory obligations and potential financial challenges.

Who is the hub aimed at?

The information hub is designed specifically for directors of micro, small, and medium-sized limited companies. These directors have distinct statutory obligations to fulfill, unlike sole traders. It caters to a wide range of directors, from hairdressers and builders with their own companies to directors of mid-sized companies in sectors like IT.

What does the hub offer? The information hub hosts a wealth of guidance and information on various business themes. Some examples of the advice available include:

  • Understanding company finances, director duties, and obligations.
  • The benefits of having a good accountant.
  • How to recognize early warning signs of financial distress.
  • Understanding when and how 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.