Directorships

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I have my own accountancy practice which is a ltd company.. and my husband and I have recently set up a manufacturing company in which he is sole shareholder and we are both directors. The only reason im not a shareholder is because it just didn't make sense for me to be with other my income streams and other factors .

Anyway I do not take a wage but my role is to manage the bookkeeping accounts payroll and tax. 

It has just dawned on me that it is illegal for the company auditors to be a director...

How does this affect me as

1. the company doesn't need an audit...we are not auditors we are accountants . it is also me not the company that is a diretor

2. I do not take a wage from our joint company nor do I charge for the services

3. do i need to resign as director and go on as co. Secretary

4. the main reason im on is incase anything happens to him i can still run the family business in which our children are active employees along with other members of staff...

I would really appreciate some guidance...I don't like asking questions too much on here as I have before received a backlash of 'if you don't know you shouldn't be an accountant' 

Any guidance very much appreciated.

 

with thanks...

Replies (3)

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By andy.partridge
17th Aug 2018 09:48

You are worrying about nothing. You are not your husband's company's auditor.

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Replying to andy.partridge:
By djn24
17th Aug 2018 10:31

andy.partridge wrote:

You are worrying about nothing. You are not your husband's company's auditor.


I agree with Andy.
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Replying to andy.partridge:
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By thevaliant
19th Aug 2018 00:36

Andy is 100% correct.

You would only start to have a problem if:

A) Your husbands firm came close to breaching the audit threshold (or otherwise required an audit) AND
B) Your accountancy firm became registered auditors and proposed to undertake the audit work

I suspect neither A nor B is going to happen any time soon.

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