If you withdraw more money from your Limited company than there are profits, this is known as a Directors loan. If this loan is not repaid within 9 months of your year end your company is charged Corporation tax on this amount at 32.5% rather than the usual 19% and also the amount gets added to your personal tax return and you are personally taxed at your prevailing tax rate.
The latest news from PMC Partnership incorporating Pomfreys Accountants – 25th March 2024
From 6th April 2024 the National Minimum Wage for Employees 23 years and over will rise from £10.42 to £11.44. Please note this is the Employers legal responsibility to check their employees are earning at least this amount and inform the office to amend the payroll if required.