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.
New National Insurance rate
To help pay for the NHS and social care from April 2022 1.25% will be added to all National Insurance rates –...