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 – 14th June 2024
Please click on the following link to find your 2024/25 PMC Pomfrey tax card to inform you of all this years tax rates, which we hope you find useful.