I have a limited company with the intention of using it to take care of my tier 1 general renewal later in year.
I have not taking salary from this company account since inception, but I do draw money from it for my personal needs and recoup back as soon as a client pays me.
I purposely do this so that I don’t get taxed on salary as I intend to make all earnings as dividends for better tax advantage
I want to find out if drawing from bussiness often ( say 7 times ) before the end of company account financial year will still attracts a corporation tax of 21 % one off.
Can drawing from business each time have any higher tax implication.- if yes please kindly enlighten me
Will taken all profits as dividends allowable under HO rules?
Please guys advise
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