If you trade through a limited company, it is fairly likely that you will need to take money out of the company for your own personal use. However, the methods for doing this can be confusing, and is almost always discussed when I have meetings with directors of new limited companies. In addition to salaries, …
When we talk to directors about how to take money out of a company, the concept of the Directors Loan Account (DLA) is often mentioned. This is where the director lends money to the company, which may be for short term investment, to pay wages or to introduce assets to the company. Conversely, an overdrawn …