If you are a director and your business has closed due to the coronavirus, you are eligible for support through the Coronavirus Job Retention Scheme (CJRS). Directors have already been informed they can receive support for their employees, but further guidance confirms that it can be extended to directors. However, the support only extends to … Continue reading Can Directors Use the Coronavirus Job Retention Scheme?
The various tax allowances available to individuals in 2017/18 mean that it is possible for directors with a substantial credit on their director’s loan account to extract up to £22,500 out of the company and incur no personal tax. This table illustrates how it works: 2017/18 Personal allowance: this is the amount of income an … Continue reading Tax Efficiency and the Directors Loan Account