My company will be trading for 4 months before the end of the individual tax year. Ideally I'd like to use my full personal allowance however this would mean effectively paying myself £2962.50/month . It is my intention for approx 80% of the amount to be credited to the directors loan account.
My business is in importing goods from china for sale accross the online marketplaces. I currently have 1 product in production ready to be launched January 1st and another product pre-production with the launch date set for January 22nd. I am looking to have 15 product lines by December 2019.
Is it acceptable to be paying myself as much as £2962.50 per month from month 1-4 to take advantage of my personal allowance and the coropration tax saving?
£2500 out of the £2962.50 salary will be credited to the director loan account, with the remainder being paid to myself.
I will be reducing my salary to £2000/ month from the start of the next individual tax year (months 1-6 only half will be credited to the director loan account).