I'm I right thinking that director of ltd company, can "take out" of the company in the tax year 16/17 11000 GBP free of tax, then 5000 GBP dividents tax free, so altogether director of ltd company can get 16000 GBP free of tax?
Am i right or am i wrong?
The £11,000 needs to go through payroll and will be suject to NI. The £5,000 dividends - correct (unless he/she has shares in other companies as well such as private hodlings of plc shares etc. in which case the first £5000 of all dividends is Tax free).
Hope this helps.