Hi - first post so take it easy on me!!
Back in June I started up my own consultancy business, and in doing so injected £1000 capital from my own savings in order to assist with general cash flow in the early stages. The business is now doing well, and I would like to withdraw that £1000 from the business to put back into my savings. Would I have to pay income tax on the £1000 if I were to withdraw it?
Any advice would be much appreciated.
Thanks
Rob
Back in June I started up my own consultancy business, and in doing so injected £1000 capital from my own savings in order to assist with general cash flow in the early stages. The business is now doing well, and I would like to withdraw that £1000 from the business to put back into my savings. Would I have to pay income tax on the £1000 if I were to withdraw it?
Any advice would be much appreciated.
Thanks
Rob