If you take money out of your company or use its money or assets for yourself or your family, it must be reported and you must keep appropriate records.

As the owner of a company, you must not make personal withdrawals (called ‘personal drawings’) of money from the business.

You can take money out of the company or use its assets for private purposes through:

• salary, wages or director’s fees
• dividends (a formal distribution of the profits)
• a loan from the company 
• a fringe benefit (for example, using a company asset like a company car).

There are different reporting and record-keeping requirements for each of these transactions.

If you or another director earns personal services income (PSI) through your company, this may change how you take money from your business.