The answer to this is an emphatic "no".
You may have been told otherwise by friends and colleagues, but there is no tax on drawings. Never has been. They're also not a tax deductible business expense.
Great! But why not?
When you take drawings, it's a repayment of money you’ve already put into the business. Even if you take out more than you've introduced, there's no tax on drawings.
What is taxed is any shareholder remuneration we allocate to you after preparing company financial statements. We include this in your personal tax return.
If you're a sole trader or in a partnership, the business profit goes directly into your tax return.
Although drawings are not taxable, they could be treated as income for the Working for Families Tax Credit. This may have an impact on claims.