1) Set it up right and the company pays corporation tax at 20% upto £150,000 profit (check the IR web site on www.inlandrevenue.gov.uk
) Otherwise its 30%
2) The most efficient way to get cash is via dividends. Around £30,000 per annum per shareholder has no further Tax Liability.
3) It seems the best way is for Husband and Wife to be a single shareholder (i.e both own share jointly, not individually) This stops the IR claiming against a certain law which may apportion all dividends to one person. This means you can get around £60,000 per annum out of a company with no tax or National Insurance liability.
4) Ensure that the company does not have an employment contract with you the Director. This requires you to write yourself a letter stating as such!!!. This stops liability for NI.
1) More paperwork
2) Less efficent when large withdrawls required.
3) The IR will go over you with a fine tooth comb.
Whatever you do seek professional advice, I may be wrong.