Taking money out from a limited company and reporting on a self assessment tax return

I own a limited company with 3 employees. As a director and majority shareholder of this company, I was wondering whether it would be acceptable to withdraw money from the limited company and declare on my self assessment tax return as self employed income, as oppose to taking a salary and dividend. Via self assessment, I would pay the correct income tax and NI. The idea behind this is that as well as owning the limited company, I plan provide consultancy services on a self employed basis and I would be charging a day rate to the limited company for my time, as I would to other companies.

Hi 

As a director, you are an employee of the company.  Any salary is declared as employment income, should you need to complete a self assessment tax return.  
It is not self employment income, so cannot be declared as self employment in a tax return.  Dividends would be declare in the tax return as UK dividends.  
Your consultancy, will be self employment and should be declared as such in the tax return.  
If you have not previously registered as self employed, you will need to do so, so that class 2 and class 4 NIC can be calculated if payable.  (Set up as a sole trader: step by step).  
You would continue to use your existing Unique Taxpayer Reference number if you already have one.

Thank you

Thank you for the reply. If the individual is a minority shareholder but not a director and they provide consultancy for the limited company on a ad hoc basis, my understanding is this can be invoiced and declared on their self assessment tax return as self employed income?

Hi 
If there is no contract of employment, then any work can be treated as self employed.
If your turnover exceeds £1000, you will need to register as self employed:
Register as a sole trader
Thank you.