From April 6th 2016 limited company contractors will no longer receive their notional 10% tax credit on dividends. Instead they will be given a £5,000 tax free allowance on dividend income, which is in addition to the £11,000 personal allowance for the 2016/17 tax year. Any dividends that you draw out beyond this limit will be taxed at 7.5% for basic rate taxpayers, 32.5% for higher rate taxpayers, and 38.1% for additional rate taxpayers, which will need to be paid using the self-assessment system.
Therefore, the maximum you can draw out of your company before being hit by the new rules come April 2016 is £16,000. There are however a number of other options that you can choose to make use of your retained profits such as company funded pension contributions, limited company buy-to-lets and relevant life cover. To work out how these new rates will affect you in the 2016/17 tax year, you can start by looking at these dividend tax tables.