Disposing fixed assets upon closure of company and strike off

Hello, If all fixed assets in the business at closure date are removed from the balance sheet and treated as if taken by the director for personal use, will this create any corporation tax if: 1. The company has had no income (no profits/revenue) before the disposal of the assets. 2. Liabilities - the only creditor being the director, i.e. the director's loan account is in credit. In that circumstance, will the HMRC charge any corporation tax and would any capital allowances be able to offset it? Maybe even the carried forward losses? After the fixed assets are disposed of can the director apply to voluntarily strike off (Form DS01) the company if the director, being also the only shareholder, is the only creditor of the company and agrees to it? Will there be any need to document the director/shareholder's consent to close the company with the director's loan account in credit? In case where the director/shareholder agrees to close the company with such liabilities it doesn't make the company unqualified for a voluntarily dissolution, correct?

Hi If the assets were subject to capital allowances, a balancing adjustment should be made to record the market value at disposal. This will give rise to either a balancing allowance or a balancing charge. Corporation tax is payable on any charge. It really depends on the nature of the asset and how it has been treated thus far. Also, the director would need to consider whether to record the receipt in his/her personal tax return. Form DS01 can be submitted after all the company's affairs have been concluded. All creditors have the right to object. If net assets exceed £25000, liquidation will need to be considered if the assets are not to be disposed of by way of a dividend. Thank you

Thank you for the response. The company hasn't had any profits/income in the prior years. The director had loaned the money to the company, then the company bought the fixed assets - which is the costs of building a website and two trademarks, which were later surrendered. The company hasn't used capital allowances because it has made no profits in the previous year/s. Furthermore, the company carried forward trading losses from the previous year which, if possible, could be used to lower the corporation tax should the disposal of fixed assets create any corporation tax liability. Can the trading losses be used for that purpose?

I would also really appreciate it if you could provide me with some information how the balancing charge and balancing allowance work.

Hi, 
Whilst you aren't legally required to use an accountant, completing accounts for a limited company can become complex. It's one of the considerations
you need to make before setting up a limited company. 
After researching and using the available information on GOV.UK, means you can't complete your accounts, balance sheets and company tax returns, it might be
more cost effective to use an accountant as HMRC does not offer tax advice. 
Thank you.

Hi,
Here is some information on this subject.
Again, if you can't complete your company tax returns, you'll need to consider professional advice   
Capital allowances when you sell an asset
Capital Allowances Act 2001
HS252 Capital allowances and balancing charges 2023
Thank you.