Loan repayment to director and tax implications

Hello, If a company owes money to the director through the director's loan account being in credit, and the company has only fixed assets (no income from previous years), can the company make a partial repayment to the director by disposing of its assets and giving it to the director for personal use? Will this trigger any tax implications for the director personally if they're being repaid partially the amount loaned to the company? Can this be done without any written agreement between the company and the director since the company is a microcompany? Thank you!

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. Your question around written agreements are quite possibly more suited to Companies House or even Company Law. We suggest you seek professional advice & are sorry we can't be of more help with this . Thank you .