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Director's Loan, How to write off (Waiver), Help needed

Director's Loan, How to write off (Waiver),...

Hi all,

I wonder if anyone can shed any light on the following please?...

Small company, never yet drawn any profit. Total losses approx £6k (so tiny). Two directors contributed small monetary input over the course of 4 years. Neither directors have ever taken any dividends or wages out of company. Money put into company has been going into overheads to fund building company online services ready for launch.

One director now resigned but doesn’t want their portion of directors’ loans back (there is no money to give back anyway) so it simply wants writing off. Other director wishes to keep the company running, so not a company closure.

Is there any way to account for the write off without attracting tax?

Thanks in advance!


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