4 years ago my company received a £14k loan from a friend of mine which was 0 interest and with no urgent time limit to pay back. To this date the company hasn't paid any back (it has just been sitting on the balance sheet as a long term loan liability). My friend has now said they do not want it back and it can be treated as a gift.
Can someone please let me know if there are VAT and/or corpoation tax implications with this now it has been gifted to the company?
Thankyou in advance.