£5000 loan to company director

Hi i think i am right in thinking that a company director can have a loan from their company upto £5000 without incurring NIC or Tax on the benefit? Can anyone please confirm whether i am right. Also if they did take the loan it would be shown under the bottom half of the companies balance sheet as directors current account and not under debtors in the top half. Any help much appreciated. Many thanks Linda

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There will be S.419 tax if the loan was still outstanding 9 months after the year end.
There will be NI if the loan is waived rather than repaid.
It should be included in debtors and a corresponding note will be required to explain the terms of the loan.
Many thanks
Linda
Still need to do supplementary pages of CT600 confirming when the loan was repaid.