A new Ltd co client has just given me their y/e accounts to be filed by the end of this month.
The Ltd co doesn't have a PAYE scheme (director has another job) however a benefit in kind on a director's loan (over 40K) should have been reported on 6th July 2017. It's too late to have him pay interests now so it looks like the only option is to register the company for PAYE and file a late P11D(b).
The amount assessable is fairly small and the class 1A due under £100. Normally late filing would attract £100 per month (i.e £800) however am I correct in thinking that the penalty is capped at the tax due?