Originally posted by Sosoomii
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I would definitely advocate Advanced Assurance, it was an absolute winner for me, they are very, very helpful.
Originally posted by Sosoomii
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Basically, as an example, if you work 300 hours a year on the project and do other work for 1500 hours, 1/6 of eligible costs for you will be eligible for the credit.
Eligible costs for you will be salary (minimal), employer NI (minimal) and pension. As I said in the linked thread, it may be worth it, if you have a high percentage of R&D, to pay a higher salary that year, at least up to the Personal Allowance threshold.
You may also want to push more pension contributions into the year that has the tax credit. Suppose you make contributions of £15K a year -- 1/6 would be £2.5K, which isn't nothing but hardly game-changing. But suppose you defer the contribution from the prior year and bring forward the next year's contribution all into that year, making your contribution £45K (if you deferred the prior year's you can use its allowance and exceed £40K). Now, you've got tax credit on 1/6 of £45K, or £7.5K -- now it begins to add up a little.
Originally posted by Sosoomii
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Originally posted by Sosoomii
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Good luck with it.
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