Is there any way you can get any tax breaks from working on a Plan B?

[d000hg]

Thinking more in terms of business here, if a company invests thousands of hours into a project, can they get any breaks by valuing that time somehow? I am assuming the answer is no, but thought it was worth a quick check.

[RichardCranium]

Here's something to read.

[AtW]

Here's something to read.

We are in process of applying for it - preliminary analysis is that you won't get any money for your free unpaid time put into business, even if you prove that that time was inline with the rules of the scheme requiring innovation etc.

I think we will qualify, but I can't see many small businesses do the same thing.

Anyway if you are looking for taxbreaks from Plan B then you are looking for wrong thing.

[d000hg]

Anyway if you are looking for taxbreaks from Plan B then you are looking for wrong thing.

I agree it's not the reason for working on a plan B, but if there are any benefits going, a company should take them in order to maximise profits, etc.

Thanks for the link RC.

[AtW]

I agree it's not the reason for working on a plan B, but if there are any benefits going, a company should take them in order to maximise profits, etc.

Think less about tax benefits and think more of real customers for your plan B - any tax benefits are "nice to have" and "icing on cake" scenario.

[d000hg]

If your plan B involves up front work, you won't have customers initially. You want to minimise that time but especially for a contractor doing a plan B between contracts, it might take a year or two before it's even in beta.

[AtW]

If your plan B involves up front work, you won't have customers initially

Indeed, took 4 years for SKA of that kind of work but HMRC won't compensate you for that.

[xchaotic]

The tax break you 'could' get is to plan in advance and spread your withdrawing of funds from the company - i.e. if you've invoiced enough this year to be able to focus on plan B in the following years, don't withdraw all the money now, instead get 6500k salary + dividends next years, which means you end paying less tax than you would if you'd pay yourself 100k every single year...

[CheeseSlice]

Here's something to read.

Wonder why they quote the maximum company turnover and balance sheet figures in Euros