First year FRS limit

[pr1]

if you are a one man bos contractor approaching the 230k limit, you need to have more holidays

[BackupBoy]

First year FRS limit

£766/day excl. Nice.

(Assuming no holidays)

[jamesbrown]

if you are a one man bos contractor approaching the 230k limit, you need to have more holidays

Not necessarily - 200 days at 1k a day is 240K with standard rate VAT (assuming all work is VATable). Not sure about the rest of you, but 200 days is not exactly hardcore IMO. I understand that 1k may be a fairly high rate in IT, but not everyone here works in IT. Even in IT, I'm sure there's a reasonable number of folks earning at 1k or more - perhaps ~1-5% of them? You're unlikely to exceed the limit by simply working hard. Again, at the risk of talking from a bubble, I understand that 1k is an extraordinary amount for the average Joe, but less extraordinary for contracting.

[pr1]

Not necessarily - 200 days at 1k a day is 240K with standard rate VAT (assuming all work is VATable). Not sure about the rest of you, but 200 days is not exactly hardcore IMO. I understand that 1k may be a fairly high rate in IT, but not everyone here works in IT. Even in IT, I'm sure there's a reasonable number of folks earning at 1k or more - perhaps ~1-5% of them? You're unlikely to exceed the limit by simply working hard. Again, at the risk of talking from a bubble, I understand that 1k is an extraordinary amount for the average Joe, but less extraordinary for contracting.

it was more of a tongue in cheek comment than a formal instruction but thanks anyway, I get it, you make a lot of money, well done you

[jamesbrown]

it was more of a tongue in cheek comment than a formal instruction but thanks anyway, I get it, you make a lot of money, well done you

Where was there any commentary about me in that? Just an observation, nothing more. The insecurity is all yours

[pr1]

Where was there any commentary about me in that? Just an observation, nothing more. The insecurity is all yours

[FMCG]

Once you exceed the threshold and if you have a desire to stay in the FRS - need to manage how and when you bill to keep below the threshold (which may mean more holidays) - write to HMRC and they will allow you to stay on the scheme.

[MrMarkyMark]

Not necessarily - 200 days at 1k a day is 240K with standard rate VAT (assuming all work is VATable). Not sure about the rest of you, but 200 days is not exactly hardcore IMO. I understand that 1k may be a fairly high rate in IT, but not everyone here works in IT. Even in IT, I'm sure there's a reasonable number of folks earning at 1k or more - perhaps ~1-5% of them? You're unlikely to exceed the limit by simply working hard. Again, at the risk of talking from a bubble, I understand that 1k is an extraordinary amount for the average Joe, but less extraordinary for contracting.

£1K per day is a far from unreasonable amount, if the client is picking up all the travel, for a shorter term gig, even in IT.

That's roughly what I would charge for it. There might be room for negotiation if there was to be longer term work offered after.

[Lost It]

I've only ever got to just over a third of that level per day. I can't be working hard enough...