FRS levels

[munglefish]

Evening all,

Just set up a Ltd as with many other people and was wondering if there are any other pharma contractors out there who have recently signed up to the FRS, or if anyone could advise...

I'm currently applying under 13% for the IT consultancy but colleagues have said it could go under 11% for other business related activities - I've tinkered with the accountancy software and it makes enough of a difference to make me scratch me chin and consider pushing for 11%....

[Cooperinliverp00l]

I think that i was put onto 13% for my newly created Ltd company. However accountant has informed me that for the first year the lovely VAT Man / Women / Person / Alien (please delete as appropriate) have lowered it to 12%

[meridian]

I think that i was put onto 13% for my newly created Ltd company. However accountant has informed me that for the first year the lovely VAT Man / Women / Person / Alien (please delete as appropriate) have lowered it to 12%

That's standard - you get an additional 1% off for your first year of trading.