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Many medical professionals choose to become locums as this offers a lot of benefits, including greater flexibility and the opportunity to increase their income.
Even so, this carries the added responsibility of dealing with your own accounts and tax affairs, which can be a time-consuming and laborious task. When do you get the job done? You either need to put time aside during your working day, stretching your hours even further, or it eats into your precious free time when you'd rather be devoting your attention to family, friends, or other pastimes.
Auditox Accountancy can take on all the hard work, allowing you to plan your schedule and gain a better work-life balance.
We have a team of specialist accountants for locums pharmacists, doctors, nurses, vets, and all those connected with the healthcare industry, and they will handle all of your accounting and tax needs.
When you contact us for a free initial consultation, we will tell you about our comprehensive range of accounting and tax services. For now, here are a few examples of what we can offer.
While most locum doctors and other medical professionals are classed as self-employed under tax law, this isn't always the case under employment law, depending on your working arrangements. For example, it's possible to be employed and still take on locum work as a self-employed pharmacist. The key is to ensure that all necessary documentation is completed and that your accounts and returns are prepared and submitted on time.
If you neglect to do this, it can lead to complications with HMRC that you could well do without!
We will help you to establish your employment status and ensure that all relevant bodies are informed and aware.
As previously mentioned, locum pharmacists, doctors and other healthcare professionals are generally classed as self-employed and will need to sort out their own National Insurance. The rules regarding NI contributions are not always straightforward, and you must ensure that you have selected the right category.
Typically, NI is paid on the salary of employed locums, and on the profits made by self-employed locums. It is plausible that you might do both at some time, and this can lead to confusion.
We help clients select the correct NI category for their income and pay the right amount in contributions by the required deadline.
We offer advice on tax efficiencies to make sure you only pay what is due and no more.
Tax planning makes good business sense, and we'll make tax savings by examining your accounts, income tax and company structure to find the best method of saving money. For example, when you pay yourself from the company profit as a shareholder, this is called a 'dividend' and is not liable for National Insurance. Paying yourself with a combination of income and dividends will increase your take-home pay without attracting extra tax.
Tax support and tax efficiency form a large part of our dedicated service to locum GPs and those in similar roles, and we'll ensure that you receive the maximum amount from your earnings without giving away funds unnecessarily.
We also deal with all calls and correspondence to and from HMRC on your behalf, if you prefer, and will liaise with them in the event of any queries or investigations into your finances.
As a sole trader, you'll need to submit a self-assessment tax return each financial year. And if you operate as a limited company, you must submit a return to HMRC and Companies House, as you may also have to pay corporation tax.
Our accountants will calculate your tax and file your self-assessment and corporation tax returns to HMRC and Companies House well within the given deadlines.
Keeping track of the daily transactions in and out is a major issue for any sole trader or medium/small business. It's vital to achieve a positive cash flow position where income exceeds expenditure, but the timing of certain payments in or out is often difficult to control.
We will help you to create a coherent, organised plan, creating payment reminders where necessary.
As part of our service, we offer support and guidance on all aspects of your finances, including planning for potential growth. We will advise you on partnerships, mergers, acquisitions, exit planning and financial forecasts.
To this end, we handle financial statements preparation for HMRC records, AGMs, business meetings, lenders, stakeholders and investors. A professionally prepared set of accounts and statements inspires confidence and presents a positive impression!
Whether you're a locum doctor or locum pharmacist (or perform any locum role within the broader spectrum of the health industry), you have several options as to your legal business type.
While you might prefer to remain as a sole trader, it is possible to set up your own limited company. However, this isn't the best option for everyone - there are many advantages, but there are extra responsibilities and conditions to be aware of. For example, a limited company is a separate legal entity, and any income belongs to the company, not you. You will need to draw your wages from this in the correct way - you can't simply withdraw cash.
An Auditox specialist will advise you as to the best structure to suit your personal circumstances.
Preparing your annual accounts (also called statutory accounts) can take up a lot of your valuable time, meaning that other tasks can suffer. These accounts are examined by HM Revenue and Companies House, and they provide an in-depth view of your profit and loss, cash flow and balance sheet figures, so they must be accurate.
They are also useful for decision-making and business planning for the future, so it pays to have them prepared professionally.
Your dedicated Auditox accountant for locums will ensure that your year-end accounts are completed flawlessly and delivered well within any given deadlines.
We provide an easy-to-use accounting software package and relevant training to get you up to speed. All of our software is simple, safe, secure, and cloud-based for convenient access. All of our software is also compatible with the new 'Making Tax Digital' initiative.
Our system allows you to keep a close eye on your finances at your leisure and avoid excess paperwork.
Our expert accountants for locum professionals will handle your quarterly VAT returns preparation, completing them accurately and submitting them within the given deadlines.
One of the main sticking points with VAT is calculating allowable expenses and knowing what you can claim for and what you can't.
Our accountants for locums are familiar with all of this, and they'll make sure that everything is in order.
Do you really need a locum pharmacist accountant? Do locum doctor accountants offer any advantages that 'normal' chartered accountants don't?
In our experience, the answer is a resounding yes! We meet our client's accounting needs, but we go further by training specialist locum accountants with inside knowledge of the industry. This saves valuable time, as there's no need to explain the intricate details and idiosyncrasies of your chosen profession. It also allows us to quickly build a working relationship based on trust and understanding.
Just think - for a small monthly fee, you can have unlimited access to our specialist accounting services!
Our accountants have extensive experience in the healthcare industry and possess an excellent understanding of the processes and regulations.
Why not get in touch with Auditox today? We'll put together an accounts program suited to your specific circumstances and specialist area of work, whether you are a self-employed sole trader or you run a locum business as a limited company.
The choice is yours: you can manage your own accounts and tax, engage an everyday accountant, or you could choose an accounting service that cares about you and your specific business. You can find a good accountant, or you can have the very best, with a specialist accountant for locum professionals from Auditox Accountancy. Call us now to see exactly what we can do for you!
Locums in the UK often have fluctuating incomes due to the nature of their temporary roles, whereas full-time professionals typically receive a consistent salary. This means locums may require more intricate cash flow management and tax planning to maximise their earnings and stay compliant with HMRC regulations.
Locum accountants in the UK are adept at managing irregular income streams, often using specialised software to track varying earnings. They provide guidance on setting aside funds for tax liabilities, ensuring locums are prepared for tax deadlines and can capitalise on available reliefs and allowances.
For locums working across different regions in the UK, accountants ensure compliance with local tax regulations and manage any travel or accommodation expenses effectively. If a locum works internationally, the accountant will consider double taxation treaties and provide advice on overseas tax obligations alongside UK tax responsibilities.
Yes, many locums in the UK opt to set up as a limited company to benefit from tax efficiencies. Accountants can guide locums through the process of company formation, ensuring they meet all Companies House and HMRC requirements, and advise on the most tax-efficient ways to draw income from the company.
Locums in the UK often have fluctuating incomes due to the nature of their temporary roles, whereas full-time professionals typically receive a consistent salary. This means locums may require more intricate cash flow management and tax planning to maximise their earnings and stay compliant with HMRC regulations.
Locum accountants in the UK are adept at managing irregular income streams, often using specialised software to track varying earnings. They provide guidance on setting aside funds for tax liabilities, ensuring locums are prepared for tax deadlines and can capitalise on available reliefs and allowances.
For locums working across different regions in the UK, accountants ensure compliance with local tax regulations and manage any travel or accommodation expenses effectively. If a locum works internationally, the accountant will consider double taxation treaties and provide advice on overseas tax obligations alongside UK tax responsibilities.
Yes, many locums in the UK opt to set up as a limited company to benefit from tax efficiencies. Accountants can guide locums through the process of company formation, ensuring they meet all Companies House and HMRC requirements, and advise on the most tax-efficient ways to draw income from the company.