Accountants for Locum Doctors
Being a full-time medical professional offers a solid career path with job security and the chance to build deep relationships with patients.
But it’s not the only route. Many doctors opt for locum work, running their own limited companies.
There are plenty of benefits to choosing the locum lifestyle: you might love the freedom to move between locations or the excitement of working in various hospitals and GP practices. Or perhaps you want a better work/life balance or the potential to increase your earnings.
If you’re a locum doctor, you’ll need to handle your income and expenses differently from permanent employees. That’s where No Worries steps in. We’re expert accountants for medical professionals, specialising in those with their own limited companies.
We get the unique financial challenges locum doctors face. With smart tax planning, we can help you operate efficiently and maximise your income. Plus, we’ll make sure you’re claiming all the expenses you’re entitled to. Ready to take control of your finances? Let’s do this together.
“They are thorough, accurate, very knowledgeable and always very helpful with queries and requests. A very personal service.”
Thanks, Catherine! 😊 We’re glad to
hear you’re happy with our personal touch! 🌟
Accounting Challenges for Medical Professionals
As a locum doctor, you have many different challenges when it comes to your finances and accounting. Your tax is automatically deducted with a permanent job before you receive your salary. This is not the case when you have your own limited company or work as a sole trader.
We’ll also support you if you need to deal with HMRC, so you don’t have to worry about dealing with them yourself. Compliance with HMRC regulations is crucial to avoid penalties and ensure your financial affairs are in order.
Here are some of the challenges that you might face when it comes to your finances as a limited company contractor:
You Need to Keep Track of Your Income and Expenditure
Dealing with your finances for small businesses and locum doctors can be stressful, but it doesn’t have to be. Not only do we help you stay on top of your finances but we will also ensure you are compliant with the latest legislation so you can relax and focus on your career. We’ll also support you if you need to deal with HMRC, so you don’t have to worry about dealing with them yourself.
You Might Have to Claim Expenses
Who Pays for Your Expenses?
As a locum doctor, you might have to claim expenses like travel, accommodation, and professional membership costs. This can be a time-consuming process, and you must ensure that you keep accurate expenditure records.
You’re Responsible for Your Own Tax and National Insurance Contributions
When you’re a locum doctor, you’re responsible for your own tax and national insurance contributions. You need to ensure you put money aside to pay your tax bills.
You also need to submit a self-assessment tax return every year on time. This can be a complex and time-consuming process, especially if you’re not used to dealing with your own finances.
You Might Not Get Paid Regularly
Another challenge that medical professionals face is that they might not get paid regularly. This can make it difficult to budget and manage your finances effectively, especially around cashflow management, and ensuring you have enough funds to meet all your end of year tax liabilities. The accounting support and tax planning services we offer can help with this.
You Need to Manage Your Cash Flow Effectively
Managing your cash flow effectively is vital when you’re a locum doctor, or any other medical professional for that matter. This is because you might not get paid regularly.
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As you were to us. All the best Patrick! 😊
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Frequently asked questions
What Should You Look for When Choosing an Accountant to Work with Your Locum Practice?
Whatever your business, you need to consider who will manage your money carefully. After all, this is the person who will be responsible for ensuring your business is financially healthy and compliant with the law.
Look for an accountant with both experience and qualifications in working with medical businesses, preferably locum practices. This is a crucial decision for your business, so take your time, research, and choose someone you feel confident will do a good job. To help you, there are a few key factors you should take into account:
Experience and Qualifications
One can have all the experience in the world, but if they don’t have the relevant qualifications, the accounting services they offer not be covering all your bases.
The same goes for experience – someone who is qualified but has no experience in the medical industry might not be best placed to advise you on the financial aspects of being a locum. Look for an accountant with both experience and qualifications in working with medical businesses, preferably locum practices. For example, we also work with a number of locum pharmacists, ensuring they receive specialized financial advice tailored to their unique needs.
Cost
Of course, you’ll need to consider the cost of hiring an accountant. This will vary depending on the size and complexity of your business, but it’s essential to get an idea of the ballpark figure before you start looking for someone to work with. Most accountants will offer a fixed monthly fee.
Once you’ve got a few quotes, you can start to narrow down your options and choose the most cost-effective option. Check out our pricing on our website.
Personal Recommendation
When it comes to choosing an accountant, a personal recommendation can be worth its weight in gold. If you know someone who has a locum practice and they’re happy with their accountant, then ask for a personal recommendation.
This way, you can be sure you’re working with someone who comes highly recommended and has experience working with businesses like yours.
Why Choose No Worries?
No Worries is the leading accountancy firm that operates in a variety of niche sectors. We have been providing accounting and tax services as accountants for locum doctors since 2005. We offer various services, including tax return preparation, bookkeeping, VAT returns, corporation tax returns, financial management, annual accounts, forecasting and budgeting, self-assessment tax returns, and more. We provide a range of services to help you to manage your finances effectively.
Here are some of the reasons why you should choose No Worries:
1: We’re a specialist team of accountants dedicated to helping niche contactors such as locum doctors, and other medical professionals who work through a limited company.
2: We have a team of experienced and qualified accountants.
3: We offer personalised accounting services to all of our limited company clients with a fixed monthly fee.
4: We offer various services, including tax return preparation, bookkeeping, VAT returns, corporation tax returns, financial management, annual accounts, forecasting and budgeting, self-assessment tax returns, and more.
5: We’re here to help contracting professionals make the most of their income and operate with a high degree of tax efficiency.
6: All clients get free access to our acclaimed online accounting software Joy Pilot, that has great online features that reduce your admin budren.
What is a Locum Doctor?
A locum doctor is a self-employed medical professional who works temporarily in hospitals, GP practices, and other healthcare settings. The vast majority of our clients work through their own limited company, which is preferred by most locums over the sole trader option.
Locum doctors can often be used to cover absences, such as when a permanent staff member is on leave or a temporary increase in demand.
No Worries is Here to Help!
At No Worries, we specialise in providing expert accountancy services for locum doctors and other medical professionals. We understand the unique financial challenges you face, and we’re committed to helping you navigate them with ease. With a dedicated specialist accountant by your side, you can maximise your income, operate in the most tax-efficient way, and ensure you’re claiming all the expenses you’re entitled to. Trust us to handle your finances so you can focus on what truly matters—caring for your patients and enhancing your practice.
“…consistently brilliant services from start to finish…that has saved me £000s over the years.”
Thanks Pete. We loved being part of your team! 🙌