WHO WE WORK WITH
Accountants for Locum Doctors
Being a full-time medical professional can be a great way to achieve stability in one’s career. It can offer job security and the ability to build long-term relationships with patients. However, it’s not the only option available, and many doctors choose to go down the locum path instead and work through their own limited company.
There are a number of reasons why locum work might be the best option for you. Perhaps you don’t want to be tied down to one location, or you like the variety of working in different hospitals and GP practices. Maybe you’re looking for a better work/life balance or want to earn more money.
Whatever the reason, if you’re a locum doctor, you’ll need to account for your income and expenditure differently than permanent employees. This is where No Worries comes in. We’re specialist accountants for medical professionals who work through their own limited company, and we can help you to make the most of your finances.
We understand the unique challenges that most locum doctors face when it comes to their finances. With appropriate tax planning we can help you operate in a tax efficient way and make the most of your income. We’ll also ensure that you’re claiming all the expenses you’re entitled to.
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.
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.
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 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 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, 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’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. This can be a complex and time-consuming process, especially if you’re not used to dealing with your own finances.
You Need to Manage Your Cash Flow Effectively
Managing your cash flow 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.
No Worries is Here to Help!
No Worries is a specialist accountancy firm that provides services for locum doctors and other medical professionals.
We understand the unique challenges that you face when it comes to your finances.
Your dedicated specialist accountant can help you to make the most of your income and operating in the most tax efficient way.
We’ll also ensure that you’re claiming all the expenses you’re entitled to.
Please call 020 7731 1117,
we are always happy to talk.
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 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:
- 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.
- We have a team of experienced and qualified accountants.
- We offer personalised accounting services to all of our limited company clients with a fixed monthly fee.
- 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’re here to help contracting professionals make the most of their income and operate with a high degree of tax efficiency.
- All clients get free access to our acclaimed online accounting software Simplifi, that has great online features that reduce your admin burden.
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.
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.
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.
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 referral.
This way, you can be sure you’re working with someone who comes highly recommended and has experience working with businesses like yours.