Accountants for Locum vets
Vet school may not teach much about tax deductions or VAT registration, but that’s where we come in.
While we might not diagnose gum disease or ear infections, we’re experts in tax and accounting.
As a locum vet running your own limited company, choosing the right accountant is a key step toward securing your financial future. Setting up a separate business bank account for managing company funds and making business expenses is also crucial. It’s crucial to find an accountant who understands the unique needs of your business and offers solid financial advice.
Our locum vet clients often tell us how straightforward our advice is and how it frees them to focus 100% on their work in the veterinary industry.
So, how do you find the ideal accountant for your practice? And what should you be looking for? While we’d be thrilled to have you join our accounting service, we know you’ll likely shop around first.
In this article, we’ll share tips on choosing the right accountant for your veterinary work. We’ll cover what to look for and how to make the best decision for your business. Let’s dive in!
“I would definitely recommend No Worries to anyone who wants to run a limited company with as little administrative and accounting efforts as possible and have a good live overview of their profits and taxes.”
Thanks, Dobrochna! 🙌 Happy to hear we’re making life easier for you!
Finding the Right Chartered Accountant
Running a business involves a lot that goes on behind the scenes, and it can be challenging to keep track of everything without some help. Here are a few tips to help you find the right accountant for your team:
Consider your needs and how an accountant can assist in setting up a business bank account, which is crucial for managing company funds and making business expenses.
Do Your Research!
The first step in choosing the right accountant in the UK for your veterinary work is to do your research. Talk to other locum vets in your industry and find out who they use for their accounting. Ask them about their experience with their accountant and whether they would recommend them to others. If a colleague already uses No Worries, ask for the name of their dedicated accountant and call them directly. Our accountants are always happy to hear from new clients considering our services.
You can also search online for accounting firms that specialise in services for locum vets and veterinary surgeons. This will help you narrow down your options and find a few firms that may be a good fit for your business.
While doing research, make sure to:
- Read Online Reviews: Check out sites like Google to see what others are saying about the firms you’re considering.
- Get Referrals: Ask friends, family, and colleagues if they know any good accounting firms.
- Check Out Websites: Visit the websites of different accounting firms to get a feel for their services and expertise, ensuring they handle corporation tax, annual accounts, payroll taxes, and the intricacies of your own limited company while making sure your limited company is registered with Companies House.
Consider Your Needs
The next step is to consider your specific business expenses as a locum vet or veterinary surgeon. What services do you need from an accountant? Do you need help with bookkeeping, tax preparation, and financial planning? Maybe you’ve received your first corporation tax bill and aren’t sure what to do with it. Perhaps you need a leading cloud-based accounting software like Joy Pilot to make bookkeeping easy (shameless plug, we own Joy Pilot). If you employ staff, you’ll need help with payroll and national insurance contributions.
Make a list of the services you need, and then look for firms that offer those services. It’s also important to consider your budget. Get quotes from a few different firms before making your final decision. A fair price is usually between £95 to £115 + VAT per month, depending on your needs. Some top contractor accountants offer free company formation services, but we’re perfectly fine if you bring your own limited company to us too.
Here’s a breakdown of your needs:
- What services do you need from an accountant?
- How much can you afford to spend on accounting services?
Look for Experience
When picking veterinary accountants, it’s essential to find someone with experience in the veterinary profession. This ensures they understand the unique financial needs of your business. Ask each accounting firm you’re considering about their experience working with locum vets and veterinary surgeons.
Find out how long they’ve been in business and how many clients they have in the veterinary sector. For us, we’ve been helping limited company contractors since 2005, including a LOT of locum vets, locum doctors, and other medical professionals.
Consider a Firm’s Size
Another important factor is the size of the firm. Smaller firms might be more personal and responsive, but may have less experience. Larger firms, like some chartered accountants, may have more resources and expertise, but might be less flexible for smaller limited companies or contractors.
Consider your preferences before making a decision about the size of the firm you want. No Worries is a nimble team where each vet gets their own dedicated accountant for all accounting and tax planning needs. We also have a network of experienced tax professionals for any unique issues that might arise. It’s the big firm feel with the small firm experience.
Ask About Fees
Before hiring an accountant, be sure to ask about their fees. Find out how they charge for their services and any hidden costs. Make sure you understand the fee structure before signing any contracts. Some important questions include:
How much do you charge for your services?
Do you offer discounts for referrals?
Do you offer fee reductions while I am not working?
Are there any hidden costs I should be aware of?
Compare Quotes
Once you’ve gathered quotes from various firms, it’s time to compare them. Look at the fees, services offered, and experience of each firm. Make your decision based on which firm you feel is the best fit for your veterinary work.
When you’re ready to choose accountants for your veterinary business, keep these tips in mind to ensure you choose the right one for your needs. With a bit of research (or just reading this article), you’ll find an accountant who helps your business run smoothly and efficiently. Ideally, the accountant you choose will have the confidence in their service delivery that they name themselves something like No Worries. Happy hunting!
Final Thoughts
After considering all of the factors above, it’s time to choose an accounting firm that’s right for your veterinary practice. Make sure to take your time and do your research before making a final decision. Once you’ve found a firm that you’re comfortable with, be sure to sign an engagement letter that outlines the scope of their services. This will ensure both you and the accountant know what is expected of each party.
And as a plus, if you decide to use an accounting firm other than us, we make it super easy to switch over to our accounting service from another accountant. It’s such a popular move that we even have our own webpage for it: Switching Accountants.
Hiring an accountant is a significant decision, but it doesn’t have to be difficult. By following these tips, you can be sure to find the right accountant for your veterinary practice. Happy hunting!
“Fantastic personalised service that has always been friendly and supportive.”
Thanks, Jide! 😊 Thrilled to hear our service hit the mark. We’re here whenever you need us!
Fee Holiday!
Get 50% off our Contractor Accounting fees.
A gap between gigs or a well-deserved holiday, for every full month you’re not contracting, enjoy a 50% discount on our fees. Just let us know before your break starts, and we’ll handle the rest .
Example: A break of 2 to 2.9 months = 50% off for 2 months!
And don’t worry—we’ll still keep a sharp eye on your account, making sure all your deadlines are met. Because you deserve to relax without a care!
Joy Pilot: Your Ultimate Companion for Veterinary Professionals
Meet Joy Pilot – your ultimate companion in the veterinary profession! Tailored for locum vets, limited company contractors, freelancers, and sole traders alike, our user-friendly software helps you navigate the veterinary industry with ease. Manage your own limited company effortlessly, keep track of business expenses, and ensure you’re always on top of your game. Backed by the trusted accountants at No Worries, Joy Pilot is here to make your career soar. Join us and experience smarter, stress-free working.
“They were invaluable to me.”
As you were to us. All the best Patrick! 🖐️
No Worries Accounting can connect you with the ideal dedicated accountant for your veterinary work. Our certified professionals are experienced in the veterinary industry and use the latest accounting software. Plus, we own the software, ensuring it’s always current and tailored specifically to freelancers, contractors, and sole traders. We’ll find the best fit for your needs and ensure you’re satisfied with our services.
Contact us today to get started!
“…consistently brilliant services from start to finish…that has saved me £000s over the years.”
Thanks Pete. We loved being part of your team! 😊