We can help you through the maze of regulations which you face when you become a self-employed GP locum.
- We help you to complete the necessary forms and explain your responsibilities as set out in tax legislation – so that you make sure that you set up appropriate accounting records for your income and expenditure.
- We advise on the claims that you can make for tax deductible expenses.
- We prepare your tax return from your data and advise on forthcoming tax liabilities.
- We will give you an indication of your likely tax liability when we first meet and can update this advice on an ongoing basis.
- We help to work out how much to save for tax from your monthly income so that you can be confident that your future tax bills are provided for.
- We advise on all aspects of the NHS pension scheme and how it works for GP locums. Currently we are talking to our clients about tax planning for the Lifetime Allowance and Annual Allowance.
As your career progresses you might decide to join a practice as partner. We can help you understand the financial structure of the practice you are joining, how you fit in and what your financial obligations for capital investment are. Because we act for so many GP practices we are very familiar with arrangements for new partner buy-ins and can support you as you negotiate your terms.
We recognise that GP Locums are often at the start of their career and will be unfamiliar with the financial responsibilities and tax systems for the self-employed. We spend time with you explaining how this works and how what you are doing fits into the system – so you don’t have to worry about surprise tax bills, and to make sure that you maintain adequate and compliant accounting records.
We work on a transparent, fixed fee basis and provide a personal service which enables you to build up a long-term relationship with our team that will be valuable to all parties and financially valuable to you over both the short and long-term.