Why is it better for locum doctors to work through a limited company?
As a locum doctor working through your own limited company, you can balance how much you pay yourself through a salary and dividends to minimise the amount of National Insurance Contributions you need to pay.
A good accountant specialising in advising locums, such as Fusion, can advise you on how much to pay yourself in order to maximise the money you get to keep.
There are also more things locum doctors can claim as expenses when they are working as a limited company, lowering the tax you need to pay.
Locum doctors have greater protection when working through a limited company
Limited companies are seen as a separate legal entity to their owner (or a locum doctor in this case). This means if your limited company faces trouble, such as debt, you are not personally liable.
Of course, you have a responsibility to ensure the business is run correctly, but Fusion can help with our specialist locum accounting.
Charging VAT as a locum doctor
For most locum doctor work you will not have to charge VAT on your services. However, for some jobs such as managerial ones, you may need to charge VAT. It all depends on the kind of job you work, which means choosing an accountant that specialises in advising locum doctors is vital.
How to find work as a locum doctor
As specialist accountants for locum doctors, Fusion can advise you on the best ways to find work, but because of the high demand for locum doctors, it is actually pretty easy to find work.
The most effective and common way of finding locum doctor work is by registering with a locum agency. It is best to only register with one or two agencies so you get the opportunity to build strong relationships, meaning you are more likely to find suitable work.
Are you a doctor thinking about becoming a locum?
There are plenty of reasons why working as a locum doctor is a great idea:
- It is easy to find work because there is lots of demand
- You get lots of choice in where and when to work
- You can get paid more as a locum doctor than as a permanent member of staff
- You can gain experience working in many different places, such as overseas
An accountant specialising in advising locum doctors can explain all the many benefits of working as a locum.
Choosing the right specialist accountant for locum doctors
Fusion provides all of our specialist accounting packages for a low-cost, fix monthly fee. We provide a 24hr accountancy service, too, so you can always get the advice you need, whenever you need it.
We also offer a free initial consultancy so locum doctors can see for themselves whether we are the right accountants for them.