ACCA

Good Advice for Good Business

Office: 01932 423197
Mobile: 0788 630 2591

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Healthcare Professionals

Self -employed heathcare professionals

 Key points:

Registration with HMRC:

  • If you choose to work as a self-employed locum nurse, you will need to register with HM Revenue & Customs (HMRC) for self-assessment. This is typically done when you start working as a sole trader.

Tax and National Insurance Contributions (NICs):

  • As a self-employed individual, you are responsible for calculating and paying your own tax and NICs. Ensure that you understand your tax obligations and file your self-assessment tax return annually.

Expenses:

  • Keep detailed records of work-related expenses, as you may be able to claim tax relief on allowable expenses. This can include travel costs, professional indemnity insurance, uniform costs, and other business-related expenses.

Professional Indemnity Insurance:

  • Consider obtaining professional indemnity insurance, which is often a requirement for healthcare professionals, including locum nurses. The cost of insurance may be tax-deductible.

IR35 Consideration:

  • Be aware of IR35 legislation, especially if you provide your services through an intermediary such as a personal service company. IR35 determines whether you are considered self-employed or an employee for tax purposes.

VAT Registration:

  • Depending on your income and the nature of your services, you may need to consider VAT registration. If your income exceeds the VAT threshold, it may be advantageous to register for VAT.

Pension Contributions:

  • As a self-employed individual, you have the flexibility to contribute to a personal pension scheme. Pension contributions may be eligible for tax relief.

Legal Structure:

  • Decide on the legal structure that suits your situation. Many self-employed individuals operate as sole traders, but you may also consider forming a limited company for additional legal separation between personal and business liabilities.

How can we help

If you are an associate working with and end client,agency or practice, MBSC accountancy and consultancy LTD  will liaise with you to ensure that you have all the information regarding ,how to start up your business, assisting you with a  record keeping, tax planning service and more.

In addition we have the facility to assist with  the incorporation and administration of your  own limited company should that option is preferable.If you already have a limited company that you wish to continue to use, we can assist you with all the accounting and administration services required.

Who we can help

Health professionals -Dentists,Doctors,Hospital consultants, Locum nurses, psychologists, pharmacists or optometrists etc.

We work with our clients to provide assistance with their accounts,bookkeeping and tax affairs to ensure your business is running smoothly and cost efficient.

Our Services

  • FREE Initial consultation to discuss your tax affairs.
  • Tax advice for the business structure to suit your circumstances
  • Proactive tax advice to minimise your taxes.
  • Advice on VAT return scheme suitable for your business.
  • VAT returns preparation and submission.
  • PAYE returns preparation and submission.
  • Corporation tax returns and accounts preparation and submissions
  • Company House Annual returns preparation and submission.
  • Ongoing consultations
  • Fixed fees, agreed in advanced with flexible payment plan.

Benefits

  • Tax planning for maximum return
  • Dedicated accountants working with you
  • A year- end tax return services is provided
  • Facility to incorporate and administer a limited company as required

CONTACT US

14 Chertsey rd Shepperton, Surrey TW17 9LB

078 86302591, 01932 423197
mbsc@surreyaccountancy.com

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