GP Locums

Many doctors choose to start their careers as locum GPs. Whilst working as a locum can provide personal flexibility and a financially rewarding career a GP locum is usually self-employed so needs to comply with certain regulations. At HJE our healthcare accountants offer specialist advice to locum GPs utilising our in-depth knowledge and experience in the sector. Our services includes assistance with all aspects of accounting, taxation and financial matters, which we can provide on a “fixed fee” basis:

• Whether you have claimed the appropriate tax relief in respect of professional subscriptions or exam fees paid before you became a GP locum.
• the most tax efficient way to provide your services i.e. whether personally or via a limited company.
• how to accurately record income and expenses to ensure that you comply with HMRC regulations and also maximise claims for tax relief in respect of business expenses incurred. We can provide bookkeeping services if required.
• how to ensure that you are not paying too much National Insurance if you are both employed and self employed.
• completion of your annual accounts and Personal Income Tax Return, including advising of the amount and payment date of your Personal Income Tax liabilities.
• the NHS pension scheme:
  • explain your entitlement to benefits under the NHS pension scheme
  • how to complete the appropriate forms to pension your locum work (locum forms A/B)
  • whether you are paying the correct superannuation rates in respect of your locum work
  • completion of Type 2 superannuation certificates (if doing both locum and salaried GP work)
  • advice regarding limits on contributions that are eligible for tax relief i.e. the “Annual and Lifetime allowance”.

Other Services

• If considering becoming a GP partner at a medical practice – review of financial accounts and benchmarking profitability against local and National Averages; review of profit sharing arrangements and partnership agreements.
• Referral to specialist medical Independent Financial Advisers for investment, income protection and locum insurance advice.
• Inheritance Tax and Capital Gains Tax planning.
• Payroll and Auto enrolment services.
• Tax protection insurance.