It is understandable that working as a locum professional presents numerous work-related stresses
This includes anything from managing a hectic full-time work schedule and adhering to intense time pressure to often having to make life-changing decisions on a daily basis. In this situation, it is common to find doctors, dentists, pharmacists and optometrists working as locums, through a limited company or an umbrella company, to improve workplace flexibility and their own well-being.
Working through business structures, such as limited companies or as a sole trader, can offer many advantages to your overall income, which can be a particular tax-efficient way of operating, depending on your circumstances. Setting up a limited company is easy and quick, and Ambiance can help you at every stage of the process, be it helping with your tax return or national insurance contributions.
Often, working as a locum will help you earn more than a full time position. However, it also means finding contracts, travelling, taking on increased financial responsibilities, and above all being flexible.
So it’s easy to understand why locums often require professional assistance to keep their books in order, and ensure their take home pay is optimised. Our locum accounting services start at less than £1 per day for sole traders and less than £1.80 per day for Limited Companies.
Patients rely on your expert advice as they know that you have a wealth of Knowledge and Experience!
By taking control of all the hard work associated with business accounting, we can help medical practices, Locum Pharmacists, Doctors, Dentists and Optometrists to continue focusing on offering exceptional patient service. Let us do what we do best as Accountants, and take care of everything for you.
We can provide the tax and accounting support you need to successfully improve your financials and gain some more time back for yourself. This, in turn, will improve your work/life balance and give you additional time to spend with family, friends and hobbies.
Some of the services included in our all-inclusive package are:
- Managing your business accounts effectively
- Submission of your financial statements
- Preparation and submission of tax returns
- Tax planning to maximise tax efficiency
- HMRC record checks and liaising with Companies House
Should Locums choose an Umbrella company or a Limited company?
While an umbrella company may seem to offer you all you wish for with minimum hassle, it’s best to go by the old saying, ‘If it seems too good to be true, it probably is’.
Yes, you may find an umbrella company for locums that suits your needs, but it’s very likely you’ll end up taking home less of your hard-earned pay that way.
For locums we strongly believe that becoming a Sole Trader or a Limited Company are the best way to go; and if you’re looking for the service level offered by an umbrella company, look no further.
Ambiance understand that every client is different and will have different requirements. That’s why we can offer either a standard package covering all aspects of your financial management or a custom built package.
At Ambiance Accounting, we offer a bespoke service for locums
We can advise on the best way to set up your new business, whether that be as a sole trader or as a limited company, and we will take into account your individual personal circumstances.
For a small monthly fee, we offer a streamlined, all-inclusive package with full accountancy services for medical professionals. As specialist medical accountants, we have an in-depth knowledge of your needs and your dedicated accountant will be fully accessible to you for accountancy advice via email, telephone, video-conferencing and in-person.
In addition to unlimited support, our all-inclusive package also includes assistance with your bookkeeping data and tax planning. Most importantly, we take full responsibility for compiling the legal documentation required for running a limited company.
We provide our services throughout the UK due to our digital presence. Click below to see more information about our specific services for locum professionals. For all other queries, please complete the contact us form.
Services For Locum Professionals
Whether you’re first time considering becoming a locum or you’re a seasoned locum with many years’ experience, we can help you. From setting up your first limited company to making those all important changes in line with legislation, you can rest easy knowing your business finances are in the best hands.
While some larger accountants will charge high annual or monthly fees, even charging extra for calls or letters, Ambiance are different. We take a personal interest in each and every client, offering a fair annual fee with no hidden charges for you to worry about.
We offer the following fixed fee accountancy services for locum professionals:
Locum Optometrist
Sole Trader
£360
per year
Completion of income accounts
Completion of expenditure accounts
Completion of personal tax return
Locum Optometrist
Limited Company
£660
per year
Completion of annual statutory accounts
Completion of corporation tax returns & payroll
Completion of dividend vouchers
The fixed fees quoted above are based on bookkeeping records kept to a good standard. The above fees include full partner support either by email or telephone throughout the year. Should your requirements differ, we would be more than happy to provide an individual quote for your locum accounting requirements.
Since April 2019, all businesses above the VAT threshold have been required to use a digital cloud-based bookkeeping solution to submit returns to HMRC. So to get our clients off on the right foot, we selected the top five providers and partnered with two of them to help our clients become MTD (Making Tax Digital) compliant.
The Best Cloud Bookkeeping Services For Locums
We’ve tried and tested the best that is available, and while both of the services we offer to clients at a discounted rate are compliant and user-friendly, one may be better than others for your specific business.
Our accountants are happy to point you in the direction of the cloud accounting solution that best fits your business model, helping to ensure you have the service you need for the long term.
Take a look at our recommended services and contact us if you’d like to become a client and benefit from signing up to a cloud bookkeeping solution for locums with us.