The financial and non-financial rewards of being a Locum by far out weight the rewards permanent staffs enjoy. Locums enjoy high pay rate, have freedom of choosing their workplace and more opportunities to enhance experience through placements in various environments. Therefore, if you have decided to become a Locum then there are many advantages of operating through your own Limited Company.
The advantages are as follows:
1- As a director of your Limited Company you can choose when and how you want to withdraw from your Limited Company. This gives you an opportunity to spread your income from one tax year to another which in turn means you can keep your income under the tax thread hold to spread your tax liability across two tax years. Furthermore, your national insurance contributions can be managed tax efficiently as well.
2- Limited Companies are separate legal entities therefore it protects your personal assets from financial liabilities of your business such as debt, compensation claims and so on.
3- Dividends earned from a limited company are taxed at a lower rate.
WHAT WE CAN DO FOR YOU
MMR & CO has a team of professionally qualified accountants who have considerable experience in dealing with tax affairs of Locum medical professionals so you can expect quality service at a competitive fixed price. We value our clients as crucial stakeholders in our business therefore you will not be disappointed after handing your tax matters to us. We will prepare your
1- Annual accounts
2- Tax calculations
3- Submit CT600 for your limited company and submit your personal tax return
4- Provide you unlimited support on telephone or email.
5- Assess your business and advise if you need VAT registration. If so we will prepare and submit your VAT returns.
6- Sign you up with cloud accounting so you can manage and monitor your whole business remotely on any internet enabled device. For more details see our cloud accounting section.
Our fees are transparent and fixed at £90 PCM for recurring services. Any fee charged for ad hoc services will always be agreed in advance.