Self Employed Checklist for new Locums

Starting out as a self Employed Locum Doctor?

Then here is a checklist of things that you should be thinking about and doing:

• Inform HMRC that you have started self-employment work: If you do not intend appointing an accountant you can do this either by submitting a form CWF1 or by notifying HMRC on line using the HMRC website. The CWF1 form is also available on the HMRC website.
• Consider the types of expenses you will incur: If you consider the types of business expenses you will incur from the outset, then you are more likely to claim for everything that you can and remember to keep adequate records of expenses incurred.
• Consider how much tax you need to set aside from your income to meet your tax liability when it falls due.
  This is something that we can help you with. There is not a standard percentage which applies to all locum doctors. The amount you will need to set aside will depend upon the level of your income and also the other sources of income you have.
• Know when your first self-assessment tax payment will be due and when subsequent payments fall due: We often find that locum doctors are caught out by unexpectedly high tax liabilities as a result of the Payment on Account rules.
• Submit forms to HMRC’s National Insurance office, to ensure that you do not overpay National Insurance
• If you are working for an NHS Provider, review the superannuation forms that need to be completed
• Consider how best to keep your business records, these days a ‘cloud based’ accounting package can often to be ideal choice, working together with a simple app on your phone.

Help is at hand

Don’t worry if this sounds a daunting list, we can advise you on this whole process or carry it out on your behalf.