Locum limited company start

Re: Locum limited company start

katja wagner — Wed, 08 Oct 2014 15:44:15 GMT

I did not pay my accountant monthly,they offered me a package and I could choose what I wanted to do myself(not a lot) as I said above,setting up the company is rather easy and you can safe money doing it yourself. you could just contact an accountant and get a quote .

Re: Locum limited company start

Laia Blanco — Wed, 08 Oct 2014 15:38:59 GMT

My idea is that even if I get an accountant, I don't want to pay huge amounts monthly, I don't mind doing the monthly stuff, so I wonder if you can hire them for only moments like setting up the company, or the yearly taxes, or a consultation for example.

[quote user="CatherineThomas"]

I set up as a ltd company via an accountant just over a year ago. I used Smith-Milne+co because I was recommended them as being experienced with locum vets. They have done everything for me but I don't feel they've really explained what they are doing very well, i've had to ask lots of questions which I feel should have been explained at the start, and so i'm not sure how well they have done everything and how much they are actually saving me. So i'm thinking of swapping to a local non-specialist accountant once my year end stuff is finished this month.

[/quote]

Re: Locum limited company start

katja wagner — Wed, 08 Oct 2014 15:07:27 GMT

I set up a ltd.company few years ago and used a recommended accountant called bennet &brooks,they have several vets on their books and saved me a nice amount of tax.the company is now closed as I don't locum anymore and they have been very helpfull with this aswell,explained all necessary steps to me and again got me a good tax return in the end.

you can set up yourself fairly easy using a homepage from the goverment which provides all information you need and you can do your own tax refund etc it was just not for me,as I dislike getting my head around this kind of work but you might find it easier then me.

Re: Locum limited company start

CatherineThomas — Wed, 08 Oct 2014 14:43:37 GMT

Re: Locum limited company start

Robin Grimmer — Wed, 08 Oct 2014 14:23:43 GMT

For first time ever, I was let down by a practice who had engaged me for a week's locum and then said I wasn't needed at fairly short notice! Should I have insisted they find me another week's work

Re: Locum limited company start

Laia Blanco — Wed, 08 Oct 2014 09:55:48 GMT

Thanks to all for your help.

Has anyone started their own Ltd comp without using an accountant? Is it so difficult? And can you recommend one if you don't advise doing it by myself?

Re: Locum limited company start

Bob Russell — Fri, 03 Oct 2014 16:01:48 GMT

We used a locum agency last year. Apparently the locum injured her hand (or did she get a longer locum offer, I wonder?). The agency made absolutely no efforts whatsoever to find a replacement!

Re: Locum limited company start

Evelyn Barbour-Hill — Fri, 03 Oct 2014 11:38:07 GMT

[quote user="Will McMullan"] I never once signed an actual contract with any of the practices I worked for. They just arranged for me to be there from a certain date and we verbally agreed on hours and end-date, although this was not always set in stone. Not that I would, but I presume I could just have walked away from them at any point? [/quote]

Well, legally a verbal contract is still a contract – it's just harder to prove!

On the other hand, remember what Sam Goldwyn said.

Re: Locum limited company start

Will McMullan — Thu, 02 Oct 2014 22:08:08 GMT

[quote user="Neil Wheadon"]Here's an interesting concept. if you are a limited company as a locum and go sick, then are you duty bound to the practice to find a replacement, as after all the surgery is dealing with your company rather than you. Neil

[/quote]

Interesting. I'd never thought of that. Has anyone ever done/been asked to do this? Is the contract with my Ltd Co or with the locum agency who find the locums? In 18 months locuming, I never once signed an actual contract with any of the practices I worked for. They just arranged for me to be there from a certain date and we verbally agreed on hours and end-date, although this was not always set in stone. Not that I would, but I presume I could just have walked away from them at any point? Back in the land of permanent work now so it's just a theoretical wondering.

Re: Locum limited company start

mariette asselbergs — Thu, 02 Oct 2014 21:35:45 GMT

Also I can recommend to contact HMRC. They have very user friendly free courses for new entrepreneurs in how to set up a company and deal with your tax obligations. They also help you to weigh advantages against disadvantages and tell you about lots of consequences of choices .

Mariette

Re: Locum limited company start

Evelyn Barbour-Hill — Thu, 02 Oct 2014 21:22:46 GMT

[quote user="Laia Blanco"] And if you are in long sickness for example an accident, and can't work for long time, how do you deal with it?[/quote]

You must have insurance against such eventualities.

Re: Locum limited company start

Laia Blanco — Thu, 02 Oct 2014 20:11:48 GMT

[/quote]

How do you do that? Do you have to contract another locum? Or just find someone that will do your replacement? And if you are in long sickness for example an accident, and can't work for long time, how do you deal with it? Is there any paid leave or benefit from the government to help?

Re: Locum limited company start

Laia Blanco — Thu, 02 Oct 2014 20:09:59 GMT

[/quote]

Re: Locum limited company start

Laia Blanco — Thu, 02 Oct 2014 20:06:51 GMT

I will do so, any recomendations?

Re: Locum limited company start

Robin Grimmer — Thu, 02 Oct 2014 18:54:10 GMT

I've been a Ltd company locum for 3 years. I use Moore Scarrot in Staunton. There's quite a steep learning curve initially with payroll, VAT, expenses etc. But it's quite straightforward really. Make sure you register for the flat rate VAT scheme. To be honest it getting to the point where I wouldn't mind doing it all myself without the accountant. Does anyone here do their own Ltd co accounts as a locum?

Re: Locum limited company start

Neil Wheadon — Thu, 02 Oct 2014 18:21:33 GMT

Here's an interesting concept. if you are a limited company as a locum and go sick, then are you duty bound to the practice to find a replacement, as after all the surgery is dealing with your company rather than you. Neil

Re: Locum limited company start

Sammy82 — Thu, 02 Oct 2014 17:28:18 GMT

If you only plan to do locuming for a short time, e.g. until finding another permanent job you also have the option to use a so called "Umbrella srevice", offered by some accountants. That way you would be their contractor and getting paid PAYE (you can claim food and travel expenses though). I went with that as I only did a couple of weeks of locum work and didn't want the hassle of doing my taxes. You end up with a little less money though compared to your own ltd company.

Re: Locum limited company start

Will McMullan — Thu, 02 Oct 2014 16:10:37 GMT

Definitely get an accountant, unless you have a lot of experience of business and accounting! It's quite simple to actually set up a Ltd company, there are even companies that will do it for you, often for free. It's the organisation of your invoices, payments, bank accounts and dividends that is confusing and if you don't have an accountant making sure everything is done correctly you can even get in trouble with HMRC. You will also need a business account with a bank so you can be paid. Speak to a friendly local accountant, or one of the vet-specific ones you can find on google, and they will be able to walk you through it all.