As pharmacists regularly deal with money management, inventory tracking, sales taxes and accounting reports, it is important to acknowledge the significance of accounting. Correct accounting not only supports financial transparency but also simplifies tax season. In this section, we will explore the benefits of hiring specialist pharmacy accountants, who provide exclusive services that help maximize financial gain, minimize errors and boost overall success.
Accounting plays a crucial role in the day-to-day operations of pharmacies, highlighting the importance of accounting for pharmacists. As financial record keeping is vital for pharmacists to make informed financial decisions, it is essential to maintain accurate financial records. An effective accounting system ensures that pharmacists have a clear overview of their profits and expenses, enabling them to manage their pharmacy better.
Apart from financial record-keeping, accounting also serves as a vital tool for evaluating the pharmacy business’s performance. By measuring their financial performance with precise accounting data, pharmacists can identify areas that need improvement. Good accounting practices also ensure that the pharmacy complies with its regulatory requirements, making it clear how accounting is essential for pharmacists.
Hiring specialist pharmacy accountants can be beneficial for pharmacists as these professionals possess in-depth knowledge of industry-specific regulations and issues that may affect pharmacies. They offer valuable insights into tax planning, account preparation, and timely filing of relevant returns. This reinforces why accounting is important for pharmacists.
Another unique detail worth noting is that accountancy firms provide specialized services designed explicitly for locum pharmacists. By narrowing down the search for specific experts tailored to their needs, it guarantees that locum pharmacists receive the appropriate advice. Therefore, this also highlights the importance of accounting for pharmacists.
Specialist pharmacy accountants offer numerous benefits for pharmacists. Their extensive knowledge and experience in the field of pharmacy accounting make them well-equipped to handle complex financial tasks that are specific to the industry. Engaging these professionals can result in improved financial management, compliance with tax regulations, and increased profitability for pharmacists.
The benefits of hiring specialist pharmacy accountants are many. These experts have a thorough understanding of pharmacy accounting and tax regulations, enabling them to offer tailored advice and services to meet the unique needs of pharmacists. Outsourcing accounting functions to specialist accountants saves time for pharmacists, allowing them to focus on running their business while their finances are taken care of expertly.
Specialist pharmacists understand tax laws, allowing them to identify potential tax savings opportunities and minimize a pharmacist’s overall tax liability. They can also provide valuable expertise when it comes to cash flow management, including forecasting future trends and identifying potential opportunities for growth. Additionally, specialist pharmacists can conduct regular financial health check-ups on a pharmacist’s business to identify areas requiring improvement or fine-tuning. By engaging with specialist pharmacists, pharmacists have peace of mind knowing that all financial matters are being handled professionally, preventing any penalties from missed regulatory obligations.
While some pharmacies may prefer to handle their finances internally, this may be costly as taxes could be missed or expenses not recorded correctly. Therefore, hiring professional healthcare accountants should always be a top priority for pharmacies seeking an advantage over their rivals.
In conclusion, it is essential to engage with specialists who have experience in delivering accounting solutions for your niche area every time you outsource your accounting functions. The impact of IR35 on locum pharmacists is significant and requires attention from specialized professionals. By partnering with specialist pharmacy accountants, pharmacists can focus on their core business competencies and leave complex financial tasks to the experts.
IR35 is a tax legislation that can have a significant impact on locum pharmacists. In this section, we will delve into the details of IR35 and how it specifically affects locum pharmacists. We will examine the regulations of IR35 and gain a better understanding of this complex legislation.
Additionally, we will take a close look at the impact of IR35 on locum pharmacists and discover the potential consequences and challenges that come with it.
IR35 regulations are an important set of legislation designed to determine the employment status of self-employed individuals for tax and National Insurance purposes. The purpose of these regulations is to prevent workers from falsely claiming to be self-employed in order to evade taxes. Specifically, the rules apply to those who would be considered employees if they were contracted directly, but instead work through an intermediary such as a limited company or personal service company.
For locum pharmacists, it’s important to consider several factors in determining whether IR35 regulations apply. These factors include the amount of control the pharmacist has over their work and working hours, whether they have multiple clients, and if they use their own tools and equipment or those of their client. Seeking professional help, such as the accounting services offered by Crunch Accounting, is highly recommended to ensure compliance with IR35 regulations.
Understanding the implications of IR35 regulations is crucial for locum pharmacists as non-compliance can result in hefty fines from HMRC. By seeking guidance on compliance and following the rules outlined in the regulations, locum pharmacists can avoid penalties and remain compliant.
IR35 regulations have a significant impact on locum pharmacists. The tax status and financial responsibilities of locum pharmacists are affected by these regulations. Those deemed to be inside IR35 receive different tax treatment than those outside the classification. The factual data reveals that this can entail additional financial obligations such as national insurance contributions, ultimately reducing a locum pharmacist’s net income.
To determine whether they fall under IR35, locums rely on expert pharmacy accountants for advice. Specialist accountants examine a series of factors such as supervision, direction, responsibility, and substitution to determine if a locum falls within the IR35 rules. They also provide guidance on tax-efficient payment options.
Pharmacy accountants recommend that locums consult with them regularly to navigate current changes in legislation or guidelines for contractors. They explain the best approach based on each client’s situation and ensure that strategies remain current.
It is vital to note that operating outside of IR35 has its set of requirements and responsibilities that require planning and management. Paying close attention to regulatory changes is crucial to avoid financial pitfalls or penalties. To operate more efficiently inside/outside IR35, maintaining all necessary records of work expenses as evidence of status is essential.
Pro Tip: Securing professional services like Crunch Accounting assistant could effectively manage all accounting aspects, help navigate regulatory challenges like IR35, and handle invoicing, tax liabilities, and filing VAT returns.
In conclusion, locum pharmacists must closely scrutinize their IR35 status and take all necessary precautions to stay financially afloat.
If you are a locum pharmacist, it is important to determine whether the IR35 legislation applies to you. This determination requires careful examination of a variety of factors. In this segment, we will analyze these factors to determine your IR35 status. Additionally, we will explain the importance of seeking professional assistance for this matter.
When it comes to working as a locum pharmacist, it’s crucial to carefully consider the factors that determine your IR35 status before accepting any job offers. This is because compliance with IR35 regulations is essential to avoid legal issues, financial penalties, and extra tax bills. To help determine your IR35 status, there are several factors to consider, which are outlined in the table below.
|Assesses whether the client controls your day-to-day activities and work tasks
|Assesses whether another person could replace you instead of the agency that provided you
|Mutuality of Obligation (MOO)
|Assesses whether there is an obligation for future work between parties
|Assesses whether you bear any financial burden or risk when carrying out work, such as buying equipment and paying overheads
|Basis of Payment
|Assesses how payment will be made for your work, including payment methods, dates, and timescales
It’s important to undertake a thorough examination of these factors before starting work as a locum pharmacist and seek assistance from professional advisers. Additionally, maintaining accurate records and evidence supporting your chosen employment arrangement is essential to assess your employment status under IR35 regulations.
Thus, to navigate IR35 regulations successfully as a locum pharmacist, it’s crucial to seek expert guidance and avoid accounting chaos by considering factors such as control, substitution, MOO, financial risk, and basis of payment.
As a locum pharmacist, it is essential to understand complex tax regulations like IR35 and make informed decisions about accounting and tax needs. Seeking professional guidance from specialist pharmacy accountants like Crunch Accounting, Pharmacistaccounts.co.uk, and Hawsons is crucial to ensure taxes are managed efficiently and compliance requirements are met. It is also valuable to have professional indemnity insurance to protect against potential claims, which is provided by Warr & Co’s partnership with Caunce O’Hara.
By seeking professional help, locum pharmacists can focus on delivering high-quality patient care and have peace of mind. If you are feeling stressed about managing pharmacy finances, let the experts at Crunch Accounting take the pressure off your books. The importance of seeking professional help cannot be overstated.
Looking for reliable accounting services to manage your finances as a locum pharmacist? Look no further than Crunch Accounting! This leading accounting firm offers a wide range of tailored services to meet your professional accounting needs. In this section, we’ll provide an overview of Crunch Accounting and how their expertise can benefit locum pharmacists. We’ll also explore the specific accounting services that Crunch Accounting offers, such as tax planning, bookkeeping, and financial statements, to cater to the unique needs of locum pharmacists. With Crunch Accounting, you can rest assured that your finances will be in good hands.
Crunch Accounting, a UK-based accounting firm, specializes in providing accounting services to locum pharmacists. As one of the leading accounting firms in the country, Crunch Accounting excels in helping locum pharmacists with their business needs. With a focus on providing reliable and affordable services, Crunch Accounting helps clients make intelligent business decisions and streamline their financial processes.
The company offers a wide range of accounting services, such as bookkeeping, tax preparation, payroll management, and invoicing assistance. Tailored solutions are offered that cater to the specific requirements of locum pharmacists, who have unique needs. The firm also uses cutting-edge technology to provide clients with real-time data analysis and efficient service.
Crunch Accounting’s team consists of experienced professionals who understand the ins and outs of tax laws, legal structures, and accounting principles that impact businesses. They offer valuable advice on tax planning, business strategy, and cost savings. Crunch Accounting aims to simplify complex financial matters for clients while ensuring compliance with government regulations.
Overall, Crunch Accounting is an invaluable resource for locum pharmacists looking to effectively manage their finances while staying up-to-date with current trends in accounting and taxation regulations. Their innovative approach to accountancy, coupled with expert advice, has helped many locum pharmacists drive success in their business ventures.
Locum pharmacists require specialized accounting services to manage their finances, and there are several accounting firms that cater to these unique needs. One such firm is Crunch Accounting, which provides bookkeeping, accounting, and tax advice tailored specifically for locum pharmacists. Another firm, Pharmacistaccountants.co.uk, offers accounting services to help manage taxes and other accounting needs. Hawsons is another accounting firm that provides specialist accounting services to community and locum pharmacists, including business planning, budgeting, and tax services. Gorilla Accounting offers tax planning advice and support exclusively for locum pharmacists and can guide them on whether working as a sole trader or through a limited company is more tax-efficient.
It’s crucial to find an accounting service that caters to the specific needs of locum pharmacists, as they have unique financial situations. Professional accountants who specialize in serving those in the pharmacy industry can provide invaluable assistance in managing finances while remaining compliant with tax laws. Pharmacistaccountants.co.uk is a friendly service that can ease accounting and tax needs for locum pharmacists.
As a pharmacist, keeping up with accounting and tax requirements can be a daunting task. But with pharmacistaccountants.co.uk, you can have peace of mind knowing that your financial needs are taken care of. They offer bespoke financial advice and provide timely filing of taxes. This friendly service is dedicated to helping streamline your accounting needs.
In this section, we will give an overview of the services offered by pharmacistaccountants.co.uk and explain how they can benefit you.
Pharmacistaccountants.co.uk is a specialized accounting and tax service exclusively for pharmacists. Their team of specialists understands the unique needs of community and locum pharmacists, helping clients save time and money while staying compliant with regulations. Their comprehensive services include bookkeeping, payroll management, annual accounts and tax filing, and reducing tax liabilities. Additionally, they can assist with determining the IR35 status of locum pharmacists and obtaining professional indemnity insurance.
This accounting firm values communication with their clients and offers flexible payment plans to fit different budget levels. They pride themselves on delivering personalized service, creating bespoke plans for each individual client they work with. Choose pharmacistaccountants.co.uk for expert accounting and tax services catered to pharmacists.
Pharmacistaccountants.co.uk offers a range of accounting services specifically tailored to meet the needs of locum pharmacists. The expert accountants working for the company possess in-depth knowledge of the industry and are able to provide advice and support on a variety of financial matters.
The services provided by Pharmacistaccountants.co.uk include bookkeeping, annual accounts preparation, tax returns, payroll management, and VAT returns. The company is well-versed in tax planning strategies that can help locum pharmacists streamline their finances and maximize their efficiency. Additionally, the team at Pharmacistaccountants.co.uk provides specialized advice on IR35 regulations and professional indemnity insurance.
Pharmacistaccountants.co.uk prides itself on building long-term relationships with its clients. The team works closely with each individual client to ensure prompt and efficient service delivery. Pharmacistaccountants.co.uk understands that many locum pharmacists may feel overwhelmed by their accounting and tax obligations, which is why they aim to streamline the process as much as possible and offer support whenever needed.
If you’re a locum pharmacist looking for a reliable accounting service that prioritizes your needs, then Pharmacistaccountants.co.uk is an excellent choice. With their friendly service, specialist industry knowledge, and personalized approach, the team is well-suited to assist you in maximizing your financial potential.
If you are a community or locum pharmacist in need of specialist accounting services, look no further than Hawsons. This reputable firm provides a range of services tailored specifically to pharmacists, ensuring that you can focus on what you do best: caring for your patients. With a comprehensive portfolio of offerings, this section will give you an overview of all the benefits that Hawsons brings to the table.
Hawsons is a firm that specializes in providing accounting services to community and locum pharmacists. Established over 160 years ago, the company has a wealth of experience in the field and offers professional, reliable, and proactive services to its clients. The firm firmly believes in developing strong relationships with its clients to gain a better understanding of their needs and goals.
Hawsons offers a wide range of accounting services to its clients, including bookkeeping, payroll management, tax planning and compliance, business advisory, and more. The firm also provides specialist advice on IR35 regulations and how they impact locum pharmacists. Moreover, the highly knowledgeable and experienced team at Hawsons provides customized solutions that cater to the unique requirements of each client.
Hawsons also offers a range of value-added services such as financial forecasting, succession planning, merger and acquisition support, corporate finance advice, and more, which are designed to help businesses achieve their growth targets and long-term goals. The company works closely with its clients to help them minimize their tax liability while ensuring compliance with all relevant regulations.
In summary, Hawsons is an excellent choice for community and locum pharmacists seeking expert accounting support. Their extensive expertise in pharmacy accounting, along with their commitment to building strong client relationships, makes them a leading firm in this field.
In the management of community and locum pharmacies, accounting services are vital to ensure efficient operations. It is crucial for these types of businesses to avail of bespoke accounting services to achieve success. Accounting firms like Pharmacistaccountants.co.uk, Crunch Accounting, and Hawsons offer specialist accounting services catering to community and locum pharmacists. These firms provide expert guidance on financial management to ensure that these businesses meet their financial obligations.
Pharmacistaccountants.co.uk offers friendly accounting services that help with tax and financial requirements. They work closely with their clients to ensure that all financial obligations are met. Likewise, Crunch Accounting offers specialist accountancy support like bookkeeping, invoicing, and payment processing to ensure the financial stability of locum pharmacists. Hawsons also provide tailored accounting services that cater to each client’s specific needs. They offer assistance with taxes, corporate finance, business advice, and tax planning.
These firms also offer unique packages like payroll administration services, handling VAT requirements for different engagements, as well as advisory support on IR35 regulations, among others. Additionally, Warr & Co’s partnership with Caunce O’Hara created innovative solutions aimed at enhancing the experience of locum pharmacists. They developed a mobile application that enables pharmacists to track their expenses easily and provide real-time information, ensuring an overall improved service.
In conclusion, firms such as Pharmacistaccountants.co.uk, Crunch Accounting, Hawsons, and Warr & Co, in collaboration with Caunce O’Hara, provide a diverse range of accounting services specifically designed to cater to the needs of community and locum pharmacists. These services ensure the efficient management and financial stability of these types of businesses.
It is crucial for locum pharmacists to have professional indemnity insurance in order to ensure adequate protection while working. This type of insurance provides coverage for claims made against the pharmacist in case of error or negligence in their services. As a locum pharmacist, having professional indemnity insurance in place is essential as it protects against potential financial loss and damage to reputation.
Professional indemnity insurance is a crucial consideration for locum pharmacists. In the event of errors or omissions in your work, this type of insurance provides coverage and protects you from potential lawsuits and claims. Obtaining such insurance is especially important for those who work independently, where even minor mistakes can prove to be costly.
In addition to providing coverage for legal fees and compensation costs in case of malpractice, professional indemnity insurance also bolsters your reputation among both clients and potential employers. By investing in such insurance, you are demonstrating your commitment to taking your work seriously and taking necessary steps to protect yourself and those you serve.
A telling example of the importance of professional indemnity insurance is the case of a locum pharmacist who mistakenly filled a prescription with the wrong medication, leading to serious side effects and hospitalization. Thanks to their professional indemnity insurance, the pharmacist was able to cover the legal expenses and compensation paid to the affected patient.
In conclusion, for any locum pharmacist looking to ensure the longevity and success of their career while providing quality care to patients, obtaining professional indemnity insurance is an indispensable investment.
Professional indemnity insurance is a vitally important and mandatory requirement for all registered pharmacists in the UK, including locum pharmacists. This type of insurance is crucial for protecting a locum pharmacist from potential claims arising due to errors, omissions, or negligence in their professional services.
Without proper professional indemnity cover, locum pharmacists could be exposing themselves to significant financial losses and reputational damage. It is therefore essential for locum pharmacists to prioritize obtaining this type of insurance.
By having professional indemnity insurance in place, a locum pharmacist can significantly alleviate the risk of legal claims being made against them in the event that a patient suffers harm due to misinterpretation of prescriptions or dispensing errors. This type of insurance can cover legal expenses incurred while defending the claim and any compensation sought by the patient.
To ensure that they are appropriately covered, it is important for locum pharmacists to seek advice from specialist pharmacy accountants or professional indemnity insurers who are well-versed in regulatory requirements and industry-specific risks.
By working with such professionals, locum pharmacists can feel confident in their level of protection and focus on delivering high-quality healthcare services.
It is worth noting that Warr & Co and Caunce O’Hara have recently joined forces to provide superior professional services for locum pharmacists.
Looking for top-notch professional services as a locum pharmacist? Look no further than the partnership of Warr & Co with Caunce O’Hara. This collaboration brings together the expertise of these two respected firms to provide an outstanding range of services to pharmacists. In this section, we’ll take a closer look at Warr & Co and Caunce O’Hara, and explore the benefits that their partnership can offer for locum pharmacists.
Warr & Co and Caunce O’Hara have formed a partnership to offer professional services to locum pharmacists. Warr & Co is a leading accounting firm with vast experience, while Caunce O’Hara is a specialist insurer for self-employed people. Together, they provide a range of support services, including expert advice on finance and tax preparation, and tailored insurance policies to meet the specific needs of their clients.
Their long-standing partnership has helped them streamline their operations, making them more efficient. Warr & Co offers top-notch financial advice that is designed specifically for self-employed workers like locum pharmacists. This comprehensive package allows pharmacists to focus on their work while ensuring their finances are well taken care of by experts who understand their unique challenges.
Warr & Co and Caunce O’Hara are committed to providing quality services while keeping prices affordable. For reliable and trusted support services for accounting and insurance needs, professionals in the healthcare industry highly recommend their partnership.
The partnership between Warr & Co and Caunce O’Hara offers a multitude of benefits for locum pharmacists. Through this partnership, locum pharmacists have access to professional indemnity insurance provided by Caunce O’Hara. This policy serves as a safeguard against claims made by third parties for professional duty breaches, errors, or omissions.
In addition, Warr & Co provides tax planning advice and support for locum pharmacists. Their team of experts assists in selecting the most effective way to register a business, report income and expenses, and prepare financial statements.
The partnership also offers specialist insights into IR35 regulations and how they impact locum pharmacists. This information is crucial in determining whether locum pharmacists should be considered employed or self-employed under UK tax laws. Moreover, the partnership provides personalized packages that are tailored to meet the unique needs of individual locum pharmacists.
For optimal results and hassle-free accounting solutions, we recommend seeking the services of Warr & Co and Caunce O’Hara. The benefits of their partnership for locum pharmacists are numerous and should not be overlooked.
Attention all locum pharmacists! Are you in need of reliable tax planning advice and support? Look no further than Gorilla Accounting! In this segment, we will be discussing the benefits of utilizing Gorilla Accounting’s services, including their expertise in tax planning and support for locum pharmacists. By utilizing their services, you can save time, stay organized, and maximize your earnings.
Gorilla Accounting is a specialist accounting firm that focuses on providing bespoke accounting services to locum pharmacists. They offer a range of services related to tax planning and support, aimed at streamlining their clients’ financial affairs and achieving greater tax efficiency and financial stability.
With an efficient team of professionals, Gorilla Accounting provides a hassle-free accounting experience that allows their clients to focus on their work. They are a preferred choice for many in the industry, offering expert advice, support, prompt service, and complete transparency throughout the accounting process.
One of the unique aspects of Gorilla Accounting is that they operate entirely online, providing services that are accessible 24/7 and not location-bound. Additionally, users can access their accounts, check progress, and get updates anytime they need.
Overall, Gorilla Accounting is dedicated to serving the needs of locum pharmacists and helping them achieve their financial goals by providing customized solutions and exceptional services.
Tax regulations for locum pharmacists can be complex and ever-changing, so seeking professional tax planning and support is crucial to ensure compliance and achieve the best possible outcome. Thankfully, several firms provide accounting services specific to this field, including Gorilla Accounting. They offer personalized tax advice, planning, and support to help clients navigate through the complexities of UK tax laws.
Gorilla Accounting offers five main services for tax planning and support, including personalized assistance in ensuring compliance with all relevant UK taxes, consultancy on efficient ways of claiming allowable expenses, contingency fee protection that helps eliminate unexpected costs, tax efficiency guidance while considering individual circumstances, and up-to-date knowledge that ensures timeliness of tax returns and declarations. Clients can also benefit from access to their cutting-edge cloud accounting software, which enables real-time updates, quick creation of VAT returns, and reminders for important deadlines.
Gorilla Accounting strives to build lasting relationships with clients by allocating a dedicated accountant to each client’s account. This approach allows an accountant to become intimately familiar with a client’s business needs while offering reliable support tailored to individual requirements. With their comprehensive services and dedication to their clients, Gorilla Accounting is a top choice for tax planning and support for locum pharmacists.
As a locum pharmacist, deciding between working as a sole trader or through a limited company can have a significant impact on your tax efficiency and overall success. Understanding the explanations, considerations, and advantages of each choice is crucial to making the right decision. With the right approach, you can leverage your skills as a pharmacist and unlock hidden benefits that can have a profound impact on your bottom line.
As a locum pharmacist, you have the option to work either as a sole trader or through a limited company. Both options have their own benefits and drawbacks. If you choose to work as a sole trader, your personal and business finances will be treated as one entity. On the other hand, operating through a limited company means that your business is separate from your personal finances.
When it comes to taxes, there are considerable differences between these two options. Setting up a limited company offers more opportunities for tax planning than being a sole trader. This is because corporations can claim all legitimate expenses as tax deductible, while sole traders cannot. In addition, limited companies pay Corporation Tax instead of Income Tax on their profits, allowing for more flexibility in managing tax payments.
It is important to understand the differences between working as a sole trader or through a limited company in order to determine which option is best suited for your self-employment. Seeking guidance from specialist accountants can help you choose the most appropriate option based on your circumstances. They can also ensure that you comply with all legal requirements related to taxes and other financial obligations that come with both types of businesses.
For locum pharmacists, there are important considerations regarding tax efficiency and advantages that should be taken into account when choosing to work as a sole trader or through a limited company. Working as a sole trader means that the individual is responsible for their own accounting and taxes. On the other hand, forming a limited company can offer tax efficiency benefits.
One advantage of forming a limited company is that the individual can take advantage of certain tax-deductible expenses like office equipment and travel expenses. Additionally, the company’s profits may be subject to a lower corporation tax rate of 19% for the year 2021 and 2022, which is lower than the individual’s income tax rate. However, there are additional paperwork and legal obligations that come with forming a limited company.
Locum pharmacists should seek professional advice when considering their options for tax efficiency and advantages. A specialist accountant can help identify the most beneficial option based on individual circumstances. By examining factors such as income level and expected expenses, they can provide personalized recommendations to maximize tax efficiency and minimize costs.
Overall, the decision between working as a sole trader or through a limited company depends on each individual’s unique situation. Seeking professional advice can help ensure that locum pharmacists make informed decisions regarding their financial situations while complying with all legal obligations.
Accounting firms offer a range of services to locum pharmacists, including assistance with accounting, taxation, management, financial matters, and professional indemnity insurance to protect them against claims made by clients. They can also provide support and advice on tax planning and maximizing revenue, as well as helping to set up a limited company for those seeking tax-efficient options.
The IR35 regulations may affect the amount of tax and national insurance that locum pharmacists have to pay. Only 10% of personal service companies are currently estimated to apply IR35 to their working arrangements according to HMRC. The responsibility for paying the IR35 fee is now on the worker, and new regulations may take effect from April 6, 2021. However, media pressure and government opposition may prevent these changes from being rolled out. Locums who receive a payslip with tax and national insurance deductions are PAYE workers, and IR35 does not apply to them. Locums who own their own limited company should get in touch with the HMRC or an accounting firm for advice.
Confused locum pharmacists looking for accounting help should get in touch with accounting firms like Crunch Accounting, Hawsons, Gorilla Accounting, or Pharmacist Accountants. The latter provides a friendly service to look after the accounting and tax needs of locum pharmacists, while Hawsons offers specialist accounting services for community and locum pharmacists, with a dedicated team of experts in the sector.
Professional indemnity insurance is crucial for freelancers, contractors, and locum pharmacists to protect them against claims made by clients. This type of insurance covers the costs and losses incurred due to mistakes made while working for a client. Without professional indemnity insurance, a freelancer’s business is at risk with every new contract they undertake. Even if a freelancer is not at fault, a claim can still be made against their business, resulting in costly legal fees. Warr & Co recommends professional indemnity insurance as an essential requirement for contracting, freelance, or locum businesses.
Working as a locum through your own limited company is simple and tax-efficient. By operating through your own limited company, you can retain a large proportion of your daily rate. Tax savings come from national insurance savings and a wider range of expenses claimable. These tax efficiencies are subject to your contract falling outside of IR35 legislation. Limited companies also allow locums to pay themselves through a combination of salary and dividends, with lower tax rates on dividends resulting in potential tax savings. In addition, limited liability is also a benefit of operating through a limited company, as personal assets are protected from creditors in case of financial difficulties.
Gorilla Accounting offers unlimited accounting support and tax planning advice to help locum pharmacists improve tax efficiency and maximize revenue. Accounting firms like Crunch Accounting and Hawsons also offer unlimited accounting support, with dedicated teams of pharmacy accountants ready to help. In addition, Caunce O’Hara, a top 100 independent broker, provides professional indemnity insurance for locum pharmacists and contractors, with a 24/7 easy purchase option. Locums who own their own limited company can also get in touch with Freestyle Accounting for the administration and fulfillment of their responsibilities as a director.