monthly professional expenses spreadsheet locums

#MONTHLY PROFESSIONAL EXPENSES SPREADSHEET LOCUMS DOWNLOAD#

You should also keep a copy of your locum A and B forms as the amount of pension contributions can be claimed for tax relief. If HMRC open an enquiry into your tax return you are likely to be asked to provide evidence of your income and expenses together with evidence of how you arrive at your business use of costs that have both business and personal use. Your records need to be kept for seven years. Record keepingĪs you will need to submit a tax return, you will need to keep a record of your locum income and expenses together with invoices and receipts.

You can also claim capital allowances on the cost of your car and any hire purchase or loan interest. It is also important that you keep a mileage log of your business use so that you can determine how much of your car costs can be claimed. Motor expenses will include the running cost of your car such as petrol, insurance, road tax, servicing, MOT, repairs and breakdown cover.

professional subscriptions such as indemnity.

Typical expenses that GP locum incur and claim are: Therefore an element of these expenses will be disallowed for personal use. Some expenses incurred such as your motor expenses will be used for your business travelling to the surgeries and also for your personal travel. The expense you claim must be wholly and exclusively incurred for your business. ExpensesĪs a self-employed GP there are a lot more expenses you can claim against your locum income, which will reduce the tax you pay. You can find more information on this here. This rate is based on your total pensionable earnings for the year, so you will need to estimate what you expect this to be and also include any salaried GP earnings.Īs of April this year the DHSC has changed how the annualising rules apply to GPs in the 2015 section of the NHS pension scheme. Your pensionable pay will be 90% of your locum income, and when you complete form B you will need to decide which employees tier rate you should be paying. If you want to pension your locum income you should complete these forms as soon as you start as there is a 10-week deadline. This form should be sent together with a cheque for your contributions to PCSE (England)/LHB (Wales). At the end of the month, you should complete GP Locum B form which summarises your locum work for the month and the amount of employees and employers superannuation contributions due. You should complete Part 1 of the GP Locum A form and send this to the practice with your invoice for your locum work. These have been updated as of 1 April 2019 and you should make sure you use the new forms for any work undertaken since that date and the old forms for any work undertaken before 1 April.

#MONTHLY PROFESSIONAL EXPENSES SPREADSHEET LOCUMS DOWNLOAD#

To do this, you will need to download and complete the GP Locum A & B forms from NHS Pension agency. You can pension your locum income if this is paid to you as a self-employed locum. > Find more advice and information for GP locums Paying NHS pension contributions You will need to send an invoice to each practice you work at, detailing the hours worked and your fee and the total amount you are owed. The BMA no longer publishes a guide to locum rates so it is a good idea to ask around what other locums are charging in your area, as the rate can vary.

Some practices may not pay this on top of your locum rate and instead expect you to include it in your rate.

You also need to clarify the cost of the employer’s pension contribution which practices are required to pay to the locum if they are going to pension their locum income.

Read more advice on setting your terms and conditions here.

Usually locums will charge a fee based on the number of hours worked, you will need to make sure you agree with the practice what your fee covers, for example does this include doing visits?

More details on paying tax as a GP locum.

The tax years runs from 6 April to the following 5 April and because you are self-employed you need to complete a tax return each tax year. You should do this soon after you start as a locum and you can register online here. You need to inform HM Revenue and Customs (HMRC) that you are self-employed. Starting out as a locum is a big change from being employed, not only do you have to find work, but you are now responsible for managing your finances and dealing with your tax affairs.

Monthly professional expenses spreadsheet locums