Support and Links

For Vets coming in the Uk from outside Europe please check for up to date requirements with the UK Border Agency www.ukvisas.gov.uk for up to date requirements

To work as a vet in the UK you must be registered with The Royal College Of Veterinary Surgeons www.rcvs.org.uk Please be aware it may take 6 - 8 weeks for applications to be processed.

Tax & Accountancy Issues for Locums

As locums, you need to consider your position in respect to paying tax and national insurance. There are several options available, all of which have their advantages and disadvantages which are touched on below. The options available are:

Employed by the Veterinary Practice

The veterinary practice will put you on their payroll, who will be responsible for deducting tax & national insurance from your pay and pay it over to HMRC on your behalf.

Advantages
Less hassle for you
No status issues with HMRC
Disadvantage
Some firms do not want the hassle especially for short periods
Unable to claim tax relief on your expenses
Not the most tax efficient option

Operate Through A Limited Company

By setting yourself up as a limited company you issue invoices for your services to the veterinary practice and are taxed on the profits of the limited company.

Advantages
Practices increasingly prefer this option as no tax implications for them from HMRC
Can claim tax relief on expenses
Most tax efficient option
Disadvantage
Set-up cost of limited company (although minimal)
Accountancy costs associated with limited company

Self-Employed

You will need to be registered with HMRC as self-employed, which means that you will be paid by the veterinary practice gross (no deduction made for tax and national insurance) giving you the responsibility to complete your own personal tax return and paying over the tax and national insurance to the HMRC.

Advantages
Can claim tax relief on your expenses
Best option if work only for short periods
Lower costs to practices as avoid HMRC tax implications
Disadvantage
HMRC may question whether you are self-employed
Many practices do not deal with self employed locums due to national insurance costs
Your legal status may change from one job to another
You are responsible for own tax affairs

Our association with Bennett Brooks Chartered Accountants can assist you with your tax status as a locum and provide you with a cost effective service to reduce the burden of compliance with your tax responsibilities, as well as setting up limited companies and providing you with all your accounting needs.

They have tailored packages that best suit your individual situation, which includes a free initial consultation to discuss the best route for you. Their Locum Services department provides a one-stop shop service that includes business start-ups, setting up as a limited company, accounts preparation, all the taxation services you will require, and continued support throughout the year. Bennett Brooks are a member of the Professional Contractorsí Group Accredited Accountant Scheme which ensures that everything you expect is included in the Locum Service. Contact Stuart Littler on 0845 330 3200 or look at their website for further details and to register your interest.

Visit www.bennettbrooks.co.uk