The veterinary practice will put you on their payroll and will be responsible for deducting tax & national insurance from your pay. All the responsibility is therefore with the practice and not you, however switching between positions within a tax year can mean that the total tax deducted throughout the year may not actually be correct.

	Less hassle for you
	No status issues with HMRC
	Practices reluctant to operate for short periods of time.
	Unable to claim tax relief on your expenses
	Not the most tax efficient option

bennettbrooks can assist in whether the tax codes used by practices have been correct, to ensure you have paid the correct amount of tax. We will liaise with HMRC to recover overpayments, or notify them of any payments due. This is more of an issue where you have undertaken several locum posts during the tax year.
 

Once registered with HMRC, you will issue the veterinary practice with invoices for your services provided, which will be paid without any deduction for tax or national insurance. This leaves you with the responsibility to complete your own personal tax return, and to pay over tax and national insurance to HMRC.

	Can claim tax relief on expenses
	Cheaper for practices than employed basis
	Practices increasingly prefer not to use self employed locums
	Responsible for completing & submitting own tax return
	Potential conflict between employed & self employed

bennettbrooks' expert knowledge and experience in dealing with self-employed professionals, and the tax implications, can provide you with the support and accounting assistance to ensure your peace of mind in respect of your numerious tax and accounting responsibilities.

 

As a limited company you will issue invoices for your services to the practice as you would if self employed. Both you and your company have responsibilities for dealing with tax matters. Your company is taxed on the profits and you are taxed personally only when you withdraw funds, which can provide a more tax efficient option.

	Practices increasingly prefer this option
	Can claim tax relief on expenses
	Can be most tax efficient option
	Quick to set-up
	Extra administrative responsibilities

Although there are more administrative responsibilities when operating through a limited company, bennettbrooks’ all –inclusive limited company package, takes you through the whole process from company set-up to the completion of accounts and liaising with HMRC over your tax liabilities.
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