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  • Accountant for Locum work?

    Is it possible to do our own accounts rather than pay an accountant to do it?

  • #2
    Yes. Might or might not be wise, depending on how much you know about what you’re entitled to.

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    • #3
      I always had an accountant. They certify your accounts are OK and this means HMRC not likely to investigate you.
      Don't employ PWC though as looks as if they are happy to say all hunky dory and then the company collapses.
      johnep

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      • #4
        Agree with johnep, I've always had our family accountant look after my account and I've never had any issues whatsoever. On the other hand, I have a friend who looked after his own account and he's currently facing some issues and has recently been issued with a fine. I'm not exactly sure what the fine is for (I don't really want to ask him and make things uncomfortable), however, I doubt it would have been the same story had he had an accountant handle his account for him.

        I'm not saying you can't do it yourself but if you do please be mindful that things can go wrong if you're careless or not entirely sure on what you're doing.

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        • #5
          Yes, possible but what's the point? Their fees are tax deductible.

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          • #6
            Never had an accountant for my self employed income from 2001-2006 and 2015 to present. Forms are easy and straightforward.

            Essential when I had an independent pharmacy business 2006 to 2015, worth their weight in gold and when the sale of the business went through.

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            • #7
              Originally posted by KhaZa1216 View Post
              Is it possible to do our own accounts rather than pay an accountant to do it?
              Yes and No.

              Arguements for having an accountant: useful if you are earning above £50 000 a year or if you need someone to provide a reference when applying for permanent jobs as companies such as supermarkets, Rowlands, Day Lewis etc will refuse to give you a reference for locum work.

              Arguements against having one: waste of money if you are earning less than £50 000 a year and you already have a reference. Just use an online software like xero or quidbooks if you wish to waste money doing something you can easily manage yourself if you just record all your details (such as pay, hours worked, hourly rate, mileage etc).

              In fact, you can always call HMRC for assistance when filing your tax returns and they will help you you out for free.

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              • #8
                Originally posted by Modus_Operandi View Post

                Yes and No.

                Arguements for having an accountant: useful if you are earning above £50 000 a year or if you need someone to provide a reference when applying for permanent jobs as companies such as supermarkets, Rowlands, Day Lewis etc will refuse to give you a reference for locum work.

                Arguements against having one: waste of money if you are earning less than £50 000 a year and you already have a reference. Just use an online software like xero or quidbooks if you wish to waste money doing something you can easily manage yourself if you just record all your details (such as pay, hours worked, hourly rate, mileage etc).

                In fact, you can always call HMRC for assistance when filing your tax returns and they will help you you out for free.
                The chatline on the HMRC site is slow but helpful.

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                • #9
                  Yes, I always found HMRC staff very helpful. However, I was pleased to pay an accountant to make sure I was not singled out for an investigation. Some time back HMRC tried to stop allowing mileage as claimed was simply travel to place of work. The vets took them to court and saved the day. At one time I was getting 30p/mile but as this was paid together with my fee I could also claim 45p back as well. This was advice from my accountant.
                  johnep

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                  • #10
                    As I'm still 'in' the RPharmS I get the monthly paper copy of the PJ and last week there was an article in it as follows:It was, apparently, originally on the website on 10th June.
                    For those working as locums, might be worth a read.

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                    • #11
                      Thanks for that. HMRC determined to hammer the self employed and we can blame the inflated BBC salaries for that. I note that there is now supposed to be a shortage of pharmacists again. It could be that pharmacists are trying to avoid the retail slave galleys.
                      johnep

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                      • #12
                        Originally posted by johnep View Post
                        Thanks for that. HMRC determined to hammer the self employed and we can blame the inflated BBC salaries for that. I note that there is now supposed to be a shortage of pharmacists again. It could be that pharmacists are trying to avoid the retail slave galleys.
                        johnep
                        From reading said PJ there does seem to be a wider range of jobs available to pharmacists than Once Upon A Time.

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                        • #13
                          Agreed, These days, if I had not been in industry but found myself working in retail, I would have done almost anything to get into a surgery like Elaine and several other happy pharmacists.
                          johnep

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                          • admin
                            admin commented
                            Editing a comment
                            I’ve got to be honest John and say I still love the job in the surgery.

                        • #14
                          Working with Care Homes was good....most of the time, anyway. Not sure about working in prisons, although I knew one of the first prison pharmacists and he found it fulfilling.
                          I'll see if I can find the PJ because there were all sorts of jobs cited.
                          Last edited by Merlyn; 6th, July 2019, 02:47 PM. Reason: Just realised a silly misspelling!

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                          • #15
                            While I was doing locums on Saturday mornings and Sunday rotas. The income from these was always outweighed by expenses and the accountant cost (He was actually charging as if I was LTD). This meant that I usually made a loss. However, the loss was offset against PAYE and I never felt it but enjoyed being able to charge items against tax.
                            I was able to charge my cost for a Caribbean trip where I saw my customer. The cost was cancelled out by the amount I owed on the company car.
                            johnep

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