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Starting out with GP locum accounts, with Tori Ferguson
Manage episode 439611054 series 3013937
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In this informative session hosted by the National Association of Sessional GPs (NASGP), Victoria (Tori) Ferguson, a tax manager at Honey Barrett, shares essential advice for GP locums on managing their finances, tax obligations, and pensions. Tori, a chartered tax advisor, offers a comprehensive guide tailored to GPs who are new to locuming or those seeking a refresher on best financial practices.
For further advice on these topics, NASGP members can access more resources and guidance on the NASGP website: https://nasgp.org.uk
During the talk, Tori covers 10 key points to help locum GPs successfully manage their self-employment status. She explains the importance of setting up a personal tax account, notifying HMRC of self-employment, and staying on top of record-keeping and software tools like LocumDeck. Other essential topics include navigating the NHS pension scheme, understanding expenses for tax deductions, and planning ahead for tax payments, especially with looming changes such as Making Tax Digital.
The session also delves into the nuances of claiming allowable business expenses, the significance of maintaining separate bank accounts, and the critical need for GPs to view themselves as both a doctor and a business. Tori emphasises the importance of investing in financial education to stay up-to-date with ever-changing tax laws, whether through self-learning or hiring a specialised accountant.
The Q&A session further explores real-world concerns, such as handling fraudulent use of unique taxpayer references (UTRs) and dealing with the complexities of IR35 and employment status, highlighting Tori’s expertise in resolving practical issues GPs may face.
Intro 00:00
Topics covered:
1. Setting up a personal tax account. 02:41
2. Informing HMRC about self-employment. 03:38
3. Importance of bookkeeping software. 05:23
4. Record-keeping essentials for locums. 06:25
5. Navigating expenses and the trading allowance. 08:30
6. Pension contributions and time limits. 12:00
7. Managing a separate business account. 15:15
8. Saving for taxes and avoiding pitfalls. 16:53
9. Viewing yourself as a business owner. 20:21
10. Investing in financial education. 21:52
Q&A 25:41
Highlights:
• HMRC UTR fraud cases and how to handle them. 27:46
• Employment status and IR35 for locum GPs. 38:07
For further advice on these topics, NASGP members can access more resources and guidance on the NASGP website: https://nasgp.org.uk
#GPs #LocumTax #Pensions #NASGP #HoneyBarrett #SelfEmployment #TaxAdvice #GPFinance #MedicalAccountants #MakingTaxDigital #IR35 #LocumDeck
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