If you are thinking about registering as a GP locum, you will need to tell HM Revenue and Customs about your job move. This is because unlike regular GPs, GP locums are self-employed. You can do this on the official HMRC website, and the process is fairly simple – but once you are set up, it is important to take the time to learn about paying taxes as a self-employed person.
Here are a few tips for organising your taxes as a GP locum.
How to pay taxes as a GP locum
The tax year starts on the 6th of April (and ends on April 5th), so you will need to complete a tax return every year that starts from this date. This doesn’t just apply to GP locums; all self-employed professionals in the UK need to file a tax return that starts from the same date.
The filing deadline for sending your taxes online in is the 31st of January – so a good few months after the year ends. This gives you a little time to sort out your taxes, but it is important to make sure they are sent in time. If not, you will receive an automatic fine of £100. This can increase with daily penalties, so it is very important to make sure that you pay before the deadline.
Your taxes will need to be paid twice a year – the first payment is on 31st January and the second is 31st July.
As you pay all of your taxes in lump sums, it is important to make sure that you are putting money aside throughout the year. As a rule, you should try to save around a third of your wages for tax.
If you want to look for GP Locum Jobs in the UK, head to http://www.thegplocumagency.co.uk/.
How your taxes are calculated
You can either hire an accountant to do your taxes or you can do them yourself, but this isn’t recommended if you know nothing about taxes! When HMRC receives your taxes, an employee will go over them to ensure that they are correct, and then they will contact you to let you know how much you owe.
The process may seem complicated, but in reality, it is fairly simple – especially if you hire an accountant to help.
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