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Setting up a limited company as a Locum Doctor or GP

Setting up a limited company as a Locum Doctor or GP is likely a daunting prospect as you’ll require some in-depth understanding of business law and financial management.Good practice management will increase the ability of your business to survive over the long term. This starts with good financial planning, which can...

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Bookkeeping for contractors: The risks of going DIY

Bookkeeping is a legal necessity for all businesses, with contracting businesses being no exception. Beyond it being a legal requirement, it is a very useful way to keep important company financial data together, ready for formal financial reports. If carried out well, good bookkeeping can help save a lot of time and s...

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How an umbrella company might work for you

What is an umbrella company?An umbrella company or PAYE umbrella is a company that acts as an employer to contractors whilst they work as independent contractors on fixed term contracts.How does it work?1)     Form a contractOnce a contractor has secured a contract, the umbrella company creates and signs a contract wit...

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How to find the best contractor accountants

Thinking about how to choose the best accountant is not just about finding someone with exceptional knowledge of accounting practices. The relationship between you and your accountant can also have an impact on the success of your financial wellbeing.As a self-employed contractor, a specialist accountancy firm will be ...

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Architect accounting - 4 ways to use your business cash

Although this seems like a far cry from real life, income from large projects could lead to a buildup of cash in a business.This storage of cash inside a company can be great for hedging against future periods of slow income, as it can provide a steady personal income during weaker periods, also known as a war chest.Yo...

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Basic Bookkeeping Guide for Locum Doctors & GP's

GP’s and Locum Doctors, like other small businesses, require adequate accounting records to remain compliant with the Companies Act 2006, which enforces the need to maintain a record of day-to-day income and expenditure, as well as company assets and liabilities.Therefore, it is essential to understand what pieces of i...

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