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working as a limited company or self employed
Pages 1  2  
3boysah

663 Posts

Posted:  08-Mar-2013 20:53
hi
i am curently working as an agency practice nurse--and was advised to work as a limited company--?? not sure about this--is there any nurses working as a limited company or self employed
any help on this one would be welcome
thanks
3boysah
yorkshirenurse

967 Posts

Posted:  09-Mar-2013 12:20
Hi I do some work on a self employed basis, and have a accountant to sort out my tax.
I'm assuming you've been advised to look into it as the agency wont be paying your tax or NI contributions for you.
You can do your own tax returns but I'd rather pay an expert and not get myself all stressed out over it!
not a clue about limited company but why dont you find yourself an accountant and chat with them about it?

yorkshirenurse
smartyscot

111 Posts

Posted:  11-Mar-2013 08:59
Good morning 3boysah,

To set yourself up as a limited company, you select a company name under which you wish to work, register the name at Companys House , I believe there is a charge for doing so. Then you appoint an accountant whom you wish to handle your accounts, again a charge obviously for this service. ( you can ask for a fixed fee service) My understanding is that if you are a high earner , this is the best way forward. You will get good advice from most accountants. Best of luck

SSx
mermaid

452 Posts

Posted:  11-Mar-2013 09:07
I've been looking into this also but feel a bit scared to take the step. I've looked at this link which I found quite helpful  http://www.hmrc.gov.uk/startingup/
karen.rudd

11752 Posts

Posted:  11-Mar-2013 11:34
I work as a self employed freelance, I am not registered as a ltd company. I have an accoutant to do my tax. I also occiasionally do PAYE jobs in addition and find it much easier to get the expert to sort out my tax and he pays for himself really by the end of the year..... or at least if I was not paying him, I would be paying the tax man far more I am sure.

I have also worked via agencies, using an umbrella company which is what your agency may be referring to. I found this useful when starting out. 




Please be informed that the above is the opinion of the author and is in no way meant to be taken as instruction.

karen
Snazzynurse

25 Posts

Posted:  11-Mar-2013 12:56
Hi, I have been a sole trader for 11 years providing training for P/Ns. I chose not to go down the Ltd company route. I am confident in my ability to manage my affairs so I don't need the protection of being able to go bankrupt if things got difficult ( which is what happens is you go Ltd).
Also I don't want the hassle of having a company secretary and having to submit my annual returns including turnover etc which anyone can view via Companies House. It is less stressful now to go Ltd but I don't know why you would want to do that unless you want appear that you have a larger organisation than you have, seek credit, sell shares in your compnay etc. Why not go to the website of Compnaie House and it explians it all there. I ho that helps a bit/

Snazzynurse
Nurse Training Provider
3boysah

663 Posts

Posted:  11-Mar-2013 20:07 Log in to like this post
thank youu all for your responses & clinks as always much needed help/advice available via this forum [:)]
wendiesmith

69 Posts

Posted:  12-Mar-2013 14:52
Hi I've recently set my limited company up and saved in tax in 2 months what my accountant costs, I will ahve a tax bill at the end of the year but i'm putting a stash away to cover it, the agency pays me a higher rate as they don't contribute to my national Insurance and i pay my own stamp.
you can go through a company to set you up (i did it myself via companies house online, only 1 director, 1 share so less complicated) however they will charge. My advice is get an accountant if you are a limited company.
If you go self employed it seems easier and you will be able to file your own tax returns, however one agency wasn't happy will SE due to being problesm previously with another client.
Umbrella companies I found were expensive unless you work full-time in this way, i combine a little of nhs work and agency.
I think as nurses we are conditioned to be employees and not take advantage of more complex issues, this is how GP's work all the time, good luck whichever way you go. Wendie
n/a

10 Posts

Posted:  13-Mar-2013 23:52
I think agencies suggest this option because it is easier for them, they do not have to deal with tax, NI, holiday pay  etc. Some agencies pay a higher rate to Ltd companes(but others dont so check), this along with other benefits such as claiming travel, course fees , NMC, RCN fees etc as expenses against the company before tax can be cost effective. On the other hand there are legal hoops to jump through - annual company report, having to use an authorised business bank account, company directors tax return etc.
My Sunday evenings job is to update my excell spreadsheet with income/ expenses to make the annual accounts easier. Nontheless it works for me and for other nurses I know. I would advise discussing with an accountant who specialises in small businesses as it depends on your personal circumstances whether you would be better as a sole trader , Ltd Company or staying within the NHS. Your age, how long you have been in the NHS pension scheme and when you hope to retire will also have a bearing on this. 
Lucyelizabeth

259 Posts

Posted:  17-Sep-2013 09:40
I have my own business and submit tax returns as a 'sole trader' . `Ltd comapnies need secretaries and directors and its complicated! Unless your turning round hundreds of thousands its not worth the hassle. But you do need an accountant sometimes as filing tax returns is a complicated business.



LucyE
n/a

72 Posts

Posted:  17-Sep-2013 13:47
Off topic.  The NMC are going to require all nurses to prove they have indemnity insurance.  This is going to hit self employed nurses.  i.e. this will affect those not covered by their employer, or MDU etc.  

loopy

215 Posts

Posted:  17-Sep-2013 16:43
Hi
I am self employed for most of my week 28 hours and sometimes more.
I have been there 3 months and it is to be ongoing.
If I ever do any agency at other places they do the PAYE NI etc, but its only the odd shift as I have plenty of hours self employed at the same practice.
I have an accountant who will do my tax return, class 2 NI is not much and paid by standing order it is 32.74 a week.
Class 4 will depend on end of year earnings and be due with the tax.
Allowed expenses are Indemnity Insurance, RCN, Uniform, Stationary, Equipment, either Business miles at the going rate or a proportion of car runnng expenses whichever is the higher and £10 a week for working from home, she says this has never been rejected.
Also parking fees on course attendance and a meal if not near home (not sure the distance),
Records need to be kept of income I get a signed invoice every month and keep a note of miles and all receipts.
Hope this helps it felt scary at first and the RCN do cover self employed nurses including prescribing.
loopy

215 Posts

Posted:  17-Sep-2013 16:43
Hi
I am self employed for most of my week 28 hours and sometimes more.
I have been there 3 months and it is to be ongoing.
If I ever do any agency at other places they do the PAYE NI etc, but its only the odd shift as I have plenty of hours self employed at the same practice.
I have an accountant who will do my tax return, class 2 NI is not much and paid by standing order it is 32.74 a week.
Class 4 will depend on end of year earnings and be due with the tax.
Allowed expenses are Indemnity Insurance, RCN, Uniform, Stationary, Equipment, either Business miles at the going rate or a proportion of car runnng expenses whichever is the higher and £10 a week for working from home, she says this has never been rejected.
Also parking fees on course attendance and a meal if not near home (not sure the distance),
Records need to be kept of income I get a signed invoice every month and keep a note of miles and all receipts.
Hope this helps it felt scary at first and the RCN do cover self employed nurses including prescribing.
loopy

215 Posts

Posted:  17-Sep-2013 16:49
Sorry posted twice it was so slow sorry i have been into my notes from the meeting with the accountant.
Class 4 NI contributions are about 9% of your profit.
Tax is paid on profits any employed earnings go on the return seperately and my accountant registered me online.
Their fees are deductable as well but not insurance against sickness.
She also said that though the return goes in in april they do not expect payment till the following january but then you have to pay that year and half the next year up front for the privilage of paying 9 months late when i asked if i could just pay in april she said "Why would you want to do that?"
She knows her stuff she looks after my husbands business,they are just a small firm.
newbeginnings

225 Posts

Posted:  17-Sep-2013 21:08
I work for 25 hours at my present surgery and have been offered a job doing 8 hours  in a small surgery nearby. Does anyone else have two jobs on the go with separate contracts? Terms in both contracts are similar in terms of holiday /sickness etc
nakrdnurse

5368 Posts

Posted:  17-Sep-2013 21:43
Liability;
If you are self employed then you need personal indemnity
The unions provide this still for self emptied nurses but not those employed by the practice


Please be informed that the above is personal opinion only.
iPhone App Posted on my iPhone
3boysah

663 Posts

Posted:  17-Sep-2013 21:48
thanks for the replies ladies especially loopy lots of useful information--I did bite the bullet and become a limited company a little while ago so far no problems and as loopy said RCN do cover self employed/limited company nurses for indemnity
newbeginnings

225 Posts

Posted:  17-Sep-2013 22:36
I work for 25 hours at my present surgery and have been offered a job doing 8 hours  in a small surgery nearby. Does anyone else have two jobs on the go with separate contracts? Terms in both contracts are similar in terms of holiday /sickness etc
loopy

215 Posts

Posted:  19-Sep-2013 10:51
Keyboard error class 2 NIS = £2.74 per week : )
renalnurse

3 Posts

Posted:  08-Oct-2013 22:16
Dear Everyone

I just joined the forum.
I am a hemodialysis nurse, I worked for several hospital and private clinic in London and Europe, also for private patient abroad.
I would like to work as an independent dialysis nurse for hospital, clinic or private patient through a ltd company in the UK.
I am not too sure how to go about it. ( looking for work, advertising myself, contract ect.
can anyone direct me to the right direction.
(btw the company is already registered with company house)

Thank very much in advance for your kind help.

Cheers

Renal Nurse Quality must Prevail
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