Whether you are a newly qualified GP or have a few years of experience under your belt, deciding to embark on a career as a GP locum can often seem a daunting prospect, but it doesn’t need to be. In this post, we will share some tips to help you make a smooth transition into the field of locum work.
1. What model will you use and how will you find locum work?
Within the field of locum work, there are three modes of working and gaining access to work: freelancing, attaching yourself to a locum chambers or using an agency. As you have probably guessed, using an agency means that all of the hard work is taken care of for you – an agency will arrange bookings and deal with much of your administration. A locum chambers is a centralised office, of sorts, whereby you remain an individual, working for yourself, alongside other locums but have staff on hand to take care of all of your paperwork. As a freelancer, you are free to choose where you work, the conditions under which you work and so on. You do have far more responsibility with regards to arranging your own bookings, but websites like BeeFound can take a lot of that hassle away, by allowing you to register your availability and be found by GP surgeries across the country for work when and where you want it.
2. Pensions.
Another thing to consider is the type of pension scheme that you wish to participate in. There are many options available, but if you wish to pay into an NHS pension scheme, then it is a good idea to go freelance. The rules relating to using the NHS scheme mean that you will not be accepted if you garner work via an agency or company that you have set up as a GP locum.
3. Register as self-employed!
As soon as you are able to do so, you should register as a self-employed individual with HMRC; not doing so within three months of becoming self-employed is an offence, for which you can receive a hefty fine. Once you have registered, you will be expected to pay national insurance contributions based upon your level of earnings each year, as well as any taxes due – it is a good idea to keep a percentage of your income aside each month to allow you to cover this when the time comes.
4. Get an accountant.
As a GP locum it is likely that you will be earning a considerable amount of money, therefore, it is prudent to hire yourself an accountant who can keep your books in order. A good accountant can also check that you are claiming for the right expenses and ensure that you are retaining enough money each month to cover the end of year tax bill and national insurance contributions.
5. Keeping accounts.
Whether you decide to hire an accountant or not, it is imperative that you get into the habit of keeping regular, thorough accounts. There are various ways of doing this, from account books to spreadsheets, so it is a good idea to get some advice from a respected accountant with regards to the most efficient manner of keeping records – it will save you a lot of time in the long-run.
Hopefully, this article has helped you understand where to begin on your quest to become a GP locum. Good Luck!
