Hey Guys,
I realise that this website is mostly for IT contractors, but I've found it very helpful in researching about setting up my own limited company so I thought I would sign up and pick your brains...
I have just started work as a GP Locum (where I work for different practices/health organisations.) I have always wanted to set up a company and invest company profits back into the company for growth rather than paying 40-50+ tax before I get to invest any money. My accountant (and I) feel that providing my services through a limited company is the way to go. I will be risking the company profits in investments I make, so this is not merely just a tax avoidance issue - I am genuinely there to try and grow the company.
Anyway, I've been doing some reading and am a bit concerned about the IR35 issue. My accountant isn't too worried about this at all; but I like to be on the safe side.
About 50% of my work will come from about 3 different organisations and the remaining 50% of my work will come from a "long term locum" where I am going to work at a GP practice as their doctor for 4 set days a week for 6months. I need to make a contract that is "IR35" safe for this long term locum placement. (The other remaining 50% of the work is through agencies and the like and will be on a ad-hoc basis and I don't think this will be inside IR35)
I'm going to draw up a contract with this new practice I am going to work with and will try and make it IR35 safe (as it should be as I am not getting any perks of the job like employer contribution of pension, training days, professional fees, equipment etc...)
However what 2 names should the contract be between. Do I mention my own personal name in the contract at all or strictly keep it between the 2 companies?
In addition, I understand that if I get to take control and choose when and when not to work; this is better for me as it shows that I'm more likely to be outside of IR35; but how can I do this in practice. I can't just tell them one day when I can or cannot work (as they have to book in patients into my clinics etc..) Or does this clause normally mean that I dictate when and when not I can work? (ie I have already told them the 2 weeks I cannot work and they have not put me in for those weeks)
Thanks!
I realise that this website is mostly for IT contractors, but I've found it very helpful in researching about setting up my own limited company so I thought I would sign up and pick your brains...
I have just started work as a GP Locum (where I work for different practices/health organisations.) I have always wanted to set up a company and invest company profits back into the company for growth rather than paying 40-50+ tax before I get to invest any money. My accountant (and I) feel that providing my services through a limited company is the way to go. I will be risking the company profits in investments I make, so this is not merely just a tax avoidance issue - I am genuinely there to try and grow the company.
Anyway, I've been doing some reading and am a bit concerned about the IR35 issue. My accountant isn't too worried about this at all; but I like to be on the safe side.
About 50% of my work will come from about 3 different organisations and the remaining 50% of my work will come from a "long term locum" where I am going to work at a GP practice as their doctor for 4 set days a week for 6months. I need to make a contract that is "IR35" safe for this long term locum placement. (The other remaining 50% of the work is through agencies and the like and will be on a ad-hoc basis and I don't think this will be inside IR35)
I'm going to draw up a contract with this new practice I am going to work with and will try and make it IR35 safe (as it should be as I am not getting any perks of the job like employer contribution of pension, training days, professional fees, equipment etc...)
However what 2 names should the contract be between. Do I mention my own personal name in the contract at all or strictly keep it between the 2 companies?
In addition, I understand that if I get to take control and choose when and when not to work; this is better for me as it shows that I'm more likely to be outside of IR35; but how can I do this in practice. I can't just tell them one day when I can or cannot work (as they have to book in patients into my clinics etc..) Or does this clause normally mean that I dictate when and when not I can work? (ie I have already told them the 2 weeks I cannot work and they have not put me in for those weeks)
Thanks!
Comment