There are a number of options open to you:
1 You can choose to work PAYE which is probably the easiest option- this is whereby the practice employs you directly and is responsible for your tax, National Insurance & holiday pay contributions. This works in a similar way as to if you were a permanent member of staff.
2 The second option is you can work through an umbrella company who will take care of your pay for you- they will also pay you on a PAYE basis, but you will be able to offset working related expenses such as food, travel & accommodation - this is of particular benefit to nurses.
If you are self employed or working via a limited company & are working indicative of employment as akin to being employed then the IR35 Legislation applies- you need to be aware of this - we recommend our specific tax accountant who will be able to advise you on a suitable course of action.
3 The third option is to work self employed- generally none of the large groups will not employ you via this method. If you wish to work self employed you must supply the practice with a contract for services which sets out the terms under which you are working. The accountancy firm that we recommend can provide you with a contract to cover you from this for a small fee - do call us to discuss this.
4 The fourth option is to set up your own Limited company. This will require careful consideration and can be a little tricky to set up, but is the most financially beneficial and is most suited to veterinary surgeons.
Accounting can be a difficult and confusing area that you may well not want to have to address, we therefore work alongside an experienced and well known accountancy firm with a long history in the veterinary profession who can offer more comprehensive advice.
If you are a veterinary practice and are being challenged by the Inland Revenue they can also help.
Do call one of our senior consultants who will be happy to discuss the different options with you in greater depth.
For more information relating to IR Self Assessment issues the helpline number is 0845 900 0444.