As of October 2018, Britain faces a 20,000 nursing deficit in all permanent positions. Locum nurses are helping fill the gaps in the NHS hospitals and General Practices but this is still not enough. There has never been a better time to be a limited company nurse, you can have the work-life balance you desire, work in the locations you want, take time off when you need and with being a limited company you can acquire the optimum rate possible with the current high demand for nurses outside of IR35.
There are many benefits to becoming a limited company nurse, we have highlighted the main ones below.
Why Choose Limited over PAYE?
The simplicity – It is so easy to set yourself up as a limited company and takes very little time. You will need to choose a company name and register it with Companies House which has a £12 charge if you register online.
Tax efficient – As a limited company nurse you will pay corporation tax at 10% which is lower than income tax. Also, as a business you get paid a salary and dividends, you can choose the most tax efficient mix of the two to make the most of the money you earn.
Pension benefits – Companies are able to make higher tax relievable pension contributions compared to an individual and are usually a tax-deductible expense for the company.
How to register as a limited company
Forming a limited company is far more straightforward than what you think and the process can be completed in the same day if done early enough.
AppLocum recommend Duport as an easier option to going directly through Companies House. All documents are supplied and the process can be completed within 5-10 minutes.
Once you have a limited company, you will need to link a bank account to it. It is not required but for less of a headache in the future it is suggested that you set up a separate bank account for your business.
If you have any questions about choosing being paid as a limited company over PAYE then please get in contact via email email@example.com or call 0161 711 0655