This is your prescriptive guide to help you stay on top of your work and maximise your earnings.
As busy professionals you have enough on your plate in just being about to carry out your work. You are trusted in providing high-quality care to your patients and ensuring that they are taking the right medications in the right dosages. You also need to ensure staying up-to-date with the latest developments in pharmaceutical care, plus changes to regulations or guidelines related to your work.
That is why locums use Charterwells to help ensure that all tax returns and accounts are upto date and filed on time.
These are the key ways to help save tax
Claim Allowable Expenses: You will be able to obtain tax relief for certain expenses related to your work, such as the cost of traveling to and from different pharmacy locations, purchasing professional liability insurance, training, subcriptions, purchasing uniforms or other specialised clothing.
Pension Contributions: Contributions to a retirement savings plan can reduce a locum pharmacist's taxable income.
Working from Home: If you work from home, even on an occasional basis, you will be to claim a home office deduction as a flat amount or for a portion of certain home expenses.
Sole Trader vs Ltd Company: Consider whether being a sole trader is the best option compared to operating through your limited company. We can review your personal situation and provide you with a tailored solution.
How can you make more money?
Work more hours: One way to increase your income is to take on additional assignments or work longer hours. This can be a good option for pharmacists who are comfortable with a busy schedule and who enjoy the variety of working in different locations and settings.
Negotiate higher pay rates: You may be able to negotiate higher pay rates with the pharmacies or recruitment agencies you work with. This can be especially effective for pharmacists who have a lot of experience or specialized skills, or who are willing to take on difficult or less desirable assignments.
Diversify your client base: Working with a variety of different clients, such as hospitals, retail pharmacies, and long-term care facilities, can help to increase your income by accessing a wider range of job opportunities.
Get additional training or education: Investing in additional training or education, such as a postgraduate degree or certification in a specialized area of pharmacy practice, can make you more competitive in the job market and potentially lead to higher pay.
Specialise in high-demand areas: Focusing on areas of pharmacy practice that are in high demand, such as managed care or oncology, can also help you command higher pay rates.
Contact Charterwells to further business help and to look after your accounts and taxes at: enquiries@Charterwells.co.uk