How Accounting for Nursing is Different?
Accounting for nurses comes with unique challenges that set it apart from other professions. Nurses often have varied working patterns, different sources of income, specific tax reliefs and allowable expenses that need careful management. These differences require a specialised approach to ensure their finances are handled correctly and efficiently.
Varied Employment Types
Nurses can work in multiple roles, including:
- Full-time employment: Many nurses are employed by the NHS or private healthcare organisations, where taxes are deducted through PAYE (Pay As You Earn).
- Agency or locum work: Some nurses work on a freelance basis, which means they must handle their own tax returns and track their earnings.
- Self-employment: Nurses running their own businesses, such as private nursing services or consultancy, face additional accounting responsibilities like filing self-assessments and managing business expenses.
Each type of employment has different tax implications, which require tailored accounting expertise.
Claiming Allowable Expenses
Nurses are entitled to claim a wide range of work-related expenses, such as:
- Uniform costs, including cleaning and maintenance.
- Travel expenses for work-related trips.
- Professional memberships like NMC (Nursing and Midwifery Council) fees.
- Work equipment or training courses to enhance skills.
Unlike many professions, these specific claims are unique to nursing and require detailed tracking and documentation.
Multiple Income Sources
Nurses often have multiple income streams, such as overtime, weekend shifts, and allowances for night work. For agency nurses or locum workers, irregular payments and varying rates add complexity to managing their finances. Proper accounting ensures all income is recorded accurately to avoid underpayment or overpayment of taxes.
Pension Contributions
Nurses often participate in the NHS Pension Scheme, which offers valuable benefits but can complicate tax planning. Locum nurses or those working in private healthcare might also have personal pension schemes that need to be considered as part of their financial strategy.
Self-Assessment Requirements for Nurses
Nurses working as agency staff, locum workers, or those earning extra income must file a self-assessment tax return. This includes:
- Calculating their tax liability accurately.
- Claiming all eligible deductions to reduce tax bills.
- Meeting strict deadlines to avoid penalties from HMRC.
The Need for Specialist Help
With all these complexities, generic accounting services may not provide the tailored advice nurses need. Specialist nurse tax accountants understand the unique financial landscape of nursing and offer personalised solutions. From simplifying tax returns to claiming every eligible expense, they ensure nurses save time and money while staying fully compliant with tax laws.
Nurses Allowable Expenses:
As a nurse, you may be eligible to claim certain work-related expenses to reduce your tax bill. Knowing which expenses you can claim can make a big difference in maximising your take-home pay. Here’s a detailed look at common allowable expenses for nurses:
- Uniforms
- Equipment Purchases
- Nursing License Renewal Fees
- Travel Costs
- Accommodation Expenses for Travel Nurses
- Subscriptions to Medical Journals
- Professional Liability Insurance Premiums
- Meals and Lodging During Overnight Shifts
Why Choose GoForma as Your Accountants for Nurses?
Dedicated Accountant:
GoForma assigns a dedicated travel nurse accountant who understands the unique financial needs of nurses, providing personalised solutions and support throughout the year.
Industry-Specific Expertise:
Our team of tax accountants for nurses has in-depth knowledge of the healthcare sector’s tax regulations, ensuring that we identify all the tax reliefs and deductions available to you.
Certified Professionals:
Rest assured, your financial matters are in the hands of certified nurse accountants who are well-versed in HMRC regulations.
Competitive Pricing Packages:
GoForma offers competitive pricing packages tailored for nurses to provide quality services without breaking the bank. With us, there are no surprises—just clear, affordable pricing that fit your budget.
Regular Deadline Reminders:
Never worry about missing important tax deadlines. We update you with timely reminders to keep you on track with HMRC submissions.
Accesss to FreeAgent Software:
We provide FreeAgent accounting software at no extra cost. This easy-to-use tool helps you track your income, expenses, and invoices in one place, keeping your finances organised and stress-free.
Maximise Deductions:
Our experts know how to identify deductions within HMRC guidelines so you can make the most out of tax-saving opportunities.
Year-round Support:
Our chartered accountants for nurses are just an email, phone call and WhatsApp message away whenever you have any queries related to accounting.
What Do Our Accountancy Services for Nurses Include?
Business Structure Setup:
Our CPA for nurses guide you in choosing and setting up the best business structure, whether it’s as a sole trader or a limited company, ensuring it suits your nursing career.
Self Assessment Tax Returns:
Our accountants for nurses prepare and submit your self-assessment tax returns, ensuring everything is filed accurately and on time. Whether you’re a full-time employee, locum, or agency nurse, we make sure your tax returns reflect your income, allowable expenses, and tax reliefs, so you avoid any penalties from HMRC.
Allowable Expenses Claims
Nurses often miss out on claiming the expenses they’re entitled to, such as uniform costs, travel, and professional fees. We’ll help you identify and claim all allowable expenses, maximising your tax savings and increasing your take-home pay.
Bookkeeping:
Our accountants for nurses utilise FreeAgent software to review and manage your records that simplifies bookkeeping and tax filing.
VAT Registration and Returns:
If you’re a self-employed nurse or locum earning above the VAT threshold, we’ll handle everything from registering for VAT to filing accurate VAT returns.
Corporation Tax Returns:
If you work through a limited company, our accountants for nurse handle your corporation tax calculations, filings, and deadlines, ensuring you pay the correct amount while maximising savings.
Company Accounts:
From preparing annual accounts to submitting them to Companies House, we keep your financial records accurate and compliant.
Payroll Management:
Our payroll services ensure accurate and timely payments, whether you’re paying yourself or managing staff, while staying compliant with HMRC.
Non-Statutory Audits:
Our travel nurse accountant conducts non-statutory audits to provide valuable insights into your financial operations, for better decision-making and growth.
Pension Contributions:
Understanding pensions can be tricky, especially when dealing with the NHS Pension Scheme or private plans. Our nurse tax specialist will guide you through your options, ensuring you make the right contributions to secure your financial future.
Partner with the Best Tax Return Accountants for Nurse in the UK
Your dedication to caring for others shouldn't come at the cost of managing complex tax regulations. GoForma is your partner in simplifying your tax affairs. With our industry-specific expertise, certified accountants, and wide range of services, you can focus on what truly matters - patient care. Check our Google and Trustpilot reviews of our satisfied clients who've experienced our excellence. Book a Free Consultation today and take the first step towards financial excellence.
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