Last week we hosted a brilliant webinar all about how to manage your finances as a Locum Optometrist, CLO or Dispensing Optician alongside Foremans LLP. During the webinar, we covered the top 5 tips for managing your accounts as a locum.

1. What Tax Allowable Expenses Can You Claim

As a locum you are self-employed, therefore are eligible to claim for tax allowable expenses. One of the most common expenses you can claim is your business mileage. As your trading address is your home, any travel to or from the Opticians you have booked a shift for can be claimed back as mileage.

You can also claim for subsistence, the amount you can claim for subsistence varies depending on how many hours you have worked.

Remember you can count your travelling time in your working hours.

2. Keep Good Records

One of the most important things, when you're self-employed, is keeping good records and staying organised. Make sure that you save copies of all of your invoices and receipts - ensure you have copies as them also.

Check out our recent blog where we give you tips on how to stay organised as a locum optometrist (click here).

3. Monitor Your Bank Statements

It is important to regularly check and review your bank statements. Ensure the funds received reconcile to the value invoiced. Ensure that you correctly receive both your wage and any expenses you have claimed.

Do this promptly after you complete work as it can be difficult to claim back at a later date if you didn't raise it early.

4. Keep Track of Assets and Liabilities

When monitoring your bank statements and keeping your records also track your assets and liabilities at any moment in time. Know if you are owed money, and if so by who and for how much, and also if you owe anyone money and how much.

It is recommended that you maintain your records on a monthly basis or ideally weekly.

5. Separate Your Income From Personal Finances

Most accounts will recommend that for any self-employued earnings, it is best to keep them in separate from your personal funds. You can do this through opening a bank account specifically for your locum work.

For more information on how to best manage your finances as a locum check out the rest of our webinar which you can easily view via the link below 👇

Finance Essentials for locum Optometrists, CLOs and Dispensing Opticians