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Payment Options for Locums

Payment Options for Locums

We appreciate you want to be concentrating on your career not worrying about salary payments.  We therefore offer a number of alternative ways to receive your salary to make life easier for you.

PAYE (Pay As You Earn)

Using this method of payment Your World is your employer. You simply send us your signed timesheets which we will process calculating all your tax and National Insurance contributions. These are deducted at source and your funds are then transferred into your designated bank or building society account.

Umbrella Scheme

This scheme is often preferred by those who accumulate a lot of expenses in the course of their work as it is possible to claim back a percentage of these expenses (as tax relief) against your earnings.

In this instance you become the contractor for Your World and the employee of an Umbrella Scheme Company (USC).  Signed timesheets are sent to both parties and we are invoiced by the USC to whom we send the gross funds. The USC will use the tax relief available against your expenses to reduce the overall taxable amount thereby increasing your net income.

It is important when sourcing your USC provider that they comply with the rules set out by HMRC (Her Majesty’s Revenue & Customs). We have a list of “Preferred Suppliers” that we have researched and found to be compliant.

Limited Companies

Setting yourself up as a Limited Company can have financial benefits although it does involve a lot of administration. Your company must have its own bank account and the following insurance policies (which need to be provided to Your World):

  • Employers liability - £10 million
  • Public liability - £2 million
  • Professional liability - £1 million

As a named director of the company you will be responsible for invoicing Your World and will be paid by part salary and part dividend.  At the end of the tax year you are legally required to submit a tax return (completed by an accountant). As a Limited Company you can file work expenses as tax relief.