Home » Blog » Business Expenses for Locum Pharmacists

Business Expenses for Locum Pharmacists

What business expenses can locum pharmacists claim?

If you’re working as a self-employed locum pharmacist and your annual income is more than £1,000, you are required to submit a self-assessment tax return.  However, HMRC will allow you to deduct the cost of certain purchases from your profit, thus reducing the amount of tax that you owe.

To avoid paying more tax than is necessary, it’s important that you claim for your allowable business expenses.

This guide will tell you everything that you need to know about claiming expenses as a self-employed locum pharmacist

 If you’re not sure whether a business expense is an allowable expense, you should contact your accountant for clarification.

Office stationery

As a self-employed locum, you will have to do a certain amount of admin work. Office consumables such as printer paper and ink are claimable business expenses.

Telephone and internet usage

Expenses like your mobile phone or laptop, which may be used personally and for business, may also be included.

Your accountant will apportion an appropriate amount in your self-assessment tax return.

Travel costs and motor expenses

All locums incur travel costs and many of these are allowable expenses.

You can claim for motor expenses such as insurance, fuel and parking – and travel costs such as hotel rooms and bus or train fare.

You cannot claim for parking fines or speeding fines, or travel to and from work.

Protective clothing

Pharmacists often require specialist clothing, such as lab coats or eye safety glasses. These can also be claimed as an allowable expense.

You cannot claim for ordinary clothing – even if you wear it for work.

Training courses, subscriptions and membership fees

Pre-registration fees and membership of professional bodies (such as the Pharmacists’ Defence Association, the General Pharmaceutical Council and the Royal Pharmaceutical Society) can be claimed back.

So can the cost of any training courses, or subscriptions to relevant trade publications.

Legal and financial services

Financial costs (including bank charges or loan interest) are claimable. So are professional indemnity insurance premiums and any costs involved with hiring an accountant or solicitor.

You cannot claim for fines for breaking the law.

Working from home

Many locums work from home to do their paperwork. In this instance, a proportion of the running cost of the home (heating, electricity, rent, internet or phone usage) can be claimed back.

To avoid over or under claiming, you should speak with your accountant about the best way to work out the correct portion of your utilities.

We hope that you’ve found this article helpful. If you require any  assistance with your self-assessment tax return, please get in touch. Our experienced team would be happy to help.

Find out more about our specialist accountancy services for pharmacists and chemists.