NHS: Bank vs locum

Jami74

I would love some advice please. I am currently employed as bank staff for a local NHS hospital, however another NHS hospital is looking for locums.

As bank I am being deducted PAYE, NI, pension and student loan.

The locum role is advertised is almost double/hour. I am already registered for self assessment.

On first glance it looks like I would be loads better off working as a locum, but is it really that simple? Other than putting some money aside to cover the tax what else would I need to consider? The motivation for moving would be purely financial.

KittyHawk

I haven't any advice, but am seriously beginning to question my historic support for NHS staff pleading poverty . . .

Flugelhorn

both bank and locum run the risk of there not being enough hours but suspect that is the same in both cases.

Some NHS locum roles still have the opportunity to pay into the pension, this would probably put you at a higher level than 9.3% - if you can't be in the pension scheme then you will have to put some money aside for a pension scheme.
You will need to put aside money for self employed NI and also tax.

Jami74

KittyHawk wrote: »

I haven't any advice, but am seriously beginning to question my historic support for NHS staff pleading poverty . . .

In all fairness I am in a senior position thanks to studying for years as a mature student (while also working). I do not plead poverty, but if I did it would be down to years of trying to support a family on a shelf stacking salary.

Please do not assume, based on my personal circumstances, that all NHS employers earn so much more over the minimum wage. In every company there are people earning money at every level.

Manxman_in_exile

Quite a lot of NHS "locum" posts are actually on the payroll (ie PAYE, NI etc deducted).


Are you sure the advertised posts are not like this?


I presume you are in a clinical staff group where there are NHS shortages and you can be reasonably sure of keeping in work?


(If you enjoy the irregularity of many bank posts, you may find locum posts are not so flexible).

Jami74

Manxman_in_exile wrote: »

Quite a lot of NHS "locum" posts are actually on the payroll (ie PAYE, NI etc deducted).


Are you sure the advertised posts are not like this?

Ah that would be good! The post is advertised through an agency so I presumed would be self-employed.

Manxman_in_exile wrote: »

I presume you are in a clinical staff group where there are NHS shortages and you can be reasonably sure of keeping in work?

(If you enjoy the irregularity of many bank posts, you may find locum posts are not so flexible).

Yes.

Bank work is very regular at the moment and will be for at least the next couple of months. I'm just looking at ways to increase my income. Locum rates compared to bank rates seem almost too good to be true.

Manxman_in_exile

Jami74 wrote: »

Ah that would be good! The post is advertised through an agency so I presumed would be self-employed.




Yes.

Bank work is very regular at the moment and will be for at least the next couple of months. I'm just looking at ways to increase my income. Locum rates compared to bank rates seem almost too good to be true.

I'd try to check if I were you.


My trust had locums on the payroll, but they were literally standing in for other substantive staff who were on maternity leave or whatever. So they were fixed term with no guarantee of an extension.

General_Grant

Jami74 wrote: »

Ah that would be good! The post is advertised through an agency so I presumed would be self-employed.




Yes.

Bank work is very regular at the moment and will be for at least the next couple of months. I'm just looking at ways to increase my income. Locum rates compared to bank rates seem almost too good to be true.

Don't presume. Is the agency wanting you to work through an umbrella company where you will also have to pay EmployERs NI (as well as EmployEEs NI) and pay the Apprentice Levy as well as a service charge for operating the payroll? If so, this may well be why the comparative hourly rates differ so much.

Jami74

General_Grant wrote: »

Don't presume. Is the agency wanting you to work through an umbrella company where you will also have to pay EmployERs NI (as well as EmployEEs NI) and pay the Apprentice Levy as well as a service charge for operating the payroll? If so, this may well be why the comparative hourly rates differ so much.

Ah! This is the sort of thing I don't know about but is important I find out about. Thank-you.