Setting up a private limited company can be useful for psychiatrists moving into Independent Practice. A company is its own legal entity, so can help protect the individual as the company finances are kept separate from their personal ones. A company must be set up via the Companies House. However, it’s best to speak with an accountant first to discuss whether setting up a limited company is the best decision for you. If you need accountant recommendations the Thalamos team can help you.
You will need some form of basic indemnity cover to carry out Fee Generating work. You should speak with your defence union before carrying out any fee generating work to ensure you have sufficient cover.
The new European data protection regulations came into force in May 2018. Thalamos will soon be in a position to translate what this means for psychiatrists carrying out fee generating work. But for now, if you have any concerns you should speak with the Information Commissioners Office.
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