Accountancy & Tax Services

You are legally obliged to report your business’s financial performance accurately and on time, particularly in response to the increasing requirements of funders and regulatory bodies.

Our qualified accounts staff have specific experience in the pharmacy profession and can prepare your accounts swiftly and efficiently to agreed timescales that meet your business deadlines.

We provide information promptly upon request, help you improve your accounting control procedures and give proactive advice in commerce, finance and taxation. This in turn enables you to understand your accounts fully and helps you make well informed decisions.

Most people who start up in business do so because they have a good business proposition, not because they are experts in the legal, financial, and fiscal aspects of running a business.

These factors can often seem daunting to the Pharmacy entrepreneur and this is where we can help by evaluating your ideas in a constructive manner and help you to develop them into a feasible business. We can also help you: -

• Decide on the most suitable structure for your Pharmacy business - sole trader, partnership, limited liability partnership or limited company
• Prepare a business plan, cashflow projections, budgets, and trading forecasts to prove the financial viability of your business and demonstrate this to potential investors / bank
• Assess your finance requirements and advise on the best sources of finance
• Help you establish relationships with banks, solicitors etc via our well established network of contacts
• Complete any registration procedures with Companies House and HM Revenue and Customs
• Deal with company secretarial issues
• Set up an internal accounting system for complying with statutory requirements

Start your new venture on a sure footing - feel free to call us for an initial consultation.

We can incorporate your company for you within the same day as your instruction. Our formation service includes;

Electronic copies of:

• Memorandum and Articles of Association
• Certificate of Incorporation
• Full set of the statutory company register including share certificates
• Minutes of first meeting

Hard copy of:

• The official certificate of incorporation

All the above for a fixed fee of £150 excluding VAT.

Please follow the attached link and provide the necessary information in order to proceed with the formation of a limited company.

For complete information requirements, please click here and you will be directed to a form for completion.

Authorised share capital defaults to 1,000 ordinary shares. Please contact us if you require a different share capital.

Note that the Companies Act 2006 removes the requirement for a company secretary, however, should you wish to appoint a company secretary the information should be completed where indicated.

Clearly, an important starting point is the company name. You can search for available company names by clicking here which will direct you to the free web search facility on the Companies House website.

For an annual fee of £50 excluding VAT we can offer a registered office facility at our address here in Stockport.

Should you wish to open a company bank account, we have a good relationship with local and national branches of most high street banks. We can provide a recommendation for a suitable bank account and assist with the account opening, providing all the necessary information.

For locum pharmacists in particular, we are able to offer highly suitable accounts via Bank of Scotland (BoS).

These accounts offer the following benefits: -

• Internet banking
• Cheque book
• Paying in book
• Monthly statements
• Monthy interest
• No fees
• Instant access, i.e. no notice to serve
• No limit on transactions - although this is in theory true, BoS like to see circa 20 transactions maximum per month, i.e. relatively low activity. It, therefore, very much suits the low activity of a locum pharmacist, or perhaps as a second account where activity of a main account may be excessive.

These accounts not only have all the features above but the interest rates compare very favourably indeed with high street banking facilities.

If you would like to set up such an account for your business, please contact us and we will arrange for the necessary forms to be sent to you at the earliest opportunity.

Through our extensive links we are also able to assist with your commercial finance requirements.

We can provide training and advice to enable you to keep the required statutory accounting records. Whether these are manual records, spreadsheet based or computerised we have the expertise to advise on the most suitable solution for your business.

We are a member of the Sage accounting club. This enables us to sell the full range of Sage accounting software. We can also provide ongoing training and advice to enable you to understand and utilise to its full potential.

Value Added Tax (VAT) is one of the most complex and onerous tax regimes imposed on business - so complex that many businesses inadvertently overpay or underpay VAT.

The ever widening scope of VAT, the constant stream of detailed changes to the regulations and the ever growing demands of HM Revenue and Customs call for a trained professional eye to ensure that you do not fall foul of the regulations and, importantly, do not pay the Exchequer more than you need to!

We can provide the following services: -

• Assistance with VAT registration and cancellation
• Advice on VAT planning and administration
• Use of the most appropriate scheme
• VAT control and reconciliation
• Help with completing VAT returns
• Negotiating with HM Revenue and Customs in disputes and representing you at VAT tribunals

The most important part of our compliance services is the preparation of periodic management accounts, which may be required monthly, quarterly or half-yearly. Monitoring and controlling the financial performance of your business is of paramount importance and regular management information is vital to the continued success of your business. We can either carry out this function for you or help you set up internal systems to generate the information.

We will also take this service one step further by interpreting these figures for you and making suggestions to help you improve your profits and to help your business grow.

Should you be looking to secure additional finance or set targets to work to, Warr & Co can help you prepare a Business Plan suitable for your requirements.

We can prepare your budgeted cashflow, profit and loss and balance sheet for six, twelve or even sixty months.

We can ensure your forecasts are a reasonable expectation of your projection and include all the necessary overheads.

Feel free to take a look at our Guide to Writing a Business Plan or any of other useful downloadable guides for that matter.

We are here to help you grow your business and assist with any accounting or tax queries. That may occur from time to time. We don’t have any hidden charges for phone calls or emails and provide partner support throughout the year at no extra cost.

Payroll can be time consuming and burdensome, diverting energy and resources from the core activities of your business. The task is made all the more difficult by the growing complexities of tax and employment legislation, and a regime of substantial penalties for non-compliance.

We can relieve you of this burden, providing comprehensive and confidential payroll service such as: -

• Weekly and monthly payslips
• Administration of PAYE, national insurance, statutory sick pay, statutory maternity pay, etc
• Completion of statutory forms including year end returns and online filing
• Summaries and analysis of staff costs
• Advice on new employees and leavers; form P45 completion
• Administration of incentive schemes, bonuses and ex-gratia termination payments
• Tax Planning - leaving you with more!

Even if you only have a few employees, you will make savings by engaging us to administer your payroll.

We can assist with the completion of the following returns, however, most forms will require a Director or Company Secretary’s signature: -

• Annual return
• Change of address
• Share capital changes
• Company formation forms
• Appointment and resignation of a Director and Company Secretary
• All other Companies House documentation

Should the time come to close your business, we can provide the complete service to dissolve your company.

Our service includes: -

• Assistance with cancellation of your VAT registration
• Closure of your PAYE and payroll scheme
• Accounts completion to cessation of trade
• Liasing with HM Revenue and Customs to close the company and gain extra statutory exemptions
• Completion of necessary Companies House forms
• Tax planning to establish the most tax efficient way to extract profits on dissolution of the company

Our experienced tax department can save you a lot of time, worry and money by handling your self-assessment for you. We will prepare all the necessary computations, complete your return and even offer advice on how you can minimise your tax liability.

We can act as your agent, dealing directly with HM Revenue and Customs on your behalf and, should you be selected for a self assessment enquiry, act for you at any meetings.

If you are a limited company then you are required to prepare accounts that must be filed with Companies House and H M Revenue and Customs in a statutory format.

We can help you by preparing your statutory accounts and filing them for you.

Should your accounts require auditing, as registered auditors we can carry out an objective and cost effective audit in a timely manner.

We deal with all business tax matters, including preparing corporation tax computations and preparing and submitting your corporation tax self assessment return.

Corporation tax represents a substantial part of your trading costs. Moreover, the increased reporting obligations, robust investigation policies on the part of the tax authorities, and harsher penalties for non-compliance mean that an undue amount of your time and resources can be taken up collecting revenue for the Government.

We offer a range of services to help you minimise your corporate tax exposure and relieve you of the administrative burden of complying with tax legislation. These include: -

• Determining the most tax effective structure for your business
• Taking full advantage of tax opportunities and reliefs
• Achieving the optimum capital or revenue tax treatment
• Reducing tax on disposals and maximising relief on acquisitions
• Making the most of tax opportunities specific to the Pharmacy industry
  
• Meeting the rigorous demands of compliance including corporation tax self assessment
  
• Acting on your behalf in discussions with the tax authorities
  

Efficient corporate tax planning can result in potentially significant improvements in your bottom line.

HM Revenue & Customs (HMRC) has stated that it wants to ensure everyone pays the maximum ‘right amount of tax’ so they are getting tough with non-compliant taxpayers and rapidly increasing the powers of Tax Inspectors. No one can afford to be complacent.

Should you be unlucky enough to receive an enquiry into your personal or company tax affairs, our tax specialists are experienced in dealing with all forms of tax investigation and have detailed knowledge of the respective rights and powers of the tax payer and HMRC. We can guide you through the process and liase / negotiate directly with HMRC to ensure that tax, interest charges and penalties are minimised.