Pharmacy Accountancy


News & Articles


The Budget – 2012
George Osborne delivered his third budget on 21st March 2012, many of his proposals will not take effect until 2013/14.
A Free Pension?
In reality, no one is going to get a free pension, but some individuals can get very close to it...
A Festive Tax Break
As Christmas approaches thoughts turns to office parties. So what view does the tax man take when an employer arranges a Christmas party for their staff?
Self Assessment Penalties
The self-assessment system was introduced in 1996 and at present HM Revenue & Customs require about 10 million individuals to file returns each year.
Should I Incorporate?
This is a question we are frequently asked by locums. The answer is “it all depends”.
The 1000% Tax Trap - And How To Avoid It
Imagine getting a pay rise of £1,000 per annum and then finding your tax liability increasing by £1,055, that’s over 100% tax. Now imagine your pay rise is just £100 but your extra tax liability is still £1,055. That’s a tax rate of over 1000%!
Pharmacy Locum Tax Planning
At what point should a sole trader pharmacy locum consider operating via a limited company? The answer to this depends on a number of factors, which are specific to the individual.
2010/2011 Tax Year End Planning
February is a good time for individuals to have a think if there are any simple steps they can take to minimise their tax liabilities.
New Pension Regime - Government Announcement 9th December 2010
We detailed the key points arising from the Government's announcement on 9th December 2010 regarding the future direction of pension provision in the UK.

 

 

Accountants for pharmacists and whiplash compensation services

Running a busy pharmacy is a full-time job and often leaves very little spare time for pharmacists to take care of their accounts. There are of course thousands of accountancy firms in the UK but not all of them are familiar with the particular issues that are faced by people involved in dispensing pharmaceutical products. Engaging an accountant that is can make life a lot easier. Dealing with the aftermath of a car crash is never easy but a lot of the pressure can be relieved by finding a firm of specialists to deal with any claims that arise from the accident. Insurance companies routinely deal with these but are sometimes more interested in ensuring they do not have to pay out than in the amount that their client may receive. The amount of money that a pharmacist receives at the end of the day will depend on how effective his accountant has been in setting expenses against turnover. There are many things that can be claimed for but whoever is doing the accounts needs to be aware of them all.

Claims companies are usually aware of all the common pitfalls that can be encountered when suing for damages and good firms will ensure that their client does not fall foul of any of them. Although it is possible to make a claim several years after the fact, the quicker the ball is set into motion the better in most cases so for people that want to pursue a claim for whiplash compensation, it is advisable to do so earlier rather than later. There is also a period of time allowed for pharmacists to submit their end of year accounts but having an accountant to deal with this and get them in early is a lot less stressful than rushing about at the last minute trying to do it yourself. It is often the case anyway that pharmacists are much better suited to giving advice on various medications than they are to poring over the books. People that deal with one particular process every day of their lives usually become very proficient at it, which is why a team of specialists find it much easier to get good results when trying to reach a settlement after a road traffic accident than the individuals who were actually involved in the accident.

Pharmacists are in a profession where accidents are not tolerated so being able to leave the accounts to someone else leaves them free to focus on their job without any distractions. As long as some care is taken when choosing an accountant then they can often save a pharmacist a lot more money than they charge in fees. Some people do not make a claim after being injured in a car crash because they believe it will be too expensive and time consuming. There are a number of firms, however, that are happy to take on cases on a no win no fee basis so no money is needed upfront.