Pharmacy Accountancy


For Detailed Facts

News & Articles


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.

 

 

Is Outsourcing for Professional Services a Vogue

We have seen from a lot of online posts and advertisements that there are so many people, from our own country and abroad, offering their professional services to companies and individuals. The range of professional services includes content writing, legal management, call centre operations and even accounting services. It is quite shocking to know that practically every possible work is now available through outsourcing. We cannot help but wonder if outsourcing is here to stay or if it is merely a vogue.

This issue has multiple facets, so let us try to tackle the main points. First, the success of Third World countries in outsourcing can be attributed to their ability to grasp and transfer knowledge to meet client needs. More so, the reality of monetary differences has made them very competitive as they can offer the same services at a much lesser cost. This cannot be done, of course, without the aid of fast technology and communication tools, most notably the online medium.

Furthermore, a lot of outsourcing companies are better equipped to handle specialised tasks and skills. More often than not, they offer their skills 24/7 as well as additional services that their clients would not get anywhere else. The clients can only dream of replicating the same expertise and service quality from their in-house employees with additional overhead expenses. The clients do not even have to pay for further training of outsourcing providers as they do it on their own. Moreover, the Internet provides convenient ways for clients and outsourcing professionals to communicate and share information at any time of the day. Hence, with the recent technologies and its contributions to society in general, the future of outsourcing appears bright.