Pharmacy Accountancy


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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.

 

 

Running a Successful Locum Pharmacy Business

It has become a trend these days for pharmacists to swerve from the usual setup of being employed under a pharmaceutical company. Instead, some of them have opted to establish their locum pharmacy and become a boss of their own. Locum pharmacy, by definition, is managed by a self-employed pharmacist. It should be noted that most locums become one so they can have greater freedom to balance time between work and family.

It is not easy, of course, to become a locum pharmacist. You should manage time efficiently to run the business profitably while still able to take care of your family. The pharmacy must be set up strategically where many potential customers have access. At the same time, encourage smooth relationships with medicine suppliers to ensure constant supply of legitimate drug products. As much as possible, offer variety and discounts to your customers.

Unfortunately, there is a perception that many locums do not follow standard pharmaceutical procedures. Then again, it is just a perception game and can be remedied by showing your license to practice pharmacy and certificates from health authorities that you are distributing safe and approved medicines. Also, do not get complacent with your pharmaceutical knowledge; attend seminars for updates on your chosen field. Moreover, hire an accounting firm that is capable of handling books and ledgers for locus pharmacies like yours. Warr & Co, a UK-based firm, stands out in this area as the company specialises in catering to accounting and tax needs of both community and locum pharmacists. With Warr & Co, you are not only assured of professional accounting services and sound tips, you can very well concentrate on your core business strategies.