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.

 

 

Useful Insights on Business Financial Planning

Business financial planning features some basic building blocks which cross the gap between business models and personal financial planning. These approaches apply similarly to both small businesses and international corporations. Take a look at some of these insights for a successful and effective financial planning for your enterprise.

The first pillar of financial planning is the business plan. Even though the approach sounds simple, it is very remarkable that many overlook its importance and handle financial management the intuitive way. In order for the financial plan to be successful, a clearly defined objective must be established that represents the vision, mission and goals of your organisation. In addition, the objective must be detailed in scope, as well as practical and attainable. Furthermore, it is the role of the financial manager, which is the second pillar of financial planning, to be involved in the planning process by creating the implementation part of the plan.

Another important aspect of sound financial planning is control. This aspect is an elemental part of the planning process as the systems allow control to be clearly characterised in the implementation part. The process would include the allocation of responsibilities and the assignment of power to managers. Sound financial planning also needs proper evaluation and measurement. It is very vital to establish short term goals within the financial planning process as they are used to measure growth and recommend corrective action. The final building block of all reliable financial planning is risk management. This concept of risk management is designed to reduce risk of failures to attain the visionary goal.


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