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Pharmacists work within a specialised industry, whether they work for the NHS, run their own limited company, or operate as a sole trader. Many are classed as self-employed, particularly if they are locum pharmacists.
This makes the accounting process more complex, and it's easy to become confused or overwhelmed. If you're a locum pharmacist or you run a pharmacy, you could benefit from a dedicated accountant with an in-depth knowledge of the industry.
Auditox Accountancy provides specialist accountants for locum pharmacists and medical professionals who can deal with all of your accounting and tax needs,
Our comprehensive accountancy and tax services cover all aspects you might expect to encounter as a pharmacist.
The following sections give you an idea of how we can fulfil your accounting needs:
Locum pharmacists are generally classed as self-employed and, therefore, will need to pay their own National Insurance. As you may already know, the rules regarding NI contributions are not straightforward, and many people struggle with the process.
We help clients to select the correct NI category for their income and pay the right amount in contributions by the required deadline.
We offer advice on tax efficiencies to make sure you only pay what is due and no more.
It's possible to make these tax savings by examining your accounts, income tax and company structure to find the best method of saving money. For example, when you pay yourself from the company profit as a shareholder, this is called a 'dividend' and is not liable for National Insurance. Paying yourself with a combination of income and dividends will increase your take-home pay without attracting extra tax.
This is a job that few people relish, often delaying the procedure or asking others to complete the forms for them. Unfortunately, this approach often leads to errors, omissions and missed deadlines, which results in penalties!
Our accountants will calculate your tax and file your self-assessment and corporation tax returns to HMRC and Companies House well within the given deadlines.
Setting up your pharmacy can be a complex and stressful process.
Auditox accountants for locum pharmacists will guide you through this to get you up and running smoothly and quickly. We will make sure everything is completed correctly and in the proper order, and we will register your limited company with companies house.
We will provide a bookkeeping system that's simple to use, allowing you to monitor your income and expenses easily. You'll have access to your profits and earnings at your convenience from a range of devices.
Occasionally, HMRC will launch an investigation at random, whether they have a good cause or not. This can be a traumatic and expensive time, even if you are proven to be compliant.
Should this happen to you, we will support and advise you throughout this process. We will communicate with HMRC on your behalf and coach you in providing the right responses to any queries. In most cases, we can get HMRC to wrap up the investigation quickly.
We can also provide advice concerning insurance against being investigated by HMRC and Companies House if you wish.
Learn more: How likely are you to be investigated by HMRC?
Learn more: 5 stages of tax investigation
Learn more: How far back can HMRC go?
Preparing and submitting year-end accounts takes time and effort, meaning that other tasks need to be put off. It's a painstaking job requiring accuracy and focus - these accounts are scrutinised by HM Revenue and Companies House, and they provide an overview of your profit and loss, cash flow and balance sheet, so they must be accurate.
These accounts are also useful for decision-making and business planning for the future.
Auditox Accountancy will ensure that your year-end accounts are completed flawlessly and delivered in good time.
We will provide an accounting software package and relevant training to get you up to speed. All of our software is easy to use, secure, and cloud-based for convenient access.
This allows you to keep a close eye on your finances at your leisure and avoid excess paperwork.
Dealing with your payroll can be an overwhelming task, particularly for small businesses. It's imperative that all the minute details are correct, and this takes time and effort. Hiring a dedicated payroll manager is often beyond the reach of most small business owners, mostly as it stretches the budget too far.
We can process your payroll weekly, fortnightly or monthly, whichever is your preference. You will have access to the payroll system at all times, but we can relieve you of the burden of the day-to-day payroll processing.
Your staff will receive their payslip via email, and we will handle auto-enrolment, RTI (Real Time Information) and year-end P60 submissions to HMRC on your behalf.
Using cloud-based systems like Xero, we can combine your payroll and bookkeeping functions to provide a seamless service that keeps you in control.
Think about it this way: if your car needs fixing, you could take it to a mechanic who knows a little bit about many different car brands, or you could ask someone who has specialist knowledge about your particular car. While the first one is able to do the job well enough, the second is better equipped and is more likely to do a better job. And if there's a problem specific to your brand and model, they can use their knowledge to resolve it.
You may already have an accountant, or you could be dealing with your own accounts. Either way, it's likely that you could be getting a better service for your money, and the DIY approach is probably taking up much of your spare time.
Our specialist team of accountants is trained to deal with every aspect relating to the accounting and tax needs of pharmacists. Your tax and accounts will be in the best shape ever, and you'll gain a lot more free time!
If you are a self-employed pharmacist or you run a pharmacy as a limited company, then hiring a specialist accountant is a wise choice.
What makes Auditox Accountancy different? Like all highly-qualified chartered accountants, each one of our accountants has extensive experience in a specialist area, enabling them to offer advice that other, less qualified accountants can't.
Hiring a dedicated locum accountant for pharmacists from Auditox will make your business more efficient, give you more free time, and will save you money.
We also offer our expertise to other locum medical professionals, so get in touch with us to chat about your particular needs, and we'll build a plan that's tailored to your specific circumstances.
For a small monthly fee, you'll have professional assistance and advice whenever you need it. Your accounts will be in great shape, and we'll play our part in helping your business to thrive.
Pharmacists face unique financial complexities, such as inventory management, NHS reimbursements, and pharmacy-specific tax obligations. Specialised accounting services are tailored to navigate these nuances efficiently, thus maximising financial performance and compliance.
An accountant specialised in pharmacy can guide pharmacists through specific tax incentives, deductions, and credits, such as those related to medical supplies and equipment. This specialised knowledge can result in substantial tax savings and risk minimisation.
Yes, specialised accountants can significantly simplify the audit process by ensuring all financial records are accurate and compliant with industry-specific regulations. They can also provide valuable insights for remedial actions post-audit.
An accountant can offer invaluable assistance in drafting financial projections, budgeting, and capital allocation strategies tailored for pharmacies. Their expertise aids in making well-informed business decisions that align with industry norms and opportunities.
Pharmacists face unique financial complexities, such as inventory management, NHS reimbursements, and pharmacy-specific tax obligations. Specialised accounting services are tailored to navigate these nuances efficiently, thus maximising financial performance and compliance.
An accountant specialised in pharmacy can guide pharmacists through specific tax incentives, deductions, and credits, such as those related to medical supplies and equipment. This specialised knowledge can result in substantial tax savings and risk minimisation.
Yes, specialised accountants can significantly simplify the audit process by ensuring all financial records are accurate and compliant with industry-specific regulations. They can also provide valuable insights for remedial actions post-audit.
An accountant can offer invaluable assistance in drafting financial projections, budgeting, and capital allocation strategies tailored for pharmacies. Their expertise aids in making well-informed business decisions that align with industry norms and opportunities.