Gone are the days when an accountant’s role was limited to simply crunching numbers, balancing books, and ensuring tax compliance. In today’s fast-paced, ever-evolving pharmacy industry, the role of the modern pharmacy accountant has expanded significantly. Today’s pharmacy accountants are not just number crunchers – they are strategic advisors who play a pivotal role in shaping the future of your business.

VAT (Value Added Tax) is a complex area of tax for many businesses, and for pharmacy owners, it can be particularly tricky. Understanding the difference between zero-rated, exempt, and standard-rated supplies is crucial for ensuring your pharmacy remains compliant and maximizes its financial potential.

As the financial year comes to a close, it’s crucial to take stock of your pharmacy’s financial health and ensure that everything is in order for the upcoming year. Year-end preparations can seem daunting, but with a clear checklist, you can streamline the process and ensure that your pharmacy enters the new financial year on solid footing.

As a pharmacy owner, a significant portion of your revenue likely comes from NHS-related income streams. Whether it's through dispensing prescriptions, delivering services like flu vaccinations, or other NHS-funded services, maximizing your NHS claims can make a considerable difference to your pharmacy’s cash flow.