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.

Running a successful pharmacy requires more than just delivering great customer service and providing quality healthcare. It also involves understanding the financial health of your business and knowing when the time is right to scale. Expanding your pharmacy can be an exciting and profitable step, but it’s important to ensure that your financial foundation is solid before diving in.

Capital allowances allow you to claim tax relief on the cost of certain capital assets used in your business, such as equipment, furniture, and even the cost of renovating or improving your pharmacy premises.

Unfortunately, many pharmacy owners miss out on valuable tax savings by not claiming all the capital allowances they are entitled to. In this post, we’ll explain what capital allowances are, which assets qualify, and how you can ensure you're making the most of them.

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, you rely on your accountant to manage the numbers, ensure tax compliance, and keep the books in order. But in today’s competitive and complex market, your accountant should be doing much more than that. While basic accounting services are essential, there are key areas where your accountant can provide strategic value that you may be missing out on.

As a pharmacy owner, you’re no stranger to managing a variety of expenses—inventory, rent, staffing, utilities, and more. But what about the hidden costs that might be lurking in your pharmacy's finances? These are the types of expenses that often fly under the radar but can add up quickly, eroding your profits over time.

At Pharmatax, we help pharmacy owners stay on top of their tax obligations, ensuring they comply with HMRC regulations without the added stress. In this post, we’ll break down what HMRC expects from your pharmacy and provide practical advice to help you stay compliant.

when it comes to paying locums, pharmacy owners often face a key question: should they treat their locums as employees under PAYE (Pay As You Earn) or as self-employed contractors?

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.

Whether you’re looking to buy a pharmacy or sell your existing one, the process is often complex and filled with financial hurdles that require careful planning and attention.