Running a pharmacy is not like running a typical small business. You are dealing with NHS contract income, dispensing fees, stock that needs to be valued correctly, staff costs, and a mix of VAT rated and VAT exempt sales, all at the same time. Most accountants are not familiar with how this works. We are. We support independent pharmacy owners across the UK who want an accountant that understands what they are dealing with from day one.
We cover all the financial tasks that take up your time and carry the most risk if they go wrong.
We track all your income including NHS payments, private sales and over the counter retail, and match it against your costs each month so you always know where you stand financially.
Pharmacies deal with a mixture of VAT exempt and standard rated sales. We make sure your VAT return reflects this correctly each quarter, so you are not overpaying or underpaying.
Whether you have two members of staff or twenty, we run your payroll each month, handle all the HMRC submissions and make sure your team is paid correctly and on time.
We prepare your annual accounts and tax return, making sure your stock is valued correctly, all allowable costs are claimed, and your tax bill is as low as it legitimately can be.
We give you a clear view of where your money is going each month, which services and product lines are most profitable, and where there is room to improve your margins.
We make sure all your deadlines are met, all submissions are accurate and you are never at risk of a fine or an HMRC investigation due to an avoidable error.
We become your finance function, not just your once-a-year accountant.
Monthly or quarterly updates so you always know your profit position
All deadlines managed for you so nothing is ever missed or filed late
Someone to call when you have a question, not just at year end
Tax planning throughout the year so your bill at year end is never a surprise
NHS income comes in through the Drug Tariff and is calculated based on the number of items dispensed, the fees attached to each item, and various adjustments that change month to month. On top of that you have retail sales with different VAT treatments, locum costs to manage, stock that needs to be counted and valued at year end, and a payroll that often includes part time staff on different pay rates.
If your accountant is not familiar with this, errors creep in. VAT gets miscalculated. Stock is valued incorrectly. NHS income ends up in the wrong place on your accounts. None of these are catastrophic on their own but they add up, and they can result in you either paying too much tax or falling short of what HMRC expects.
Something we often see pharmacy owners who have been with a general accountant for years and are paying more tax than they need to simply because certain pharmacy specific costs and allowances have not been claimed correctly. A review of your last two or three years of accounts can often identify significant savings.
Expert Chartered Certified Accountants helping UK businesses protect and grow their income.
Friendly support from a local team that understands your business. Book your free consultation today and take the first step towards financial clarity and peace of mind.
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74 St James Road, Blackburn, BB1 8ET
We work with clients across the UK, so you can get support wherever you are
