Clear and hassle-free advice for pharmacists
Pharmacy
Clear and hassle-free advice for pharmacists.
Shipleys have been using their specialist knowledge in the healthcare sector for over 10 years. We act for pharmacies of all sizes from small independents to larger groups, as well as GP linked pharmacies and locums.
The industry has seen a surge in growth in recent years, achieved against a back drop of challenges to maintaining and increasing profits. Independent Pharmacy owners need to be proactive in providing more of the advanced and enhanced services on top of the essential services with many pharmacies now providing additional enhanced services to help support and promote dispensing.
Sections
Independent Pharmacies
We are here to help you maximise your income by letting you concentrate on your business. We provide the following compliance services at a fixed price:
• Monthly bookkeeping, VAT and payroll
• Annual accounts
• Corporation tax return
• Personal tax returns
• Unlimited Ad hoc telephone and email advice
As part of our service we will automatically look at and discuss the following areas when we do your accounts:
• GP margin and turnover comparisons to other similar clients
• NHS income v OTC income
• Staff/locum costs
• Net profit margin
• Drawing money out tax efficiently
• Other tax specialist planning advice
We have nationwide coverage and are happy to come and visit you.
Locum Pharmacists
As specialist locum accountants, Shipleys has become the preferred tax and accounts service provider for http://www.pharmacy-forum.co.uk members.
As well as doing your normal tax returns and accounts for the year, we will help with the following:
• If you have not done any planning then you probably are paying over the odds. Call us now to arrange a FREE TAX HEALTHCHECK.
• Sole trader v limited company – which is the best route for you? We will give you a tailored answer as part of our free tax healthcheck.
• Withdrawing money – what’s the best way of paying yourself? Again, if this isn’t done right you could end up being classed as being employed and not self employed under employment status rules and lose valuable tax reliefs
• How to minimise the risk of a tax enquiry using simple techniques.
• Expenses – are you claiming everything you are allowed to claim? We will give you a specially prepared list of expenses for locums.
• Buying a car – which is the best way, personally or through the company?
• Those in the property game – they can explain how you can pay significantly less income tax and capital gains tax on your property investments and dealings.
• Ad hoc telephone and email advice
Tax Planning for Pharmacies
Tax law never stands still and goal posts are always moving. It is crucial that you have the right adviser to guide you through the maze and help reduce your tax bill through legitimate and transparent means.
Shipleys Tax has a number of specialist tax advisers with wealth of experience in the pharmacy sector who can talk to you about the many tax saving opportunities.
We always say the best tax planning is done before a major event in the business so seek advice early in the lifecycle of a transaction. Some areas to consider:
• Buying or Selling a Pharmacy – huge tax saving opportunities both personal and corporation tax
• GP linked pharmacies – tax efficient trading structures
• Reduce inheritance tax on death
• Reduce stamp duty land tax on buying
• Offshore tax planning advice for certain businesses
• Provide property development strategies
• Use of EIS/SEIS and corporate venture vehicles
• Use of LLPs and corporate partnerships
• Asset protection and preservation of wealth
• Estate planning and succession
Latest news & blogs…
IR35 to be repealed
IN A QUITE sensational move, Kwasi Kwarteng has seemingly done away with one of the most maligned pieces of tax legislation: the IR35 rules. Or at least some of it.
Here at Shipleys Tax we briefly look at the one of the most surprising aspects of this now quite eventful Mini-Budget.
IR35 repeal
The Chancellor confirmed workers providing their services via an intermediary vehicle, such as a personal service company, will once again be responsible for determining their employment status and paying the appropriate amount of tax and NICs.
The IR35 reforms will be repealed from April 6 2023 according to the mini-Budget.
The previous 2017 and 2021 reforms to the off payroll working rules (also known as IR35) required that the end client, and not the contractors they hire, were responsible in determining if the working relationship resembles a self-employed engagement or employment. Under existing rules, the fee-paying party (either the end client or recruitment agency) shouldered the liability.
This a hugely welcome reform to a much maligned and flawed area of tax law. It brings some certainty as to who is liable and minimises the risk that genuinely self-employed workers are impacted by the underlying off-payroll rules.
IT contractors, locums and many other service professionals will breathe a sigh of collective relief that a piece of legislation that has had a damaging effect on business and contractors’ livelihoods for the last five years has now been repealed.
More to follow.
Mini-Budget 2022: Back in time?
AS PART OF the new government’s mini-budget, the UK chancellor Kwasi Kwarteng travelled back in time to reverse previously planned tax rises by announcing a raft of tax cuts, including a surprising removal of the 45% income tax rate.
We have highlighted the main points below:
Summary Budget measures
*****UPDATE****
IR35/Off-payroll working
Huge change here – the changes made to the off-payroll working rules from April 2017 and April 2021 will be reversed. From 6 April 2023 the responsibility for determining employment status will revert to the individuals doing the work.
- Income tax
- 45% Additional rate abolished (40% top rate now)
- Basic rate cut to 19% (from 20%)
- both to take effect from April 2023;
- dividend rate reduced (reversing previous hike)
- NIC – April 2022 increase in NIC reversed from 6 November and Health & Social Care Levy scrapped
- Corporation tax to remain at 19% – planned 2023 increase to 25% cancelled
- Off payroll working/IR35 – previous legislative changes to be repealed from April 2023
- Introduction of VAT-free shopping for overseas visitors
- New “Investment Zones” with enhanced tax reliefs and relaxed planning frameworks
- Removal of cap on bankers’ bonuses
- SEIS and CSOP limits to be increased. EIS and VCT reliefs will be extended beyond 2025
- Annual Investment Allowance to stay at £1m for capital allowances
- No stamp duty on first £250,000, for first time buyers that rises to £425,000 – comes into operation today
Our in-depth analysis of the Mini Budget will follow.
Death of The Queen
A SAD, SOMBRE DAY for the UK and Commonwealth.
Most of us have only known the reign of Queen Elizabeth for as long as we can remember. Whatever your views on the monarchy she was arguably a remarkable woman – working tirelessly almost to her last day it seems. Spanning over 70 years she was a constant presence in the background of political, economical and natural change.
In an age where upstanding figureheads are painfully uncommon, she was an inspiration to many; her dignity, humility and graciousness won many hearts here in the UK and around the world. At times the Royal Family was controversial yes, but she was arguably the Queen for the people and the people loved her back.
A personal moment of loss for the Royal Family and many who felt they knew her, an era defining moment for the UK and its future.
Office Closure
Bank Holiday Monday 19th September 2022
As a mark of respect, the Shipleys Tax team will be taking the day off on the day of The Queen’s funeral, Monday 19th September and our office will be closed.
Normal business will resume on Tuesday 20th September.
Testimonials
“We value the close working relationship we have with Shabeer and the specialist teams at Shipleys Tax...(read more)
Dr K, GP Surgery – Yorkshire
“One of the most frequent issues we had with our previous accountants was not being made aware, in advance... (read more)
FM Medical Practice – Manchester
“Accountants seem to promise the earth but don’t deliver do they? Well we found the opposite. Abdul made himself... (read more)
Mrs Khan – JL Healthcare
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