Clear and hassle-free advice for pharmacists

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
• Locums
• Tax planning for Pharmacies

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