Welcome to Audtax, specialist accountants for pharmacies & locum pharmacist professionals
Are you looking for a specialist accountant who understands your sector and can offer in depth knowledge for long term financial security?
We work with pharmacists on a daily basis giving finance and tax advice. We have the right amount of expertise to give information on opportunities in the sector to reduce tax liability and maximise earnings.
Why is accounting important for pharmacists?
Accounting is an important thing for pharmacists. Your pharmacy might be a company and you need help with all of the services that come along with that. From assistance with finances and taxes to giving ongoing support.
There will be lots of different aspects to your business and multiple things to manage, from expenses to accounts. The business will need plenty of specialist accounting support from tax planning to understanding exemptions, which can all add value.
If you are self-employed or a locum pharmacist, it is still important to have a good accountant behind you to ensure you are accessing as much financial knowledge as possible with aspects like tax and National Insurance. Therefore you need pharmacy accountants who are specialists in healthcare sector – just like us!
Audtax accounting services for pharmacists
From our London offices, we offer a wide range of services to pharmacists of all different types. These will be different depending on your needs and the type of situation or business you have.
Here are some of the services we can offer:
- Preparation of Annual Accounts
- Preparation of Corporation Tax Return
- Payroll Services
- Monthly & Quarterly Management Accounts
- VAT Advice
- Bookkeeping Services
- Personal Tax Planning
- Self-Assessment Tax Return
- Tax Efficiency Advice
- Pension Advice
- Capital Gains Tax Planning
- Property Tax Advice
Our accountants have the expertise to offer to pharmacists running or working with both small and large operations. It is this professional knowledge and experience that keeps our clients coming back to us time and time again.
How much tax do locum pharmacists pay?
Locum pharmacists pay tax based on their situation, so either as self-employed or as part of a limited company. It is not related to the pharmacy or pharmacies they work in.
If self-employed, they would complete a tax return and pay tax as self-employed people in any line of work that they do.
If they are part of a limited company, then there is the option to be paid a small wage and take the other part of income as dividends. This is highly tax efficient and also gives you your state pension credit. We often find our pharmacy clients choose this option and we are happy to advise on this. This may work for some clients but may not be beneficial for others so please speak to our advisors.
As a specialist pharmacy accountants, we can help you reduce your tax liabilities with our tax planning services.
What is the difference between a locum and a pharmacist?
A pharmacist typically works in a single pharmacy and is likely to be the pharmacy manager or share the role with another pharmacist.
A locum pharmacist travels around and covers a variety of pharmacies due to staff illness, injury or holidays. They cover all the same pharmacy jobs, give the same great client service and dispense drugs in the same way as a regular pharmacist would, but they do not manage the pharmacy.
A specialist team of pharmacy accountants can make an impact on the finances of both healthcare professionals.
Can a pharmacist be self-employed?
Working privately or for the NHS, a pharmacist can be self-employed.
Like many doctors and locum doctors, they might normally do this under a limited company. However it is perfect possible to do this as self-employed instead. It is a matter of what is best finance wise for you and your business and our team of accountants can offer advice on this if helpful.
Self-employed pharmacists usually pay income tax and NI on their profits, while companies only pay corporation tax (although director will have to pay dividend tax but it can be reduced).
Can a pharmacist set up private pension?
Yes setting up private pension as self employed or under company is not difficult and we can advice you on that.
Can I do some work as self-employed and some from my company?
Yes you can work as self-employed and can also work through company. We understand that some jobs require you to work as self-employed therefore it is completely fine. However we recommend getting advice from specialist pharmacy accountant like AudTax on how to structure your payments to minimise your tax liabilities.
Can I use my savings to invest in to property?
Yes you can use your personal savings to invest in to property or you can use money in your company to invest in to properties. However you should pay attention to how this will affect your future tax bill therefore we recommend getting professional advice from our team first.
Can I have more than one shareholder in my company?
Yes you can have more than one shareholder in your company. It can be your business partner or your wife. Careful consideration needs to be given before giving shares to anyone as this could give rise to capital gains tax.