Retail pharmacy business support services

Bookkeeping can be a drain on time and resources - however it is one of the most important tasks that needs to be kept on top of.

Most pharmacies are in a VAT-reclaim position and so Monthly VAT Returns are more beneficial for cashflow. Our pharmacy department can handle all of the bookkeeping and prepare the VAT Returns every month, we’ll also process the FP34 Schedules from the NHS into the accounting system so that income is reflected in the relevant dispensing month.

We utilise the latest cloud accounting software to make the bookkeeping processes as efficient as they can be giving pharmacy owners the time they need to work on other areas of the business. We provide pharmacy owners with online access to their accounts and profit & loss reports.

Our payroll bureau can take away the burden of administration, especially with the recent introduction of Real-Time Information (RTI) by HM Revenue and Customs.

We are BACS-accredited and can therefore make direct payment to your employees from your bank account, if you require, saving you additional time and administration.

Auto-Enrolment requires all employers to enrol their staff into a workplace pension scheme. As part of our payroll service, our team will ensure that you are fully compliant with the Pensions Regulator.

We provide your staff with secure online payslips and P60s and can even provide the pharmacy owner with an online dashboard to enter employee hours and pay changes directly into our systems.

Management accounts are the fundamental tools to allow business owners to make informed decisions. There are generally two reasons why they are needed:

1. for the business owner’s own insight into the current performance of the business
2. to satisfy Banks or Other Lender’s requirements.

Our pharmacy department can assist in the preparation of management accounts for your pharmacy business. Our knowledge and expertise in the retail pharmacy sector means that our specialist team can analyse your management information in detail, giving you prompt insights into the development of your business including benchmarking against other pharmacies of a similar size and type.

We can provide you with KPI reports to help you improve the performance of your pharmacy business and to review the areas in which you are performing well, as well as those where some improvement will help boost profits.

HM Revenue & Customs Making Tax Digital (MTD) project is already underway. VAT Registered businesses in the UK must submit their VAT Returns directly through software.

In the coming years this will be rolled out to other taxes. The next stage is for Sole Traders, Partnerships and even Buy to Let Landlords from April 2022 for Income Tax.

From April 2022 these businesses must not only submit VAT through software, but they must also submit figures to HMRC every quarter. It is not a case of submitting an online form. The figures must come from software and there must be direct link to the underlying transactions.

Further down the line, HMRC will introduce this for Corporation Tax so all Limited Companies will also need to use commercial bookkeeping software and upload figures to HMRC quarterly.

Using our UHY pharmacy bookkeeping team will ensure that you are already compliant before this is a requirement.