Accountancy Services for Independent and Community Pharmacies
"We are delighted with the service RA Accountants have offered us.
RA Accountants have designed our internal systems – and on a day-to-day basis deal with all our accounting issues (Book keeping, PAYE, NIC, VAT etc) which allows us to get on with the running of our four pharmacies.
Their tax planning advice has been invaluable – both corporate and personal. Revising our tax structure has reduced our tax burden, plus we have been able to take advantage of various tax reliefs available.
And as we have grown, RA Accountants has helped us with our expansion structure and our planning ahead for the future – and have given us sound advice when we have been making entrepreneurial decisions to grow our business."
Prash Patel
Enova
RA Accountants can help you manage the day to day financial affairs of your business by offering a full range of accountancy services, including: -
Audit For Pharmacies
Pharmacy businesses with a turnover of £5.6m and a balance sheet of £2.8 million will require an audit. At RA Accountants, we view company audits as a useful opportunity to monitor the level of financial control within your business as well as being compliant with the relevant legislation. We will review your existing systems and suggest ways in which any identified weaknesses can be rectified.
Accounts Preparation for Pharmacies
We can help the preparation of your accounts, ensuring that you receive a tailored, efficient service that complies with current legislation. We can provide you with management accounts and help with your budgeting process.
The law requires that all businesses must keep accurate financial accounts for six years. However, we believe that producing accurate accounts ensures that you are better informed about the performance of your pharmacy business. If required, we can develop a set of key performance indicators (KPIs) suitable for your pharmacy business, which should help you make better decisions. The KPIs will help you have a clear picture of your current position, where your opportunities lie and where you could potentially cut costs.
Book Keeping Service for Pharmacies
Keeping up to date with your book-keeping as your business grows can be daunting. By outsourcing your book keeping, not only can you free up valuable time, but you could reduce your costs and increase your business flexibility.
Our book keeping service includes: -
- Book Keeping
- Bank Reconciliations
- Creditors Ledger
- Debtors Ledger
- All other control accounts
VAT for Pharmacies
Understanding VAT rules and their impact on your pharmacy business can be complex. At RA Accountants, we provide advice and complete VAT returns for many of our clients.
Our complete VAT service includes: -
- Registering for VAT
- Completion of your regular VAT returns
- Negotiations with HMRC to reduce your VAT assessment
- Where appropriate, assisting your cash flow by negotiating a payment plan
Payroll Service for Pharmacies
The legal requirements of payroll administration are becoming increasingly complex. Your pharmacy business could save time and effort by outsourcing your payroll services, allowing you more time to concentrate on your growing your business.
Our payroll service includes; -
- Inland Revenue Registration
- Production of Pay Slips
- Calculation of tax and National Insurance Liabilities
- Compliance with statutory sick pay, maternity pay regulations
- Employer Compliance Issues, such as P11D Returns of Benefit in Kind
- Submission of Annual P60/P14 to HMRC
Company Formation and Statutory Matters for Pharmacies
RA Accountants can take the headache out of your company secretarial requirements.
Our Company Secretarial service includes: -
- Company Formation and registration of your new company with the Registrar of Companies at Companies House
- Filing regular statutory documents,
- Monitoring and Filing annual returns
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