Accountants for Pharmacists
Specialist accountants for locum pharmacists, pharmacy owners, and dispensing businesses — tax, VAT, and accounts handled properly.
Pharmacy Accounting Is More Complex Than Most Accountants Realise
Whether you’re a locum pharmacist working across multiple sites, or an owner running an independent or group pharmacy, your finances aren’t straightforward. NHS income, private dispensing, retail sales, zero-rated and standard-rated VAT, staff payroll, and the decision of whether to operate as a sole trader or limited company — there’s a lot to get right. Magnum Accountancy works with pharmacists across the UK, handling all of it so nothing gets missed.
Self Assessment for Locum Pharmacists
Most locum pharmacists are self-employed — which means self assessment, keeping on top of expenses, and making sure you’re not paying more tax than you need to. We handle your annual tax return, calculate your allowable expenses, and advise on the most tax-efficient way to structure your income — whether you’re working through an agency, directly for pharmacies, or a mix of both.
- Self assessment tax return preparation and submission
- Allowable expenses — mileage, CPD, professional fees, equipment
- Sole trader vs limited company advice
- Payment on account planning so there are no surprises
Accounts & Tax for Pharmacy Owners
Running a pharmacy — whether independent, part of a group, or a dispensing practice — means juggling NHS contract income, retail sales, private services, and the associated costs of a regulated healthcare business. We prepare your annual accounts and corporation tax return, and advise on profit extraction, director’s salary, and dividends to make sure you’re keeping as much of what you earn as possible.
- Annual accounts and corporation tax return
- NHS income reconciliation and reporting
- Director’s salary and dividend planning
- Year-round tax planning — not just at year end
VAT — the Part Most Pharmacy Accountants Get Wrong
Pharmacy VAT is genuinely complex. NHS dispensing is exempt, OTC medicines are zero-rated, and other retail products are standard-rated — all potentially running through the same till. Getting the VAT treatment wrong means either overpaying or underpaying, and both cause problems. We make sure your VAT returns correctly reflect the split across your income streams and that you’re on the right VAT scheme for your business.
- VAT return preparation and submission
- NHS exempt vs zero-rated vs standard-rated income correctly split
- VAT scheme advice — flat rate, standard, partial exemption
- VAT registration advice as turnover grows
Bookkeeping & Monthly Management Accounts
A pharmacy with multiple income streams — NHS, private, retail — needs bookkeeping that keeps those streams properly separated. We handle your monthly bookkeeping and produce clear management accounts so you always know where the business stands. No surprises at year end, and a clean picture of profit month by month.
- Monthly bookkeeping across all income streams
- Bank reconciliations and supplier payments
- Monthly P&L and balance sheet
- Cash flow reporting and forecasting
Speak to a Pharmacist Accountant Today
Whether you’re a locum just starting out or an established pharmacy owner, we’ll give you a straight answer on what you need. No obligation.
Daxa Khunti — Managing Director
📞 01223 297374 | ✉️ daxa@magnumaccountancy.com