Accountants for Pharmacists
This article provides the information you need about tax filing as a practicing locum pharmacist or as a limited liability company. The possibility of a tax office investigation into your business account is a constant possibility. This is why your books should be in order all the time.
What are the filing dates for pharmacists?
Self-Assessment is a system run by HM Revenue and Customs to collect income tax. Self-employed or locum pharmacists must report their income using the self-assessment tax return. You need to fill it at the end of the tax year it applies to. The tax year ends April 5. However, if you are filing online the deadline is January 31. If you did not file one for the previous year, you have to wait for 20 working days as you need to register first.
What are the allowable expenses?
Your allowable expenses are all the costs of running your business. These include everything from postage to utilities. Here is a list below:
2. Travel Expenses
3. Industry specific subscriptions and licenses
4. Stationery and postage
6. Internet access
You must make sure to keep receipts for all these expenses to claim them as allowable expenses.
What type of accountancy services do pharmacists need?
You need different accountancy services depending on if you are a locum pharmacist or run as a company. As a locum pharmacist there are several online options for you like small business software like Quickbook or Waveapps help self-employed to keep meticulous accounting records and take very little time to learn to use and update.
However both locum pharmacists and companies can use verified online accountants. If you have a larger organization you would do best hiring an accounting firm to keep your books straight.
Choosing an online accountant
If you decide on an online accountant, keep in mind that you have to be able to trust this individual with the reputation and well-being of your company. Do not be sloppy when vetting your accountant. Do Google searches on the accountant and look for reviews on their services on LinkedIn.
You can also check that their experience is in your industry and how many years they have offered their services. Another key factor is the software and tools the service uses. Ask them. Also pay attention to their response times and working hours.
Last but definitely not least, check that there qualifications are legitimate. Keep an eye out for accountants who are not accredited. Weed them out. Accountants without accreditations are not dedicated accountants.
Choosing the right accountants in London or Manchester
Location is important when you want to choose an accountant. If hiring an accountant online does not sit well with you, then you can go ahead and choose an accountant in London or Manchester. You can support the local economy in that way by hiring certified, highly trained book keepers.
For you to choose the right accountant for your business it boils down to three things. The person or company providing the service, their processes and the technologies they use. Focus on these three qualities and look for an accountant who has integrity and is dependable.