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How Can Pharmacists Cut Tax Bill?

  • Posted 8th September 2015

How Can Pharmacists Cut Tax Bill?

Pharmacists are the ones who dispense medicines and know exactly what to and what not to prescribe to the patients. However, managing finance and cutting tax where applicable, may not be their specialty. If you are a pharmacist and having trouble keeping up with your finance, here is a list of tax saving ideas which can help to make your financial position steady. Pension contributions As a pharmacist, your pension contributions are normally deducted from profits for corporation tax. However, if you deal through a limited company, you need to meet certain criteria. Travel expense claims Today, almost all the business owner uses their vehicles for travelling on business purposes. So, if you also use your vehicle for business travel, you can claim such expense for business mileage allowance and save up to thousands of pounds. Besides, such expenses are completely tax free and are not liable for tax purposes. Capital allowances claims While investing in plant and machinery or furniture, you are entitled to certain claims which are available up to certain limits against your taxable profits. So, whenever you purchase plant and machinery, do not forget to make such claims. Research and development claims Research and development claims are available for the costs incurred in the creation of the innovative products. Thus, if you are developing a new product or service, you are entitled to claim relief on any costs incurred while developing that product or service. If in any cases, you think you have made tax overpayment and owe a tax refund, you can contact HM Revenue & Customs (HMRC) to claim back any overpaid tax paid on your investments or savings. If you want advice in managing your finance in the most tax efficient way, give us a call at 075 1807 5357 to speak to our specialist accountants.

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