Sector Summary ― Pharmacies

Produced by Tolley in association with

Value Added Tax

Guidance

Introduction to the sector

Pharmacies represent one of the most complex sectors from a VAT perspective. The way that pharmacists operate mean there is a myriad of issues to consider, ranging from the way pharmacies receive funding, to the range of liabilities that can apply to standard operating models.

This guidance note includes a summary of the way the sector works and covers off the key VAT issues that need to be considered. It provides a starting point for advisers preparing for a meeting with clients which operate in this sector.

Pharmacies ― how do they operate

Pharmacies will operate either as a community pharmacy or a hospital pharmacy. Hospital pharmacies are based in both NHS and private hospitals, and dispense medication to both in-patients and out-patients, often working alongside doctors and nurses to find the best course of medication for a patient.

Community pharmacies can be found on the high street serving the local community, and usually operate as a retail business alongside the dispensing of medicines.

How

Continue reading the full document

To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+™

TAKE A FREE TRIAL NOW

Popular Articles

Owner-Managed Businesses

Residential property and capital allowances

Residential property and capital allowancesResidential property ― plant and machinery allowancesOrdinary residential property does not, and never has, qualified for capital allowances. as CAA 2001, s 35 denies plant allowances for expenditure incurred in providing plant or machinery for use in a

14 Jul 2020 17:14 | Produced by Tolley in association with Martin Wilson and Steven Bone Read more

Personal Tax

Enterprise management incentive schemes

Enterprise management incentive schemesWhat is an enterprise management incentive (EMI) scheme?The enterprise management incentive (EMI) scheme is a tax-advantaged share option employee incentive scheme aimed at small entrepreneurial companies that meet certain conditions. It is designed to assist

14 Jul 2020 11:36 | Produced by Tolley Read more

Employment Tax

Parking provision and expenses

Parking provision and expensesCar parking facilities at or near to the employee’s workplaceThere is an exemption from tax and NIC where an employer provides parking, or pays for or reimburses an employee for the costs associated with car parking at or near the place of work; there are no reporting

14 Jul 2020 11:09 | Produced by Tolley Read more

��˾��ҹ��