On 17th December 2015, it was announced that from October 2016, community pharmacies across England will face a 6% cut in their income. In an open letter to the Pharmaceutical Services Negotiating Committee (PSNC), the Department of Health revealed that the sector will receive no more than £2.63 billion, and so must face a £170 million reduction in 2016/17, as part of ongoing cuts within the NHS.
This will be damaging and has the potential to cause real confusion and chaos in the sector. The community pharmacy sector has predicted pharmacy closures, job losses and worse pay for practitioners as a result of the 6% cut. It has also been outlined that this action by the Department of Health will fundamentally increase the stress and workload faced by pharmacists, whilst decreasing productivity and patient care.
This is in no way confined to the pharmacy sector and pharmacists. Ultimately it will affect everyone who needs to use a local pharmacy.
We know that this is a stressful and will be a concerning time for the community pharmacy sector across England.
At Appleby Mall, we are proud to say that we have been involved with the community pharmacy sector for a number of years. It is a very specialised sector that requires a unique skill set that we have developed over the years. During this turbulent time, we want to offer our bespoke skills and knowledge to all those unsure of what to do next.
By offering a suite of services that, amongst them, ensure that fewer administrative tasks fall on to the practice, reduce the workload of the bookkeeper and ensure that only the minimum amount of legal tax is paid, we intend to make this process a little easier, and less stressful for the community pharmacy sector.
As Xero Accountants, we operate a digital-ready cloud based system. You can access your real-time data at any time, in any place (with an internet enabled device) with the knowledge that security, updates and back ups are all part of the deal. We’re able to monitor, help, review and deal with problems in real time. Your bookkeeping time is reduced, leaving your bookkeeper (or you!) to spend more time on other work, and to consider the business, and how together, we can recover a lot of the 6% reduction.
Our clients are prepared for any tax liabilities well in advance, and can plan for the payment, whatever the amount might or might not be. Wouldn’t it be great to know what tax you might be paying up to 20 months before it is due? We can do that!
We deliver these services on time, every time.
We’ll help by getting you to become more profitable, offsetting the 6% income reduction, and allowing you to get back to what you do best.
If you have any queries or would like some more information, do not hesitate to get in touch.
You can reach us on 01902 42 20 20 or you can get in touch here.
We look forward to hearing from, and helping you soon!