½Û×ÓÊÓƵ

Sector Summary ― Pharmacies

Produced by Tolley in association with
Value Added Tax
Guidance

Sector Summary ― Pharmacies

Produced by Tolley in association with
Value Added Tax
Guidance
imgtext

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+â„¢
Powered by

Popular Articles

Group relief for carried-forward losses

Group relief for carried-forward lossesThis guidance note examines in detail the relief available to groups for carried-forward losses. The scope excludes the treatment of specialist businesses such as banks, insurance companies and oil and gas companies.From 1 April 2017, companies can surrender

14 Jul 2020 11:50 | Produced by Tolley Read more Read more

Taxation of dividend income

Taxation of dividend incomeIntroductionA dividend is a distribution of profit by a company to its shareholders.A dividend is not only a payment in cash. It can be the issue of new shares in exchange for forfeiting the right to a cash payment (a stock dividend). For more detail, see the Cash

14 Jul 2020 13:48 | Produced by Tolley Read more Read more

Gilts

Gilts‘Gilts’ are securities that are also known by a number of different names (eg gilt-edged securities, Government securities or treasury stock).The Government sells gilts to fund the deficit between public spending and tax receipts. Normally, the Government pays interest to the holder of the gilt

14 Jul 2020 11:48 | Produced by Tolley Read more Read more