What should we consider when setting up an EU subsidiary?

You’ll need to look at more than company formation. Tax, VAT, transfer pricing and the way goods move between the UK and EU can all affect the structure. We’ll help you understand the financial implications before you commit.

How should we account for pharmaceutical stock?

Accurate stock records are essential when you’re dealing with expiry dates, batch controls and changing product costs. We can help you value stock consistently, account for obsolete items and produce management information you can use to make decisions.

Can a pharmaceutical company claim R&D tax relief?

Potentially. If your team is working to resolve scientific or technological uncertainty in a development project, some qualifying costs may be eligible. We’ll review the work and supporting records before advising whether a claim is appropriate.

Why might a business opt for a voluntary audit?

A voluntary audit provides independent assurance to external stakeholders such as investors, lenders, or potential buyers. It strengthens financial credibility, helps detect internal control weaknesses early, and prepares growing companies for eventual statutory thresholds or sale.

When does a UK company legally require a statutory audit?

Under current UK legislation, a private limited company usually requires a statutory audit if it exceeds two or more of the following thresholds for two consecutive financial years: annual turnover of £10.2 million, gross assets of £5.1 million, or an average of 50 employees.

Audit

The purpose of a statutory or voluntary financial audit is to provide an independent evaluation of your business’s financial statements, ensuring they offer a true and fair view of your financial performance.

What accounting records must a pharmaceutical business keep?

Pharma businesses must keep records of sales, purchases, payroll, VAT, and stock. Limited companies must file with Companies House and HMRC, and records support R&D Tax Credit claims.

Is VAT charged on pharmaceutical products in the UK?

Prescription medicines are zero-rated for VAT, while OTC medicines and supplements are standard-rated at 20%. Mixed supplies require careful VAT treatment per product line.

R&D Tax Credits

If you incur costs in developing products, processes or services we can help you receive a corporation tax deduction or cash payment from HMRC.

Management Accounts

With nearly five decades of experience across several industries, we can analyse your business finances as specialists in this field of accounting.

Forecasting & Budgeting

One of our chartered accountants will handle your cash flow forecasts and budgets helping you achieve real-world financial insights.

Bookkeeping

Accounting and bookkeeping are important, but they don’t have to be a hassle.