UK Pharmacies are our priority customers

Our Duties, Expectations and Limitations

RX Virtual Finance specializes in providing professional, outsourced accounting services tailored exclusively for pharmacies across the UK. Our offerings include bookkeeping, payroll management, tax assistance, and strategic CFO support. By leveraging cloud-based platforms like Xero, we ensure compliance with UK financial regulations while delivering seamless and efficient solutions.

We emphasize clear communication, accurate documentation, and mutual understanding to uphold service quality. While we strive for transparency and excellence, clients play a crucial role in ensuring timely and accurate submissions.

• Effortless compliance, guaranteed clarity
• Expert guidance, tailored solutions

Welcome to RX Virtual Finance! This page outlines the scope of our services, the process we follow, the expectations we set for our clients, and the limitations of our work. It is designed to ensure clarity and mutual understanding while safeguarding both our clients and our business.

Scope of Our Services

RX Virtual Finance is a virtual, outsourced accountancy firm providing professional services exclusively to pharmacies across the UK. Our offerings include:

• Bookkeeping: We maintain your financial records in compliance with UK financial accounting regulations, using cloud-based platforms like Xero for easy access and reporting.
• Accounting and Payroll: Preparation of company accounts, payroll management, and compliance with applicable laws.
• Tax Assistance: Assistance with corporate tax filings (CT600), personal tax filings, and tax advisory services.
• Part-Time CFO Support: Strategic financial guidance tailored to your pharmacy’s unique needs.
• Locum and IR35 Support: Reviewing IR35 compliance and assisting locums or pharmacists with their tax obligations and advisory needs.

Our Process

1. Client Onboarding: We initiate every client relationship with a clear explanation of the steps involved in delivering our services. Clients are encouraged to seek further clarification if needed.
2. Document Submission: All our work is based on the information and documentation provided by the client. It is the client’s responsibility to ensure the accuracy, completeness, and timeliness of the documents submitted.
3. Communication: Effective communication is vital. We expect clients to respond to queries and provide explanations as required via phone, online meetings, or other digital communication channels.
4. Compliance and Reporting: We strictly adhere to UK financial and tax regulations. Our team ensures that your financial records are accurate, accessible, and compliant.
5. Deliverables: Once the required work is completed, we deliver the output in the agreed format, such as financial reports, tax filings, or advisory notes.

Client Responsibilities

ToTo ensure seamless delivery of our services, clients are expected to:

• Provide Accurate Information: Submit all necessary documentation and information promptly and ensure its accuracy and completeness.
• Communicate Effectively: Be available for discussions, respond to queries, and provide clarifications promptly through agreed-upon communication channels.
• Understand Processes: Review and understand the processes explained by our team. Clients should ask for further clarification if any aspect remains unclear.
• Meet Deadlines: Adhere to timelines for document submission and feedback to prevent delays in service delivery.
• Comply with Legal Obligations: Ensure their own compliance with UK laws and regulations, as we act based on the information provided.
• Review Work Outputs: Review the deliverables provided and promptly notify us of any discrepancies or concerns.
• Third-Party Sharing of Data: RX Virtual Finance will not be liable for any actions taken by third parties if data or reports prepared by us are shared by the client with those third parties.

Example: If a financial report prepared by RX Virtual Finance is shared with an investor or another advisor by the client, we are not responsible for any consequences of their interpretation or actions.

Failure to meet these responsibilities may impact the quality and timeliness of our services, and RX Virtual Finance will not be liable for issues arising from such instances.

Limitations of Our Services

While we are committed to providing the highest level of professional service, it is important to set realistic expectations:

• No Guarantees on Tax Savings: While we aim to provide tax-efficient solutions, we do not guarantee any specific amount of tax savings.
• No Engagement in Illegal Practices: RX Virtual Finance strictly adheres to legal and ethical standards. We do not support or engage in tax evasion or any illegitimate activities.
• Liability for Client Miscommunication or Misinterpretation: We rely on the accuracy and completeness of the information provided by the client. RX Virtual Finance is not liable for errors or issues arising from miscommunication, incomplete documentation, or misinterpretation by the client.
• Advisory Nature of Our Services: While we provide advisory services, the final decision-making responsibility rests with the client. Our recommendations are based on the information and context shared by the client at the time.

Indemnity and Legal Safeguards

By engaging RX Virtual Finance, clients acknowledge and agree to the following:

• Indemnity Clause: The client agrees to indemnify and hold RX Virtual Finance harmless from any claims, liabilities, or disputes arising from inaccurate or incomplete information provided by the client.
• Limitation of Liability: Our liability for any service-related claims is limited to the fees paid for the specific service in question.
• Adherence to UK Regulations: Both parties agree to comply with all applicable UK laws and regulations during the course of the engagement.
• Payment Obligations: If payment is not made on time, and all efforts to resolve non-payment issues have been exhausted, we will issue a 14-day notice for late payment. After this period, we reserve the right to initiate legal proceedings. Please refer to your letter of engagement for further details regarding this process.

Disclaimer: This document is for informational purposes only and does not constitute legal or financial advice. Please consult a professional for tailored advice specific to your circumstances.

Frequently Asked Questions (FAQs)

Q: What happens if I miss a deadline for document submission?

A: Delays in document submission may impact the timeline for completing your work. Please notify us as soon as possible if you expect delays.

Q: Can I share the reports you prepare with third parties?

A: Yes, but RX Virtual Finance is not liable for how third parties interpret or act on the information.

Q: What if I don’t understand a process?

A: We encourage you to ask questions. We are happy to clarify any aspects of the process.

Q: What should I do if I foresee payment issues?

A: Notify us immediately if you anticipate difficulty meeting payment deadlines. We will work with you to explore potential solutions.

Ensuring Transparency

We believe transparency is key to building trust. Before commencing work, we explain our processes and expectations in detail. Clients are encouraged to ask questions and seek clarification to ensure they fully understand the scope and limitations of our services.

Dispute Resolution

In the unlikely event of a dispute, we aim to resolve matters amicably through discussion and mutual understanding. If a resolution cannot be reached, disputes will be subject to UK jurisdiction.

Conclusion

At RX Virtual Finance, we strive to deliver high-quality, compliant, and transparent accounting services to UK pharmacies. By understanding our processes, scope, and limitations, we aim to foster a collaborative and productive partnership with our clients.

For any further questions, feel free to contact us directly. We look forward to working with you!