The Super Deduction Tax Scheme: How Can It Benefit Your Pharmacy?
If you’re facing challenges within your pharmacy, such as prescription dispensary inefficiency, dissatisfied customers, or stifled business growth, it may be time to look for solutions.
If you’re thinking of investing in new tech or automation, you may be able to benefit from the government’s Super Deduction Tax Scheme, which was recently extended to March 2023.
What is the Super Deduction Tax Scheme?
The scheme is a first-year capital allowance scheme that applies to companies investing in qualifying assets.
It was created to encourage companies to invest in assets that will benefit their business growth, whilst cutting their tax bill.
It works by giving your company 130% capital allowance on assets obtained via the scheme. This can result in an approximate saving of up to 25p for every £1 spent.
How can it benefit my pharmacy?
Super Tax Deduction applies to purchases of “plant and machinery assets”, which may sound like it’s irrelevant to your pharmacy, but it does include equipment and even supplies like desks, chairs and computers. You can check what you can claim on online, but if you’re still unsure, speak to an expert and seek further advice before you buy.
If you’re thinking of making changes in your pharmacy, introducing automation, new technology or simply giving your space a refresh, it’s definitely worth looking into.
Why could now be the time to invest?
The last few years have really highlighted patients’ desire for safe and efficient services in pharmacy environments. Pharmacy users’ behaviour has shifted hugely, and in some areas the local community are relying on local pharmacies to provide care more than ever.
If you’re forward thinking and planning for the future of your pharmacy, you’ll know that efficient services can help improve the productivity of staff. Further efficient systems can also highly benefit your customers and encourage loyalty
If you decide to invest in automation, you can help minimise error, whilst improving safety for your team and patients. You’ll also be able to shift focus to quality patient care as you’ll spend less time completing manual tasks like retrieving prescriptions.
If the last few years has taught us anything, it’s that things can change very suddenly and now could be the perfect time to future proof, whilst ensuring your pharmacy stands out against competitors.
How can we help?
We know significant investments can seem very daunting, but if you’d like to find out more about the benefits a MedPoint could bring to your healthcare organisation, we’d be happy to have a chat!
Save time and resource
Automating prescription collections allows pharmacy staff to spend less time retrieving dispensed prescriptions and reduce patient waiting times.
Increase your market share
Get ahead of the curve and attract new patients by being the first in your area to offer 24/7 prescription collection