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Big Red Book Accounts v5

Pharmacy VAT Scheme

Pharmacy VAT Overview

Important Notice

The owners, partners or directors of a business are solely responsible for the making of correct VAT returns

to the Revenue Commissioners.

Big Red Book

accepts no responsibility for errors arising from the use of

this program for the calculation of VAT liabilities.

For Pharmacist, like other retailers, it is generally impractical to identify and record the VAT element on

each sale. The Revenue Commissioners have therefore approved a scheme to apportion sales between the

different VAT rates based on purchases made at these rates. The basis of this scheme is the application of

% Mark-up rates to purchases of the stock which makes up the sales. The % Mark-ups are those agreed

between the Pharmacist, his/her Accountant and the Revenue Commissioners.

As some of the calculations involved in applying this scheme can be complex and time-consuming, the

Big

Red Book

contains a module which in making the calculations.

A Pharmacist’s Cash Receipts for a VAT period typically consist of the following elements:

a) Shop sales of a general nature for which it is impossible to identify the VAT breakdown

b) Receipts from the Health Board for goods supplied to persons on long term benefits schemes

(DCSS/LTI)

c) Receipts under the GMS scheme whereby Pharmacists supply goods to medical card holders and

are paid by the relevant Health Board

d) Oher categories of sales for which it is possible to identify the VAT element, e.g. Salon,

Photography etc.

The Revenue Commissioners’ Pharmacy VAT scheme is designed to calculate the VAT element for

categories (a) and (b) only. The other categories must be included in VAT calculations but do not have to be

apportioned using the special calculation scheme since their VAT elements can be calculated directly.

In the case of the GMS [item (c)] a Mark-up and VAT element is built-in to payments the HSE make to

Pharmacists. The VAT amounts contained in these payments are therefore known and need not be

calculated using the apportioning method. This information is contained on the GMS print-outs sent to

Pharmacists by the HSE. It should be entered into the

Pharmacy VAT Calculations

section of the

Big Red

Book

to allow its inclusion in the VAT3 report.

In the case of sales for, say, Salon and Photography [item (d)] the Pharmacist is expected to keep his/her

own separate records of purchases and sales. These figures would be entered as a separate category in

the

Big Red Book

as part of

Pharmacy VAT Calculations

and the VAT element on sales calculated by

“netting down” the gross sales.

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