Medics Money podcast: Recent Episodes

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The Medics’ Money podcast helps doctors, dentists and other professionals make better financial decisions. Hosted By Dr Tommy Perkins and Dr Ed Cantelo, who is not only a doctor but also a Chartered Accountant and Tax adviser.

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In part two of the Medics' Money New Doctors' Finance series, Dr. Ed Cantelo sits down with specialist medical accountant Andy Pow to break down the NHS pension.

Topics covered:

What the NHS pension is and how the 2015 defined benefit scheme works
How contributions are calculated (tiered rates, tax relief)
Why the pension isn't invested — how the scheme is funded
Where to check your pension record (Total Reward Statement) and what documents to keep (P60s, P45s, payslips)
Family and ill-health protections built into the scheme
The risks of opting out
Retirement age, early/late retirement, and partial retirement options
Where to find more resources (medicsmoney.co.uk, YouTube)

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Disclaimer:

The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

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Starting a new rotation, or FY1, is exciting, overwhelming, new payslips, and filled with a whole lot of new questions. In this episode, freshly qualified Dr. Sanay Goyal sits down with chartered accountant (and doctor!) Cyra from Medics' Money to break down exactly what every new FY1 needs to know before hitting the wards.

From budgeting your first "grown-up" payslip and building an emergency fund, to understanding ISAs, Lifetime ISAs, and how to make your money work as hard as you do — this is the financial survival guide every new doctor needs as they rotate into their first placements.

Whether you're heading into your very first rotation or just trying to get your finances sorted before day one, this episode is packed with practical tips to set you up for success.

In this episode:

Budgeting tips for your first NHS payslip
Building an emergency fund before you start investing
A breakdown of Cash ISAs, Stocks & Shares ISAs, and Lifetime ISAs
Why saving habits matter most as you head into new rotations

Congratulations to all the new FY1s starting this year — welcome to the profession!

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Disclaimer:

The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

This week, Cyra (a chartered accountant and doctor) interviews Donna Butler, a technical support solicitor at Talbots Law, about why buying and selling property is so slow and stressful. Donna outlines common transactions (sales, purchases, remortgages, transfers of equity, buy-to-lets) and explains the behind-the-scenes parties solicitors deal with. She defines core property searches (local authority, water and drainage, environmental) and optional searches (e.g., mining, agricultural), and distinguishes searches from inquiries raised on contract papers, title, forms, and guarantees. Donna explains how solicitors contextualize results, when indemnity insurance is used or unsuitable (e.g., agricultural occupancy restrictions), and that solicitors act for both buyer and lender. She clarifies exchange vs completion, deposits, fund movements, vacant possession, post-completion steps (stamp duty return, Land Registry, management company notices), common causes of chain collapse, and advises early instruction, quick ID/source-of-funds responses, preparation of documents, and not chasing solicitors daily.

00:00 Welcome and guest intro

01:22 What conveyancers handle

02:42 Mover vs solicitor view

04:55 Property searches explained

08:47 Interpreting search results

11:26 Listed homes and detective work

13:19 Management companies and fees

15:40 Inquiries vs searches

17:42 Indemnity insurance basics

20:56 Mortgage offers and lender panels

24:28 Exchange vs completion

26:39 Exchange Day Reality

27:30 Packing and Planning

28:25 Deposits and Fund Flow

31:32 Completion Day Rules

33:03 After Completion Paperwork

34:54 Speeding Up Your Sale

36:51 Red Tape and ID Checks

38:41 Why Chains Collapse

41:29 Gazumping and Gazundering

44:12 Chasing Solicitors Myth

46:52 Top Tips Recap

49:03 Final Thanks and Wrap

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The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

Cyra (a doctor and chartered accountant) hosts GP Dr Steve Taylor and specialist medical adviser Andy Pow to discuss UK general practice finances. They describe long-term underfunding, noting average practice income rose from £152 to £169 per patient since 2015 but would be ~£209 if it had tracked CPI, alongside rising workload and patients per GP (about 2,000 to 2,300). They explain circular funding changes, staffing pay pressures, the imposed contract, and concerns about advice-and-guidance replacing referrals without extra resource. Andy outlines how the Carr-Hill (global sum) weighting can mean some practices are paid for fewer patients (e.g., 83%), with a review pending that could redistribute money without new investment. They warn of practice closures, rural access issues, private providers buying contracts, low morale (99% contract rejection), and argue for additional funding, autonomy, and proper consultation on reforms.

00:00 Welcome and Guests 02:04 Underfunding Explained 05:05 Contract Uplift Reality 09:04 Car Hill Formula Basics 13:21 Funding Streams and Workload 14:39 GP Workforce Paradox 17:02 Partnership Pressures 20:14 Trust and Investment Case 23:22 Closures and Private Providers 27:09 Morale and Central Impositions 30:25 Contract Positives 33:04 Final Thoughts and Thanks Want the latest financial tips for doctors and exclusive invites?

Join 71,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/ Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want to find out more about our other courses? www.medicsmoney.co.uk/courses Follow us on Instagram Follow us on Twitter Disclaimer: The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

DISCLAIMER: This channel is for education purposes only and does not constitute financial advice and tax allowances and rates are subject to change.

This episode (originally from the GP Practice Finance Course) features Scottish experts Dawn Laird and Colin Malone from Forvis Mazars explaining key elements of the Scottish GP contract and practice finance. They outline NHS Health Board income streams shown on monthly statements, including global sum (the largest), enhanced services, reimbursements, and deductions for seniority and superannuation. They describe how the Scottish workload formula values patients (especially by age, plus uplifts for new registrations and care homes) and note trends of rolling income into global sum, plus Scottish Government plans for £148m recurring funding by 2028–29 focused on workforce, locum cover reimbursement from day one, expense reimbursement, cloud-based telephony, and health inequalities. They review major costs (staffing and premises), practice structures (partnerships, LLPs, limited companies and superannuation implications), premises loans and grants, superannuation processes and opting out considerations, seniority rules, and pension administration via SPPA Engage, McCloud remedy statements, benefit statement timing, and retirement options.

00:00 Welcome and Course Intro

00:47 Meet the Experts

02:04 NHS Income Streams Explained

04:06 Global Sum and Workload Formula

06:51 New Funding and Contract Changes

11:05 Key Costs Staff and Premises

14:45 Practice Structures Partnership LLP Ltd

21:58 Premises Loans and Grants

26:40 Superannuation Basics and Planning

35:44 Seniority Rules and Session Changes

37:13 SPPA Portal and McLeod Updates

42:04 Retirement Options Partial and Return

46:04 Wrap Up and Q&A

Find a Solicitor here: https://medicsmoney.co.uk/medical-solicitor/

Cyra hosts Trish Venables, a solicitor at Talbots Law, to explain asset protection as maximising assets preserved for descendants and shielding them from risks such as divorce, care home fees, and means-tested benefits rules. Trish describes discretionary trusts set up in life or via a will, where beneficiaries have no absolute entitlement, supported by private letters of wishes, helping reduce exposure in divorce and allowing disabled beneficiaries to receive support without losing benefits. She outlines practicalities, including trustee selection, Trust Registration Service registration, and inheritance tax (IHT) implications such as a 20% lifetime entry charge above the £325,000 threshold and the seven-year rule. She warns that putting a home into a lifetime trust while continuing to live there can be challenged as deprivation of assets and a gift with reservation; instead, a will-based life interest trust over a severed 50% share may ring-fence value from care assessments. They discuss gifting from surplus income, and Trish notes NHS defined benefit pensions likely face no immediate IHT change, unlike some defined contribution schemes, pending legislation.

00:00 Welcome and Guest Intro

01:03 What Asset Protection Means

02:23 Trusts for Divorce and Benefits

04:19 How Discretionary Trusts Work

05:45 Setting Up Trusts and IHT

08:23 Care Fees and Home Trust Pitfalls

10:46 Will Planning Life Interest Trusts

12:08 Surplus Income Gifting Strategy

14:16 NHS Pensions and IHT Changes

19:11 Costs and Choosing Trustees

22:13 Final Thanks and Wrap Up

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Disclaimer:

The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

On this episode, Cyra is joined by GP Dr. Steve Taylor and specialist medical accountant Andy Pow to discuss Steve’s difficult experience getting his NHS pension sorted ahead of semi-retirement at 60 under the older scheme. Steve discovered missing years and incomplete details in his pension record after requesting the data held on him, leading to a year of back-and-forth to correct errors, plus complications from the McCloud remedy and an £11,000 adjustment. He also faced delays and confusion in the application process (AW8), including being told he applied too early by three days and receiving little clarity on payment amounts or timing. Andy explains how errors and gaps are common, advises checking records early via My NHS Pension and PCSE Online, and stresses keeping annual statements, returns, P60s, and March payslips.

00:00 Welcome and Setup

00:41 Meet Steve and Andy

02:04 Missing Pension Years

05:06 Applying and Silence

06:29 McCloud Remedy Mess

07:49 Start Checking Early

11:20 How to Check Records

13:47 What Documents to Keep

16:49 Estimating Your Pension

19:12 Wrap Up and Resources

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The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

https://medicsmoney.co.uk/pastest/

In this very special episode, we have exciting news.

Andy Pow hosts this week's podcast with Forvis Mazars healthcare accountants Dawn Laird and Lee Simmonett to explain Making Tax Digital (MTD) for income tax, described as the biggest change since the 1990s and arriving in 2026, with around three-quarters of affected taxpayers not registered. MTD currently applies mainly to self-employed clinicians such as GP locums (and some consultants with self-employed private practice) and to property income; it does not directly affect partnerships or limited companies. The trigger is cumulative income over £50,000 (before expenses), including combined self-employment and rental income, with thresholds falling to £30,000 then £20,000. Recipients must register separately (not auto-enrolled). Quarterly submissions start with the first due 7 August, plus a final declaration; tax payment dates remain January and July. Spreadsheets require bridging software; digital tools like Xero are recommended. Penalties begin next year: one point per missed quarterly submission, £200 at four points, lasting 24 months.

00:00 MTD Shockwave 2026

01:23 Who Must Comply

02:37 Income Thresholds Explained

05:15 Registering With HMRC

06:35 Quarterly Deadlines

07:10 Software Vs Spreadsheets

08:53 Final Declaration Basics

11:40 Penalties And Compliance

16:10 Rental Income Complications

20:12 New Businesses And Voluntary

21:45 Top Tips To Prepare

23:57 Accountant Support Options

26:51 Final Wrap Up

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Disclaimer:

The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

This week's guest: https://nichols.co.uk/

This week we cover how NHS doctors, especially consultants with private work or side hustles, can use a “money box company” (a limited company/personal service company) to bridge the gap to retiring before the NHS pension age and to plan taxes flexibly. Steve Nichols explains that keeping private income in a company can help avoid the £100,000 “tax trap,” preserve tax-free childcare, and legitimately split income by paying a spouse salary/dividends (including NI credits). The conversation covers paying university (but not school) fees via benefits-in-kind for an over-18 child working for the company or via dividends using appropriate share classes. They also explain director’s loan accounts as legal borrowing from the company with interest and Section 455 tax cashflow implications. For higher earners, routing private income through a company can mitigate pension tapering exposure and allow accumulating profits to extract later via members’ voluntary liquidation at lower capital gains tax rates than dividends, subject to anti-avoidance rules and genuine cessation of private practice.

00:00 Retire Before NHS Age

01:41 Money Box Company Basics

03:17 Flexibility And Tax Levers

07:20 When To Set One Up

08:03 Beat The 100k Trap

12:36 School Vs University Fees

19:53 Directors Loan Accounts

27:19 Avoid Pension Tapering

31:05 Liquidation And CGT Exit

35:13 Wrap Up And Warnings

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The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

Tommy and Ed were invited to speak at the Association of Independent Specialist Medical Accountants (AISMA) Conference, then Tommy roamed around finding experts to interview in true Medics' Money style! AISMA chair Lizzie Lloyd highlights sessions on funding, tax and collaboration, advising doctors to focus on upcoming 2026/27 contract changes, budgeting and planning despite limited detail on the new GP scheme and “neighbourhoods.” Medics' Money legend Andy Pow says the conference focus is neighbourhoods but details remain unclear, notes major funding differences across the UK nations, flags Making Tax Digital, and warns uncertainty around the Carr-Hill formula and rising workload from advice-and-guidance and digital access without matching funding. Pete Farrier explains benchmarking, regional and practice-model variance, and improving finances via claims, effective PCN/federation working, and staffing/partnering. Sarah Edwards outlines AISMA’s Next Gen/AISMA Academy training videos for medical accounts. Will Ellis of BW Healthcare Surveyors stresses that ~89% of practices are underpaid on notional rent, offers no-win-no-fee checks, and recommends reviewing every three years.

00:00 Conference Intro

01:27 Meet The AISMA Chair

02:31 GP Contract Uncertainty

04:04 Andy Pow On Funding

06:32 Contracts Workload Pressures

07:56 Benchmarking GP Performance

09:43 Boosting Practice Earnings

11:45 Private Work And Tax Planning

13:49 AISMA Next Gen Academy

16:51 Premises And Notional Rent

19:28 Final Takeaways

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This week, Cyra (doctor and chartered accountant) interviews Cleo Nedd, a personal wealth strategist who helps high-achieving women turn income into lasting wealth and reduce reliance on exchanging time for money. Reflecting after International Women’s Day, they discuss how virtue signaling fails to close ongoing gaps in women’s financial access, confidence, and industry inclusion, shaped by the fact that women have only had independent banking and investing access for just over 50 years. Sarah shares subtle bias she experienced with mortgage brokers, estate agents, and solicitors, while Cleo highlights micro-aggressions, women self-disqualifying, and the male-dominated financial advisory sector. Cleo reframes higher income as requiring “added subtraction,” clearer personal money principles over rule-based advice, and better communication with partners. She also describes teaching children budgeting language and delayed gratification.

00:00 Welcome and Introductions

00:53 FU Money for Women

02:02 Beyond Managing to Owning

04:51 Why IWD Feels Hollow

07:51 Microaggressions in Money

11:52 Industry Barriers and Self Doubt

14:32 Radical Responsibility Mindset

18:38 Holding Wealth as Income Grows

24:12 Money Clarity with Partners

29:07 Principles Over Rules

32:18 Ethics and Investing Choices

34:18 Teaching Kids Money Habits

38:03 Wrap Up and Next Steps

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Disclaimer: The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

Follow @drnatashaholmes on insta and TikTok.

Dr Natasha Holmes on Leaving the NHS and Moving to Cyprus: Push–Pull Factors, Risk, and What’s Next? On the Medics' Money podcast, Cyra chats with Dr Natasha Holmes, an FY10 pediatric locum/bank registrar, life coach, and co-creator of The Fully Well Doc Pod, who announces she is leaving the NHS and the UK after what she believes was her last NHS shift. Natasha explains her decision as a long “push–pull” transformation: reduced fulfillment from worsening NHS conditions and greater fulfillment from coaching, alongside pull factors including moving to Cyprus (where she grew up) for community, supporting aging parents, lower living costs, better savings prospects, and to explore starting a business and possibly medicine there. She discusses identity and mental health struggles during FY2, the need to prove she could do the job, and realizing colleagues often feel excited to work while she generally doesn’t. Natasha outlines risk mitigation via two years of savings, family housing/support, and a remote-working partner, and plans to maintain GMC registration through upcoming revalidation while exploring Cyprus requirements. They address public misconceptions about “paying back taxpayers,” medical training costs, limited training posts, and shared frustrations about NHS conditions; she leaves in 35 days on a one-way ticket and has received mostly supportive responses.

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Disclaimer:

The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

For MTD advice and to ensure compliance, contact Azets here: https://hubs.la/Q04dwtwK0

Making Tax Digital for Income Tax: What UK Doctors Need to Know (MTD for Income Tax 2026) The Medics' Money podcast discusses Making Tax Digital for Income Tax (MTD for Income Tax), described as the biggest UK tax filing change for doctors since the late 1990s, with guests Adrian Cousens and Anita Holmes from specialist medical accountants Azets. They explain that from 6 April 2026, individuals with over £50,000 of combined qualifying turnover (sole trade/self-employment and rental income, based on 2024/25) must keep digital records using HMRC-approved software and submit four quarterly updates plus a final annual return, with the first quarterly deadline on 7 August 2026. Partnerships (including GP partnerships) and limited company income are not initially in scope, but GP partners may still be affected by outside sole trade or rental income; thresholds later drop to £30,000 and then £20,000. Key advice is to prepare early, consider moving from spreadsheets to software, manage new deadlines, and seek specialist advisor support.

00:00 MTD Big Change Intro

01:00 Meet The Experts

02:50 What Is MTD for Income Tax

03:51 Why Act Now

05:29 Beta Lessons And Wins

07:50 Who Is In Scope

11:18 Key Dates And Deadlines

11:50 Digital Records And Software

13:27 Quarterly Updates Explained

14:16 Not Ready Soft Landing

16:25 Pain Points And What To Report

21:07 Accountant Roles And Packages

22:52 Thresholds Future Scope Rules

27:04 Final Advice And Wrap Up

https://www.growyourlistsize.co.uk/

On the Medics’ Money Podcast, GP partner Dr Nabeel Arshad of Brooks Surgery in Manchester discusses how his practice doubled its patient list from 10,000 to 20,000 over five years, contributing to over £1.9m in recurring revenue and enabling reinvestment in more doctors, trainees, specialist staff, and technology while increasing partner take-home and maintaining access and high patient satisfaction. He explains why profit matters for partnership sustainability and why income streams tied to clinician time (insurance reports, teaching, joint injections) don’t scale and can be withdrawn, whereas list size is more stable and supports further income via QOF, ARRS/PCN budgets. He outlines his GrowYourListSize.co.uk service, including eligibility screening, controlled growth, geographic exclusivity, a six-month money-back guarantee, and a free practice growth report.

00:00 Meet Dr Nabeel Arshad

01:51 Why Working Harder Fails

05:00 Scaling With Systems

07:35 The Numbers Behind Growth

10:42 Google Reviews Matter

14:24 Recurring Revenue Security

17:26 PCN And QOF Upside

18:44 Succession And Recruitment

21:38 Service Guarantee And Exclusivity

24:23 Controlled Growth And Setup

27:00 Free Growth Report CTA

29:01 Quickfire Future Of GP

31:06 Wrap Up And Where To Find

Join the course with a discount: https://medics-money-partnership.circle.so/checkout/financial-wellbeing-course-7?coupon_code=FWBEARLY

The podcast features Dr. Nadia Ekong discussing what she learned on the Financial Wellbeing course and how she applies it to her family, covering budgeting, saving, investing, and teaching children about money. She contrasts growing up with unspoken expectations that academic success would guarantee financial security with the modern reality of taxes, spending, and the need to manage income intentionally. Key takeaways include planning finances prospectively using the Medics Money financial dashboard, adopting mindset shifts such as understanding the true value of “£1” after tax and the real cost of purchases, and using evidence-based, passive investing. She describes practical steps for kids: piggy banks, GoHenry and Starling Kite accounts, goal-based “pots,” and reading Grandpa’s Fortune Fable to introduce long-term investing. They also discuss pocket money approaches and recommend E is for Ethics for teaching morals through stories and guided questions.

00:00 Episode Overview

01:21 Meet Dr Nadia Ekong

01:56 Early Money Lessons

03:01 Doctor Pay Reality Check

04:49 Course Takeaways

07:54 Teaching Kids Money

09:25 Investing With Stories

11:47 Pocket Money Debate

15:19 Ethics For Kids Book

18:04 Top Tips And Wrap

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Disclaimer:

The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

https://ashlane.co.uk/medics-money-4-3-million-underpayment-for-flu-vaccines/

The Medics' Money podcast interviews Harriet Hole from Ash Lane Consulting about GP practices losing income due to complex NHS drug reimbursement processes for personally administered items (e.g., vaccines, injections, devices). Hole explains how practices buy and administer items, print FP10s, send FP34 and vaccine appendices, and get paid by PCSE later, noting errors can occur at many points. Ash Lane identified that for the 2025/26 flu season around 900 practices were underpaid, averaging £4,800 each (over £4 million total), often due to being reimbursed for the wrong flu vaccine; they offer a free 30-second check via a link in the show notes. The episode discusses whether flu remains profitable (margins have fallen) and gives tips to reduce wastage, ensure correct claiming (copy wording from vaccine boxes), reconcile claims to payments, send claims special delivery, avoid under-claiming, and monitor supplier pricing and profit margins.

00:00 GPs Missing Millions

02:00 Meet Ash Lane Consulting

03:21 How Drug Reimbursement Works

05:54 Flu Season Underpayments

07:37 Free Flu Payment Check

09:22 Is Flu Still Profitable

11:54 Flu Campaign Best Practices

17:36 Beyond Flu Drug Profits

24:26 Supplier Pricing Tips

26:16 Benchmarks and Final Call

28:40 Wrap Up and Goodbye

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Disclaimer:

The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

On this week's Medics' Money podcast, host Cyra (a chartered accountant and doctor) interviews BMA UK Resident Doctor's Committee leaders Shiv (deputy chair, psychiatry ST3) and Arjun (education and training co–deputy chair, BMA director) about ongoing resident doctor strikes. They say negotiations after December strikes were initially constructive but collapsed when the government shifted a proposed pay investment from two years to three, reduced it, and labeled it a “best and final offer,” then refused to negotiate while strikes were called. They criticise the Prime Minister’s removal of 1,000 training posts, warning it worsens workforce shortages, creates bottlenecks, and harms patients. They discuss job insecurity, doctor substitution, training capacity concerns, and NHS mismanagement and waste, arguing a credible pay offer and clear plans for training posts and progression are needed to end strikes.

00:00 Training Posts Cut Fallout

01:04 Podcast Intro and Guests

02:16 Why Resident Doctors Strike

05:17 Talks Breakdown and Pay

08:23 Jobs Bottlenecks and Trust

12:59 NHS Decline and Waste

16:22 Doctor Substitution Risks

23:25 Ending Strikes and Deal Terms

26:37 Strike Timing and Consultants

30:41 Costs and Devaluation Claims

32:40 Tiered Care and Culture

34:25 Personal Stories and Closing

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The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

This is a replay of episode 267 to promote the next Financial Wellbeing course starting soon! Head here for more details:

https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/

In this episode of the Medics' Money podcast, hosts welcome Dr. Kate Rothwell, a haematology consultant, who shares her experiences from the Medics' Money Financial Wellbeing course. The discussion covers practical financial tips, including dealing with misallocated back pay and tax traps, and the significance of knowing when and how income should be taxed. Dr. Rothwell recounts battling payroll issues and the importance of proactively managing one's finances, especially regarding pensions and investment strategies. The episode emphasizes the value of collective knowledge and persistence in handling financial matters, highlighting stories of errors corrected and financial knowledge gained. Listeners are encouraged to openly discuss and manage their finances to make informed decisions, leveraging resources like Medics' Money to navigate their financial journeys effectively.

00:00 Introduction and Overview

00:16 Back Pay Issues and Tax Traps

00:40 Pensions Taxation Explained

00:46 Investing Mindset and Tips

00:53 Impact of Financial Wellbeing

01:58 Guest Introduction: Dr. Kate Rothwell

02:46 Personal Financial Journey

05:25 Navigating Tax Challenges

18:00 Persistence with HMRC

23:42 Investing and Financial Planning

28:05 The Importance of Financial Knowledge

42:02 Conclusion and Final Thoughts

Get in touch with Talbots Law: https://medicsmoney.co.uk/medical-solicitor/

This week's episode discusses divorce from a legal perspective with Karen and Rita from Talbots Law, outlining what to expect, why legal advice can help, and what people can do themselves under no-fault divorce. They explain timing (about six months for the divorce, often 9–12+ months for contested finances/children), ways to avoid court (negotiation, mediation, collaborative law), and court safeguards where there is domestic abuse. They cover how courts approach children and finances (needs and Section 25 factors), note child maintenance is usually handled by the Child Maintenance Service, and emphasize NHS pensions as major assets often needing a jointly instructed neutral actuary report, with pension sharing or offsetting options. They also mention disclosure of private practice income, updating wills, risks if someone dies before finalisation, avoiding new asset purchases before a clean break, and the value of communication.

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The BMA join us today to discuss the looming disaster and negotiations with the government for General Practice. Want the latest financial tips for doctors and exclusive invites? Join 71,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/ Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com/ Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want to find out more about our other courses? http://www.medicsmoney.co.uk/courses Follow us on Instagram https://www.instagram.com/medicsmoney/ Follow us on Twitter https://x.com/medicsmoney Disclaimer: The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

Over 6,000 doctors competed our state of medics money survey into doctors finances and only 29% of you had a will. So today we’re going to show you how to get a will using the same solicitors that we use and the links to do this online or phone Trusts, estate planning, downsizing.

Contact Talbots Law: 01384 447774

https://medicsmoney.co.uk/will-writing-service-for-medical-professionals/

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PocketSmith is proud to sponsor this episode of Medics Money. If you want clarity and confidence in managing your money, plus 50% off your first two months of PocketSmith, head to: https://www.pocketsmith.com/medics-money/

Ed (a salaried GP, chartered accountant and tax advisor) and Andy (specialist medical accountant) outline 10 pre–tax-year-end considerations for healthcare professionals before 5 April 2026: claim missed employment-expense tax rebates for 2021–22 before the deadline; monitor adjusted net income around £100,000 to avoid personal allowance taper and childcare impacts, using pension contributions or Gift Aid where relevant; maximise ISA allowances (£20,000, including up to £4,000 Lifetime ISA, with cash ISA limits for under-65s changing from April 2027) and consider Junior ISAs (£9,000); transfer income-producing assets to a spouse/civil partner to use lower tax bands; use the £3,000 CGT allowance if selling assets; watch NHS pension annual allowance and tapered annual allowance issues near £200,000; consider inheritance tax gifting exemptions (£3,000 per year, plus prior year); plan limited-company dividends before dividend tax rates rise on 6 April 2026; and prepare for Making Tax Digital from 6 April 2026 for qualifying self-employed or rental income over £50,000.

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Check out Vallour: Vallour Healthcare Services

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In this episode, Tommy interviews Valeed, a GP partner in Manchester and CEO of Vallour, about outsourcing support for NHS general practice. Vallour provides outsourced document processing, prescription and medicines management, pharmacy-led chronic disease work, and pathology management, aiming to avoid work “boomeranging” back to practices by using on-call leads and autonomous clinicians who can take responsibility and prescribe. Valeed explains their pathology service focuses on abnormal as well as normal results via a calibration step with each practice to set thresholds, guidance choices, messaging, and risk appetite, creating bespoke statements of work. They discuss optimizing skill mix, reducing unnecessary routine work, and using existing tech better, with interoperability as a key barrier. Valeed also describes Vallour’s work in CPD education, helping practices become research-ready for NIHR and commercial trials (including patient recruitment for underrepresented groups), and developing clinical decision-support software.

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Fix your NHS Pension FAST: www.medicsmoney.co.uk/pension

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In this podcast, Tommy Perkins, Dr. Tony Goldstone, and Andy Pow discuss the critical tax planning opportunities available before the end of the 2025-2026 tax year. They delve into the complexities of the annual allowance, its implications for high earners, and the importance of understanding one's pension growth. The conversation emphasises the need for proactive financial management, the potential for tax charges, and the various strategies available to mitigate these impacts. The hosts also introduce a new course aimed at educating medical professionals on navigating their financial landscape effectively.

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In this episode, Tommy Perkins and Andrew Fenton discuss various financial questions that doctors face, particularly in light of recent budget changes. They cover topics such as managing earnings over £100,000, starting a new aesthetics business, understanding VAT implications, and the differences between operating as a sole trader versus a limited company. The conversation emphasises the importance of tax efficiency and proper financial planning for medical professionals.

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In this episode of the Medics Money podcast, Cyra, Shivam, and Arjun discuss the UK Graduate Prioritisation Bill, which aims to prioritise UK medical graduates in the training process amidst a growing number of international applicants. They explore the challenges faced in medical training, the role of the BMA in advocating for necessary changes, and the ongoing pay disputes affecting doctors. The conversation highlights the need for a sustainable workforce plan that balances the interests of UK graduates and international medical graduates while addressing systemic issues within the healthcare system.

Chapters

00:00 Introduction to the UK Graduate Prioritisation Bill 02:45 Challenges and Solutions in Medical Training 05:34 The Importance of Sustainable Competition Ratios 08:19 The Role of the BMA in Advocating for Graduates 11:06 Addressing the Needs of International Medical Graduates 13:49 Future of Medical Training and Workforce Planning 16:26 The Pay Dispute and Its Implications for Doctors 17:44 Conclusion and Future Outlook

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In this episode of the Medics Money podcast, Matthew and Ed address various financial questions from doctors, focusing on topics such as cash ISAs, trading allowances, adjusted net income, self-assessment tax returns, and claiming professional expenses. They provide insights into the implications of recent changes in tax laws and offer practical advice for navigating the complexities of financial management in the medical profession.

00:00 Introduction to Financial Queries for Doctors

01:12 Understanding Cash ISAs and Future Changes

05:40 Exploring the Trading Allowance and Miscellaneous Income

09:02 Adjusted Net Income and Its Implications

11:43 Self-Assessment Tax Returns: Who Needs Them?

16:35 Claiming Professional Expenses and Tax Rebates

21:35 Navigating HMRC Tax Relief and Subscriptions

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This week's Medics' Money Podcast features Dr. Zain Manji, who shares his experience and insights on financial education for medical professionals. Dr. Manji discusses the lack of formal financial training in medical schools and emphasises the importance of early financial planning and investment. He highlights key takeaways from the Medics' Money Financial Wellbeing course, such as budgeting, the medics money financial wellbeing algorithm, and evidence-based investing. He also offers advice to medical students and young doctors on the significance of starting financial planning and investing early.

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Contact BW Healthcare Surveyors today --> https://medicsmoney.co.uk/rent/

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This conversation delves into the complexities of funding in healthcare practices, highlighting the significant impact of underfunding on reimbursement rates and the financial health of these practices. It explores the challenges faced by healthcare providers in securing adequate funding and offers strategies for navigating these issues effectively.

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PocketSmith is proud to sponsor this episode of Medics Money. If you want clarity and confidence in managing your money, plus 50% off your first two months of PocketSmith, head to: https://www.pocketsmith.com/medics-money/

The next cohort of the Financial Wellbeing Course starts soon. Apply here: https://medicsmoney.co.uk/medics-money-financial-wellbeing-course/

In this episode, Tommy is joined by Dr. Jonathan Hanson, an experienced sports medicine doctor who has worked with elite sports teams, including Formula One, rugby, and football teams. Dr. Hanson shares his unique career path from medical school to becoming a go-to specialist in sports medicine, emphasising the role of mentorship and specialised training. He also discusses the importance of financial education for medical professionals, describing how early advice on investments, insurance, and the NHS pension helped him manage his finances effectively. Notably, he recounts his involvement in developing concussion guidelines in Scotland and shares some memorable experiences, including wearing Sam Allardyce's trainers during his time with the England football team. The episode wraps up with valuable advice for new doctors on managing their careers and finances.

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Get access to tool here

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In this episode, Tommy Perkins and Dr. Tony Goldstone discuss the complexities of NHS pensions, particularly focusing on the punitive annual allowance tax bills that many healthcare professionals face. Dr. Goldstone introduces a new web-based tool designed to help individuals calculate and predict their pension growth and tax liabilities. The conversation delves into the structure of NHS pensions, the challenges of understanding annual allowances, and the importance of accurate data in financial planning. The episode also highlights various tax traps that can affect take-home pay and emphasises the need for proactive management of pension-related issues.

00:00 Understanding NHS Pension Challenges 07:38 Introducing the New Pension Tool 15:16 Navigating Complex Pension Scenarios 23:44 Navigating Tax Charges and Scheme Pays 30:59 Understanding the 100K Tax Trap 37:44 Addressing Employer Errors and Back Pay 43:45 Revisiting Scheme Pays and Individual Circumstances

PocketSmith is proud to sponsor this episode of Medics Money. If you want clarity and confidence in managing your money, plus 50% off your first two months of PocketSmith, head to: https://www.pocketsmith.com/medics-money/ In this episode of the Medics' Money Podcast, hosts Dr. Tommy Perkins is joined by series veteran Ian Crompton to discuss crucial financial advice for medical professionals. They delve into common financial mistakes that doctors and dentists should avoid, including nuances related to valuations, types of finance, ownership issues, and succession planning. With Ian's extensive experience as an independent broker and consultant working with GPs, the conversation highlights the importance of getting expert advice to navigate the complexities of financial decisions in the healthcare sector. Tune in to learn how to make informed financial choices to ensure long-term success and stability. 00:00 Introduction to Medics Money Podcast 01:20 Welcoming Back Ian Crompton 02:04 Top Tips and Common Mistakes 05:03 Valuations and Financial Considerations 11:23 Understanding Different Types of Finance 16:04 Ownership Issues and Succession Planning 22:41 Hand Me Down Loans and Inheritance Loans 31:15 Summary and Final Thoughts

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In this episode of the Medics' Money podcast, the team discusses their 2025 financial resolutions and sets new ones for 2026. With contributions from Dr. Tommy Perkins, Andy Pow, Dr. Ed Cantelo, Matthew, and Dr Cyra Mackintosh, they reflect on their successes and challenges over the past year. Andy shares the success of starting a new business, while Cyra discusses the challenges of maintaining savings and planning for a new baby. Dr. Tommy Perkins talks about his physical recovery, despite not meeting his resolution fully. The episode also delves into the importance of ethical investing and accurately managing pension records, offering valuable insights and advice for doctors and other professionals looking to improve their financial well-being in the coming year. The podcast ends with a reminder of upcoming live events in January to help structure and improve finances for 2026. 00:00 Introduction and Upcoming Events

00:51 Team Introductions and 2025 Resolutions Recap

02:25 Tommy's 2025 Resolution and Future Plans

07:57 Andy's 2025 Resolution and New Business

10:51 Cyra's 2025 Resolution and Personal Updates

13:48 Matthew's 2025 Resolution and Financial Plans

15:51 Ed's 2025 Resolution and Pension Focus

22:47 Final Thoughts and Upcoming Live Sessions

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In the penultimate episode of the Medics' Money Podcast for 2025, hosts Dr. Tommy Perkins and Dr. Ed Cantelo, along with team members Cyra, Andy, and Matthew, celebrate a successful year and engage in their annual end-of-year quiz. The quiz features a mix of questions about the team, financial achievements, and UK tax trivia, exploring topics like fiscal drag, VAT rates, and historical taxes. The team recalls their best moments of 2025, including record numbers of doctors assisted and popular YouTube videos. They also discuss significant changes in ISA limits set for April 2027. The episode wraps up with a thank you to their listeners for their continued support, along with wishes for a happy holiday season.

00:00 Welcome to the Medics' Money End of Year Quiz!

00:31 Meet the Team

02:28 Quiz Round 1: Medics Money Achievements

10:15 Quiz Round 2: Pet-Themed Fun

14:41 Quiz Round 3: Fiscal Drag and Finances

20:01 Reflecting on Fiscal Drag and Inflation

20:40 Investing in 2025: Navigating AI Bubbles and Market Volatility

23:36 Understanding Stock Market Volatility

26:33 ISA Limits and Government Policies

31:55 Tax Trivia: Unusual Historical Taxes

35:20 VAT Rates and Peculiarities

38:09 HMRC Excuses and Tax Return Deadlines

40:39 Wrapping Up: Medics' Money's Year in Review

In this episode of the Medics Money podcast, Tommy interviews Angus Perry, a GP with a passion for integrating technology and lifestyle medicine into healthcare. Angus discusses his journey from being a GP to founding GeneralPractice.ai, a platform designed to create personalised management plans for chronic conditions and promote lifestyle changes. The conversation explores the challenges of implementing lifestyle medicine in a time-constrained environment, the importance of patient engagement, and the role of technology in modern healthcare. Angus shares insights on building a minimal viable product, the significance of passion in entrepreneurial endeavours, and offers advice for young clinicians looking to future-proof their careers in an evolving medical landscape.

Chapters

00:00 Introduction to Angus Perry and His Journey 02:32 The Importance of Lifestyle Medicine in General Practice 05:23 Challenges in Implementing Lifestyle Changes 08:05 Building a Solution: GeneralPractice.ai 10:45 The Mechanics of Creating a Health Tech Startup 13:38 How GeneralPractice.ai Works for Patients and Clinicians 16:26 The Role of Gamification in Health Management 18:59 Advice for Young Doctors and Future Trends in Medicine

Editors note: this episode originally aired on 'What Medical School Doesn't Teach Us' in 2024.

In this episode of Medics' Money's podcast, Cyra interviews Matthew to discuss the intricacies of UK student loan plans, particularly focusing on the differences between Plan 2 and the newly introduced Plan 5. They elaborate on loan repayment mechanisms, interest rates, and repayment terms for each plan. Matthew explains the concept of a graduate tax and addresses misconceptions about paying off student loans. The episode also touches on the financial burdens faced by students, the impact of loan repayments on future financial prospects, and the importance of evaluating the necessity of taking on such debt. Listeners are encouraged to consider their personal circumstances before committing to student loans. For questions, listeners can reach out via provided email contacts.

00:00 Introduction and Welcome

00:48 Understanding Student Loan Plans

01:16 Plan 2: The Graduate Tax

03:27 Plan 5: New Changes and Implications

05:14 Comparing Plan 2 and Plan 5

06:13 The Real Cost of Student Loans

07:16 Good Debt vs. Bad Debt

08:11 The Financial Burden on Students

12:25 Conclusion and Contact Information

In this episode, Dr Kurar discusses the pressures faced by NHS doctors and the steps they can take to transition from clinical medicine to industry roles. Dr Kurar outlines the importance of financial education, the power of LinkedIn for networking, and the various transferable skills doctors possess. Additionally, they share personal experiences, including setting up a property investment venture and optimising company pension schemes. The conversation provides a comprehensive guide for doctors contemplating a career change, emphasising the significance of planning, LinkedIn optimisation, and leveraging existing skill sets. 00:00 Introduction: Transitioning from NHS to Industry 01:05 Dr Kurar's Background and Motivation 01:12 The Role of Financial Education 01:58 Discovering the Podcast and Initial Steps 02:42 Current Role in Regulatory Space 03:58 Maintaining Clinical Work and Side Hustles 04:41 Steps to Transition from NHS to Industry 06:41 Leveraging LinkedIn for Career Transition 11:28 Transferable Skills for Doctors 13:12 Financial Aspects of Transitioning 16:12 Property Investment Journey 20:39 Concluding Thoughts and Advice

In this episode of the Medics Money podcast, Ed Cantelo and Andy Pow discuss the recent budget announcements made by Chancellor Rachel Reeves. They delve into the implications of tax changes for healthcare professionals, including income tax thresholds, property income tax rates, and changes to ISAs. The conversation also covers NHS spending plans, pension taxation, and the introduction of new vehicle exercise duties. Ed and Andy provide insights into how these changes may affect listeners, particularly those in the medical field.

00:00:00 Introduction and Overview
00:00:00 Income Tax Changes
00:00:00 Property and Dividend Tax Updates
00:00:00 ISA Allowance Adjustments
00:00:00 NHS Spending and Pension Updates
00:00:00 Vehicle and Council Tax Changes
00:00:00 Conclusion and Listener Impact

Empowering Medical Professionals: Financial Insights with Dr. Hassan In this episode of The Medics Money Podcast, Dr. Hassan makes his debut. He's an F2 doctor in the NHS, active on social media as Dr. Hassan Finance. Dr. Hassan discusses the importance of financial literacy for healthcare professionals, sharing insights on investment strategies, the significance of transparent financial discussions, and the concept of the FIRE (Financial Independence, Retire Early) movement. He also speaks about the current financial struggles in the NHS, including the need for fair pay and the upcoming doctor strikes. Additionally, the conversation covers practical advice on managing personal finances, maximizing income, and cutting unnecessary expenses for a balanced approach to financial wellness.

00:00 Introduction to Medics Money Podcast

01:24 Special Guest: Dr. Hassan on Financial Wellbeing

03:30 Breaking Financial Taboos in Medicine

07:27 Investing: Mindset Over Stock Picking

11:13 The Power of Compounding and Long-Term Investing

15:25 Time vs. Money: The Ultimate Wealth

18:22 The FIRE Movement and NHS Pension Concerns

23:59 Opting Out of the NHS Pension: Pros and Cons

24:26 The Financial Benefits of Staying in the NHS Pension

25:44 Considering Personal Circumstances and Financial Advisors

27:17 The FIRE Movement: Tips and Strategies

28:07 Balancing Income and Expenses for Financial Independence

29:34 The Importance of Having a Financial Plan

34:43 Social Media and Financial Advice for Doctors

40:25 Upcoming Resident Doctor Strikes

44:31 Conclusion and Final Thoughts

In this episode of The Medics' Money Podcast, Tommy dives into Bitcoin with guest Dr. Fahim. Dr. Fahim, a GP and finance enthusiast, critiques the financial system, explaining the historical context and the current monetary practices that make Bitcoin valuable. They discuss Bitcoin's role as a store of value, its volatility, and its potential in a diversified investment portfolio. The conversation covers the broader economic impact of inflation, central banking, and the technological trends shaping the future of finance. This episode is a comprehensive guide for professionals looking to understand Bitcoin's place in the market and its potential impact on their financial strategies.

Follow @thesecretdoc

00:00 Introduction to Medics Money Podcast

01:22 Guest Introduction: Dr. Fahim

02:23 Understanding Bitcoin and Economic Systems

07:56 The History and Evolution of Money

12:36 Inflation and Its Impact on Wealth

19:45 Investment Strategies and Portfolio Management

22:58 Bitcoin's Role in Modern Portfolios

32:06 Bitcoin's Dominance in the Market

32:29 Questioning Bitcoin's Valuation

34:47 Fundamental Properties of Bitcoin

35:05 Bitcoin's Role in Global Conflicts

37:02 The Value of Decentralisation

39:38 Bitcoin as a Store of Value

41:04 Bitcoin's Adoption and Volatility

46:07 Comparing Bitcoin to Traditional Investments

50:27 The Future of Bitcoin and Technology

54:57 Final Thoughts and Investment Advice

https://gptriage.com/

In this episode of The Medics Money Podcast, Dr. Tommy Perkins discuss the emerging role of artificial intelligence in primary care. The conversation explores the benefits of GP Triage, an autonomous triage and booking solution designed to improve patient access and streamline operations in GP practices. Key topics covered include the system's customization options, funding strategies, language accessibility, digital inclusion, and the future of AI in healthcare. The guests provide insights into how GP Triage was developed, its impact on practice efficiency, and its potential to enhance patient care and satisfaction. The episode concludes with predictions on the future transformation of primary care by AI technologies.

00:00 Introduction to Medics Money Podcast

00:51 Challenges in Primary Care

01:57 Meet the Guests

03:04 What is GP Triage?

04:57 How GP Triage Works

06:37 Customization and Benefits of GP Triage

08:41 Funding and ROI for GP Triage

15:34 Addressing Digital Exclusion

19:02 Future of AI in Healthcare

25:44 Getting Started with GP Triage

Welcome to another episode of the Medics Money MDT Podcast!

Join us as our team members discuss the upcoming November 26th budget by Rachel Reeves. With a £30 billion black hole in public finances, we're speculating on potential government measures. Topics include the possibility of reintroducing the Lifetime Allowance for pensions, changes in VAT, income tax adjustments, national insurance reforms, and the future of ISAs. This episode is filled with insights from our specialists Andy Powell and Matthew, covering how these budget considerations could impact doctors and other professionals. Remember, this discussion is speculative and for informational purposes only. Stay tuned for our post-budget analysis!

00:00 Introduction and Podcast Overview

00:12 Speculation on Rachel Reeves' Upcoming Budget

00:58 Meet the Medics Money Team

02:18 Discussion on Pensions and Potential Changes

08:02 Impact of Inflation on Doctors' Pensions

09:48 Economic Implications of Inflation

13:14 VAT and Tax Policy Speculations

23:11 Tax Freeze and Allowances

25:03 National Insurance on Partnerships

31:59 Cash ISAs Speculation

39:09 Potential Tax Reforms and Speculations

41:50 Concluding Thoughts and Future Discussions

In this episode of the Medics' Money Podcast, hosts Dr. Tommy Perkins talks with Dr. Dom Pimento from Tortus AI about the revolutionary impact of AI in the healthcare system. They discuss Tortus' AI Scribe, its benefits in reducing cognitive load for clinicians, and its seamless integration with X-On's digital telephony. The episode covers the challenges of AI hallucinations, the importance of medical device regulation for AI, and the exciting potential of AI to transform healthcare practices. Real-world implementations and the future of AI in healthcare are also explored, with insights on starting AI-focused startups in the medical field.

00:00 Introduction to Medics Money Podcast

00:58 Mindset Shift and Overcoming Fear

01:13 Future of AI in Healthcare

01:23 Welcoming Dr. Dom Pimenta

02:23 Tortus AI Scribe: Basics and Integration

03:48 Real-World Impact of Tortus AI

12:00 Challenges and Rewards of Building a Startup

15:32 Encouraging Clinicians to Innovate

20:59 Implementing AI Scribe in Practice

24:13 Understanding ROI in Healthcare Technology

24:36 The Impact of AI on Healthcare Productivity

25:58 Adoption and Benefits of AI in Healthcare

27:49 Challenges and Solutions in AI Implementation

29:18 The Future of AI in Healthcare

32:02 AI's Role in Healthcare Consultations

33:51 Predictions for AI and Healthcare

37:10 Exciting Developments and Future Prospects

38:50 Addressing Challenges in AI-Driven Healthcare

45:49 Final Thoughts and Resources

In this episode, Dr. Sandip Patel, an emergency medicine consultant, shares his financial journey and lessons learned over his career. Dr. Patel discusses the importance of early financial planning, the benefits of having a pension, and the impact of good financial advice. He emphasizes the need for doctors to educate themselves about money management to ensure financial security and independence. Dr. Patel also touches upon the significance of collective bargaining in healthcare and his role as a BMA rep. Additionally, he shares personal anecdotes, including his recovery from a stroke and his passion for collecting Lego sets. This insightful conversation provides valuable financial tips and inspiration for healthcare professionals navigating their financial futures.

00:00 Introduction and Guest Welcome

00:33 Guest Background and Career Journey

02:05 Financial Beginnings and Early Decisions

03:50 Importance of Financial Advice and Pension Decisions

06:14 Challenges and Changes in the Medical Profession

14:44 The Role of the BMA and Advocacy

18:04 Personal Financial Planning and Future Goals

21:21 Lego Enthusiasm and Hobbies

25:49 Final Thoughts and Advice

This video explains how doctors and dentists are unnecessarily losing money by investing in expensive, actively managed funds instead of cheaper passive investments. It highlights the lack of financial education among medical professionals and how it makes them susceptible to high fees and poor returns. By comparing the performance and fees of branded versus generic investment options, the video demonstrates the significant financial impact of these choices and emphasizes the importance of financial literacy. The video also provides resources and tools to help doctors and dentists make better investment decisions.

00:00 Introduction: Doctors and Investment Mistakes

00:27 The Cost of Expensive Investments

01:48 Performance Comparison: Branded vs. Generic Investments

02:35 Understanding Passive vs. Active Investments

03:56 The Impact of Fees on Investment Returns

04:06 Medics Money Financial Dashboard Overview

05:16 Long-term Investment Projections

08:06 The Importance of Financial Education for Doctors

08:38 Conclusion and Call to Action

Want the latest financial tips for doctors and exclusive invites? Join 64,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/

Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com

Want to improve your finances fast? Then come on our course

https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/

GP partner looking to improve your practice/ Then come on our course

https://www.medicsmoney.co.uk/gp-partnership-programme/

Follow us on Instagram

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Disclaimer:

The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

In this episode of Medics' Money, host Cyra talks with Kai, a urology registrar who recently took a year-long career break to travel the world with his wife and dog. The discussion covers the logistics and experiences of taking a career break, including the financial aspects, such as renting out their home and maintaining car ownership, and insights into the NHS pension system. Kai shares his profound personal learnings about managing work-life balance, especially the difficulty in fully detaching from his professional responsibilities. The episode also touches on the practicalities of using a motorhome for travel, encountering different dog-friendly countries, and the planning necessities for someone in a high-stakes profession. Kai reflects on how the year off has impacted him both personally and professionally, and offers advice for others considering a similar break.

00:00 Introduction and Guest Welcome

00:22 Kai's Career Break Journey

02:30 Challenges and Learnings from the Break

05:18 Returning to Work and Practicalities

11:20 Travel Tips and Reflections

19:26 Support Systems and Final Thoughts

In this podcast episode, a urologist and multi-faceted investor, Randeep Dhariwal, joins as a guest to discuss his ventures in property investment, stocks and shares, and his new aesthetics business. The conversation dives deep into comparing property investing versus stock investing, balancing these pursuits with a medical career, and the importance of financial education for doctors. Randeep shares insights into how he chose his specialty in urology, the significance of fellowships, and offers advice on starting and managing investments. His upcoming aesthetics business and the importance of networking and continuous learning are also highlighted. This episode is valuable for medical professionals interested in expanding their financial knowledge and exploring diversified income streams.

00:00 Introduction and Guest Overview

01:39 Career Journey and Specialisation

03:01 Choosing Urology and Fellowship Insights

06:47 Personal Finance Beginnings

08:12 Property Investment Strategies

10:13 Stocks vs. Property: Pros and Cons

14:05 Financial Education for Doctors

16:30 New Business Ventures in Aesthetics

23:44 Final Thoughts and Future Plans

In this episode of the Medics' Money podcast, Cyra, a doctor and chartered accountant, hosts guests Hanlie and Andy to discuss common pension and payroll issues within the NHS. Hanlie, a full-time consultant anesthetist, shares her personal experience of encountering pension growth discrepancies and a significant annual allowance tax charge due to payroll errors. Andy, a specialist medical accountant, explains the intricacies of the NHS pension scheme, how small data errors can cause large financial consequences, and actionable steps for identifying and correcting these errors. The discussion emphasises the importance of verifying pension data, understanding annual allowance calculations, and seeking professional advice when needed. The episode aims to raise awareness about financial wellbeing among NHS staff and provide practical advice for navigating pension-related problems.

00:00 Introduction and Guest Introductions

01:45 Understanding the Annual Allowance

05:23 Hanlie's Pension Nightmare

11:03 Identifying and Correcting Errors

18:44 Advice for Doctors on Pension Issues

30:36 Conclusion and Final Thoughts

In this episode of the Medics' Money podcast, Ed, Andy, and Tommy discuss the impact of current UK tax policies on productivity, particularly focusing on fiscal drag and marginal tax rates. They highlight how tax traps are affecting both the public and medical professionals, especially those earning around the £100,000 mark. The team delves into budget speculations, including potential changes in national insurance that could impact GP partners. They also reflect on the V11 scandal involving Premier League footballers to draw parallels with how doctors can be vulnerable to poor financial advice. Key points include the dangers of high-pressure sales tactics, promises of high returns with minimal risk, and word-of-mouth referrals without proper due diligence. They emphasise the importance of financial education and the necessity of using vetted advisors. Additionally, they touch on pension issues, tax-free allowances, and the upcoming Medics' Money Live event.

00:00 Introduction and Overview

00:50 Meet the Medics Money Team

02:09 The New Middle Class Tax Revolt

03:19 Marginal Tax Trap Explained

07:49 Pre-Budget Speculation and Concerns

09:40 State Pension and Triple Lock

13:56 Trump's Investment Strategy for Newborns

18:40 National Insurance and GP Partners

23:00 Government Budget Speculation

23:33 Targeting Wealthier Classes

24:40 Marginal Tax Rates and Policy Behaviours

27:03 GP Partnerships and Business Structures

29:41 Financial Vulnerability of Footballers and Doctors

33:08 Red Flags in Financial Advice

41:59 Final Thoughts and Upcoming Events

A course for GP Partners: https://www.medicsmoney.co.uk/gp-partnership-programme/

E-mails:

Dr Dave Hindmarsh: dave@docsupport.co.uk

For anything YouTube related and if anyone is interested in getting started on YouTube.

Dr Matthew Wickham: matthew@docsupport.co.uk

If you are a doctor looking to get into private practice by yourself and need help setting this up.

Website:

www.docsupport.co.uk

SystmOne: Auto-filling guide: https://www.docsupport.co.uk/product-page/systmone-auto-filling-user-guide

YouTube:

Doc Support: https://www.youtube.com/@DocSupportLtd

Eaglescliffe Medical Practice: https://www.youtube.com/@eaglescliffemedicalpractice

SystmOne Auto-filling guide: https://youtu.be/e4yWR98XE38

Presentation on utilisation of YouTube in practice (40 minute presentation): https://youtu.be/lJF3j5bWhZM

In this episode of the Medics' Money Podcast, Dr. Dave Hindmarsh returns to discuss his journey from a GP trainer and NHS partner to a content creator on YouTube. He rebranded his YouTube channel to 'Doc Support' and collaborates with Dr. Matthew Wickham to provide valuable medical and business content for fellow clinicians. Dave shares insights on managing GP partnerships like relationships, the efficiencies of auto-filing with System One, and using social media to improve patient care. He also delves into the business side of YouTube, leveraging niche content, and the importance of diversifying income streams. The conversation highlights the multi-faceted nature of modern medical practices and the potential of digital tools and platforms in transforming healthcare.

00:00 Reconnecting with Dr. Dave Hindmarsh

00:47 Journey from Military to GP Partnership

03:16 The Importance of Partnership Dynamics

05:42 Building a Supportive GP Community

10:07 Leveraging Social Media for Patient Engagement

14:30 Innovative Approaches in General Practice

17:41 Efficiency and Automation in GP Practices

19:21 The Power of Auto Filing in Clinical Practice

20:26 Collaborative Efforts and Teamwork

23:26 Expanding Beyond NHS Work

26:02 Monetising YouTube in a Niche Market

29:18 The Reality of Being a YouTube Content Creator

33:33 Balancing Partnership and Personal Ventures

35:23 Conclusion and Future Plans

In this insightful episode, Tommy welcomes Dr. Laura Naidoo, a GP from Northern Ireland, for her podcast debut to discuss the thought-provoking book 'Die With Zero' by Bill Perkins. They explore themes like living life to the fullest, spending money on experiences over accumulating wealth, and balancing financial security with adventure, especially from the perspective of medical professionals. The conversation delves into the psychological aspects of money, generational differences in financial habits, and practical tips for maximizing enjoyment and financial health throughout life. Dr. Naidoo shares personal stories and learnings, emphasizing the importance of early financial education and the impactful approach of spending in alignment with one's values and health stages.

00:00 Introduction and Book Recommendation

00:53 Guest Introduction: Dr. Laura Naidoo

01:18 Discussing 'Die With Zero'

03:49 Key Concepts from the Book

06:14 Personal Reflections on Wealth and Experiences

15:21 Impact of Background on Financial Perspectives

18:35 Challenges for Modern Medical Students

20:16 Advice for New Graduates

20:57 Balancing Spending and Saving

21:34 Concerns About Running Out of Money

21:44 The Importance of NHS Pension

23:21 Psychology of Money

24:36 Emotional vs. Logical Financial Decisions

27:28 Taking Sabbaticals and Mini-Retirements

31:11 Traveling with Kids vs. Without Kids

34:25 Summary and Recommendations for 'Die with Zero'

36:18 Final Thoughts and Course Promotion

Want the latest financial tips for doctors and exclusive invites? Join 64,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/

Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com

Want to improve your finances fast? Then come on our course

https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/

GP partner looking to improve your practice/ Then come on our course

https://www.medicsmoney.co.uk/gp-partnership-programme/

Follow us on Instagram

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Disclaimer:

The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

Want the latest financial tips for doctors and exclusive invites? Join 64,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/

Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com

Want to improve your finances fast? Then come on our course

https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/

GP partner looking to improve your practice/ Then come on our course

https://www.medicsmoney.co.uk/gp-partnership-programme/

Follow us on Instagram

Follow us on Twitter

Disclaimer:

The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

Podcast Show Notes: State of Medics Money 2025

00:00 – Introduction & Overview

Hosts introduce the Medics Money mission and the results of their recent financial health check survey for doctors.

00:49 – Podcast Purpose & Resources

Discussion of upcoming webinars, mailing list, and resources for doctors to improve their finances.

01:32 – Meet the Team

Introduction of the Medics Money team: Cyra (resident doctor & accountant), Andy (specialist medical accountant), Ed (GP & chartered accountant), and Tommy (GP partner & co-founder).

03:31 – Survey Results: Tax Relief

Ed discusses the importance of claiming tax relief on professional subscriptions.
26% of doctors haven't claimed, resulting in lost money.

06:07 – Tax Awareness & Financial Literacy

Only 35% of respondents feel confident about available tax allowances.
Discussion of marginal taxation and tax traps.

10:48 – Tax-Efficient Investments

Many doctors are not using ISAs or other tax-efficient investment vehicles.
Clarification on ISA access and types.

12:42 – Investing Habits

43% of doctors regularly invest in stocks, shares, or funds.
The importance of investing vs. holding cash due to inflation.

16:20 – Attitudes Toward Investing

Discussion on perceived risk and complexity of investing.
The need for financial education and trusted resources.

19:44 – Property Investment

18% of doctors invest in rental property.
Pros and cons of property vs. other investments.

23:34 – Saving & Emergency Funds

81% save regularly, but 24% lack a 3-month emergency fund.
Importance of liquidity and emergency planning.

26:19 – Budgeting

Only 45% have a monthly budget.
Why budgeting is crucial for financial health and reducing stress.

29:52 – Impulse Spending

41% admit to impulse buying and regretting it.
Tips for reducing impulse purchases and the impact of small spending habits.

33:36 – Insurance & Protection

49% have life insurance; 35% have income protection.
Importance of understanding NHS pension benefits and reviewing insurance needs.

39:13 – Financial Worries & Planning

52% worry about their financial position relative to their age.
Only 22% have seen a financial planner in the last two years.

41:12 – Wills & Record Keeping

Only 29% have a will; 46% keep financial records organized.
Why having a will and organized records is essential.

44:31 – Final Thoughts & Resources

Hosts reflect on the survey, thank listeners, and share links to free resources and upcoming webinars.

Links Mentioned:

Free webinars: www.medicsmoney.co.uk/live
Mailing list: www.medicsmoney.co.uk/join
Family finances guide: www.medicsmoney.co.uk/familyfinances
Will guide: www.medicsmoney.co.uk/wills
Tax relief guide: www.medicsmoney.co.uk/taxrelief

Want the latest financial tips for doctors and exclusive invites? Join 64,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/

Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com

Want to improve your finances fast? Then come on our course

https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/

GP partner looking to improve your practice/ Then come on our course

https://www.medicsmoney.co.uk/gp-partnership-programme/

Follow us on Instagram

Follow us on Twitter

Disclaimer:

The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

In this episode of the Medics' Money podcast, Steve Nichols from Nichols Specialist Medical Accountants in London joins Tommy to discuss the complexities and potential benefits of starting a limited company for tax planning. They explore various scenarios where a limited company can offer flexibility in paying less tax, distributing profits, paying off mortgages, and managing pension contributions. The discussion covers the differences between receiving a salary and dividends, the benefits of family investment companies and money box companies, and how to navigate key tax thresholds. They also touch on the considerations and processes involved in setting up a limited company and employing family members. Steve offers valuable insights into the practical aspects and legal considerations, making this a comprehensive guide for anyone considering a limited company for tax efficiency.

00:00 Introduction: Should I Start a Limited Company?

00:27 Meet the Expert: Steve Nichols

01:49 Understanding Limited Companies and Tax Planning

02:54 Flexibility of Limited Companies

3:07 Salary vs. Limited Company Payments

03:52 Tax Efficiency and Limited Companies

11:29 Different Ways to Take Funds Out

17:19 Setting Up a Limited Company

19:42 Family Investment Companies

23:46 Money Box Companies

25:09 Dividend vs. Retained Earnings: Tax Implications

26:15 Members Voluntary Liquidation and Tax Savings

26:33 Understanding Business Asset Disposal Relief

26:59 Money Box Companies: A Tax Strategy

31:12 Cliff Edges in Taxation: 100K and 200K

35:54 Avoiding Pension Tax Charges

40:31 Using Director's Loan Accounts to Pay Off Mortgages

45:22 Employing Family Members in Your Limited Company

48:43 Conclusion and Contact Information

In this podcast episode, Tommy and Richard Heap from Medics’ Money and Abacus dive into 31 common questions about income protection and insurance that doctors frequently ask. This detailed discussion covers what income protection is, reasons to have it, and how to select the right policy for an optimal price. They discuss crucial topics including different cover types like critical illness, own occupation, deferment periods, and the implications of different coverage. The episode also addresses the importance of independent financial advice over restricted advice, and the impact of inflation on policies. Additionally, listeners learn the relevance of reviewing policies regularly, how to adjust covers as circumstances change, and the tax implications of payouts. The duo provides valuable insights and personal anecdotes, stressing the need for tailored financial protection for medical professionals.

00:00 Introduction to Income Protection and Insurance

00:32 Meet the Expert: Richard Heap

04:09 The Importance of Income Protection

09:40 Understanding Own Occupation Cover

11:23 Wealth Protection, Creation, and Preservation

14:50 Income Protection vs. Critical Illness

16:37 Navigating Sick Pay and Deferred Periods

21:16 Choosing the Right Financial Advisor

23:51 Independent vs. Restricted Advisors

26:13 Determining the Right Amount of Protection

29:46 Understanding Variations in Payouts

30:38 Tax-Free Payouts and Life Cover

31:21 Defining Incapacity in Policies

33:50 The Importance of Deferment Periods

36:32 Mental Health and Preexisting Conditions

39:51 Review Periods and Premium Adjustments

44:18 Critical Illness Definitions and Payouts

52:46 Mortgage Protection Options

59:37 Final Thoughts and Contact Information

This podcast provides an in-depth explanation of the NHS pension scheme, featuring insights from Andy Pow, a specialist medical accountant with 30 years of experience. Topics discussed include the tax efficiency of NHS pensions, the differences between the 1995, 2008, and 2015 sections of the scheme, retirement age variations, and comparisons between NHS and private pensions. The video also covers additional benefits such as death in service and ill-health retirement benefits. Essential yearly checks for maintaining an accurate pension record are highlighted, alongside practical examples and detailed calculations.

00:00 Introduction to NHS Pension Queries

01:07 Understanding the Basics of Pensions

01:52 Tax Efficiency of NHS Pensions

02:49 Employer Contributions and Tax Bands

04:33 Differences Between NHS and Private Pensions

05:35 Sections of the NHS Pension Scheme

09:29 Additional Benefits of NHS Pensions

11:31 Calculating Your NHS Pension

16:22 Importance of Regular Pension Checks

20:18 Conclusion and Further Resources

Extra resources:

https://www.medicsmoney.co.uk/

https://www.medicsmoney.co.uk/free-guide/

https://www.medicsmoney.co.uk/is-your-doctors-tax-code-correct/

https://www.medicsmoney.co.uk/what-medical-school-didnt-teach-us/

In this episode, we welcome new FY1 doctors starting their first roles in the UK and break down the complexities of the NHS payslip. Join Dr. Ed Cantelo, a GP, chartered accountant, and tax advisor, along with Dr. Cyra Mackintosh, also a doctor and accountant, as they explore the various elements of a payslip, offer insights on tax codes, and share personal anecdotes from their early medical careers. This comprehensive guide aims to help new and established doctors understand their compensation better, manage professional expenses, and claim tax relief efficiently. Tune in for practical advice and real-life examples from healthcare professionals who have navigated the NHS payslip system.

00:00 Welcome New FY1 Doctors!

01:29 Meet the Hosts: Ed and Cyra

02:49 Navigating Your First Payslip

04:07 Understanding NHS Pay Structure

04:38 Breaking Down the Payslip Components

07:01 Tax Codes and National Insurance Explained

16:21 NHS Pension Insights

24:19 Claiming Tax Relief on Professional Expenses

25:24 Understanding the Tax Year

26:09 Setting Up a Personal Tax Account

27:43 Making Your Tax Relief Claim

28:48 Common Tax Issues and Solutions

31:52 Emergency Tax Codes Explained

44:18 Resources for Checking Payslips

47:23 Conclusion and Final Tips

Want the latest financial tips for doctors and exclusive invites? Join 64,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/ Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ GP partner looking to improve your practice/ Then come on our course https://www.medicsmoney.co.uk/gp-partnership-programme/ Follow us on Instagram Follow us on Twitter Disclaimer: The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

Use code 'FIGSUK' at wearfigs.com for 15% your order.

In this episode of the Medics' Money podcast, Dr. Tony Goldstone, a radiologist and pensions expert, and Andy Pow, a medical specialist accountant, join the discussion to delve into the complexities of NHS pensions. They cover topics such as the transition from traditional pensions to defined benefit schemes, the impact of the tapered annual allowance, and major changes following the McCloud Remedy. The guests highlight the administrative challenges and mismanagement issues faced by many doctors and emphasize the importance of staying informed about pension entitlements. They also offer practical advice for doctors on navigating their pension schemes effectively.

00:00 Welcome and Introductions

01:17 Tony's Journey from Radiologist to Pension Expert

01:47 Understanding the Pension Crisis

03:22 The Brown Envelope Shock

04:51 Developing Pension Tools and Political Advocacy

11:17 Taxation and Pension Growth Explained

15:52 The Impact of Tapered Annual Allowance

19:31 Recent Changes and Future Challenges

28:46 The Importance of Staying in the NHS Pension Scheme

30:14 Private vs NHS Pensions: A Comparison

31:18 Understanding the Career Average Scheme

31:53 Current Issues with NHS Pensions

32:12 The McCloud Remedy Explained

39:20 Challenges in Pension Administration

53:08 Advice for Doctors on Managing Pensions

56:58 Final Thoughts and Resources

In this episode, Cyra from Medics' Money interviews Emma, the founder of Bee Money Savvy. Emma shares her journey of starting a money-saving blog inspired by her parents' financial struggles and her own experiences living on a part-time income. She discusses essential money-saving tips, budgeting tools, and the benefits of diversifying income streams. Emma also highlights the importance of convenience and consistency in building good financial habits and reveals her personal goal for 2025: to spend more on herself after years of stringent saving. Tune in for practical advice on managing finances better and leveraging tools to maximise savings.

00:00 Introduction and Guest Introduction

00:22 Emma's Journey into Money Blogging

04:03 Mindset and Habits for Financial Success

05:30 Saving Strategies and Tools

08:25 Favourite Budgeting Tools and Techniques

11:40 Money Saving Apps and Cashback Tips 1

9:00 Diversifying Income Streams

24:02 Building a Website for Income

27:56 Financial Goals for 2025 30:50 Conclusion and Final Thoughts

In this episode, the Medics' Money team discusses pressing issues facing resident doctors, including the potential strike for pay restoration, the implications of student loan forgiveness, and the controversial proposal to swap pension benefits for immediate pay. The conversation also touches on the Economic Crime and Transparency Bill, which will affect how limited companies file their accounts, and the importance of financial education in light of the current economic climate.

takeaways

Resident doctors are considering striking due to pay issues.
Student loan forgiveness is seen as a potential solution but raises questions about fairness.
Pension swapping proposals may not address the core issues of pay restoration.
Generational differences in medical training and financial burdens are significant.
The Economic Crime and Transparency Bill will increase financial transparency for doctors.
Cash ISAs are losing value due to inflation, prompting calls for investment education.
Financial education is lacking in schools, leading to poor financial decisions.
Doctors feel undervalued compared to previous generations.
The current economic climate is affecting recruitment and retention in the NHS.
Investment is generally more beneficial than holding cash in the bank.

Chapters

00:00

Introduction to Resident Doctors' Financial Concerns

01:05

Student Loan Forgiveness vs. Pay Restoration

07:00

Pension Swapping: A Controversial Proposal

11:40

Generational Perspectives on Strikes

16:52

Economic Crime and Transparency Bill

26:25

The Debate on Cash ISAs and Investment Education

Contact Dennis here: https://www.medicsmoney.co.uk/accountant/yellowtail-financial-planning/

In this episode of the Medics' Money Podcast, Dennis Hall from the Century Plan Podcast and Yellowtail Financial Planning joins the show to discuss financial planning for retirement beyond pensions. Dennis shares his journey from the Royal Marines to founding Yellowtail Financial Planning, emphasising the importance of developing a comprehensive financial plan. The discussion covers common financial mistakes, the necessity of having a clear retirement agenda, and how financial habits can significantly impact long-term financial independence. Dennis also talks about the psychological aspects of financial planning, and how understanding one's personal objectives can lead to better financial decisions. The episode aims to provide listeners, specifically medical professionals, with insights and actionable steps to secure a financially independent future.

00:00 Introduction to Retirement Planning

00:45 Meet Dennis Hall: Financial Expert

01:24 The Evolution of Financial Planning

02:26 Pensions and Retirement Strategies

06:04 Financial Mistakes and Missed Opportunities

09:17 The Importance of Personal Financial Goals

11:52 Frameworks for Retirement Planning

18:47 The Emotional Side of Financial Planning

24:16 Advice for Younger Professionals

26:58 The Importance of Active Financial Planning

27:35 The Cost of Inaction and High Fees

29:16 The Rush of Last-Minute Investments

29:42 Tailored Financial Advice for Medics

30:16 The Pitfalls of Uncoordinated Portfolios

30:55 The Simplicity of Effective Investing

31:20 The Influence of Online Financial Advice

31:39 The Dangers of Unregulated Investments

32:33 Procrastination in Financial Planning

35:11 Addressing Financial Blind Spots

37:53 Unexpected Life Events and Financial Planning

38:46 Over-Insuring in the Medical Profession

40:23 Engaging with Your Finances

44:01 The Value of Long-Term Planning

46:37 Final Thoughts and Contact Information

Resources to help:
https://youtu.be/ZHSBcGyycMI?si=vkQDr5FRb9O8JmAE

https://youtu.be/9Q3O34IapOE?si=2vMbNifmaACFaRgj

https://youtu.be/AngBbipPGCM?si=bFUPyJgLXM3YySqZ

Reforming the NHS Pension System: A Manifesto for Change

In this episode, the hosts discuss the current issues plaguing the NHS pension system, particularly for General Practitioners (GPs). They detail the problems with missing contributions, incorrect paperwork, and bureaucracy that have caused many to lose faith in the scheme. The discussion is joined by Andy Powell, an independent medical accountant and NHS pensions expert. Together, they propose a manifesto outlining several reforms, including producing forms earlier, abolishing the GP Solo system, automating data entry, regular updates between departments, and simplifying the annualization process. They also touch upon the necessity for a one-off investment to streamline the system. Additionally, they provide resources and courses for GPs to better navigate the current pension system.

00:00 Introduction to the GP Pension Crisis

00:21 Presenting the Manifesto for Change

00:52 Meet the Expert: Andy Pow

01:08 Current State of GP Pension Records

01:43 The Annual Return Process

02:12 Challenges with PCSE and Systemic Issues

03:09 Complexity of Pension Forms

05:19 Proposed Solutions: Early Form Availability

05:39 Abolishing GP Solo

06:43 Automating the Pension System

08:33 Regular Updates Between PCSE and NHSBSA

09:48 The Issue of Annualization

12:50 Investing in System Improvements

15:03 Resources to Navigate the System

16:34 Final Thoughts and Additional Suggestions

17:34 Conclusion and Call to Action

Navigating Maternity, Paternity, and Shared Parental Leave for Medics In this episode of the Medics' Money podcast, Cyra and Matthew delve into the complexities of family financial planning specific to healthcare professionals. They discuss various types of leave available for working parents in the medical field, including maternity, paternity, and shared parental leave. Cyra, a doctor and chartered accountant, offers an in-depth explanation of entitlements, occupational versus statutory leave, and the nuances of shared parental leave. The episode is a guide for medics to understand their rights and plan financially for family life. Topics include risk assessments, rights to pay rises, and annual leave accrual during parental leave.

00:00 Introduction to Financial Family Planning

00:24 Meet Cyra: Doctor and Chartered Accountant

01:55 Understanding Occupational Rights During Pregnancy

06:45 Navigating Maternity Leave

14:41 Statutory Maternity Leave and Pay

17:25 Understanding Maternity Allowance

18:00 Maternity Allowance for Self-Employed Individuals

19:42 Maximising Your Maternity Allowance

20:43 Maternity Pay for Salaried GPs

21:40 Recap of Maternity Pay Tiers

23:15 Introduction to Paternity Leave

24:25 Eligibility and Details of Paternity Leave

26:31 Adoption Leave Explained

28:10 Shared Parental Leave: An Overview

30:59 Maximising Shared Parental Leave Benefits 3

6:38 Conclusion and Next Steps

In this episode of the Medics' Money podcast, Dr. Tommy Perkins talks with Dr. Hannah Allen, the Chief Medical Officer for Heidi, about her journey from clinical practice to health tech. Dr. Allen shares her experiences with using AI in healthcare, particularly the Heidi platform, which assists doctors by automating consultation notes and referral letters, thus saving time and improving efficiency. She discusses the benefits and challenges of integrating AI in medical practice, including accuracy and data privacy concerns. The conversation also explores the future of AI in healthcare and offers practical advice for clinicians looking to transition into health tech roles. Listeners are encouraged to try Heidi for free and provide feedback to improve the platform.

00:00 Introduction to Dr. Hannah Allen's Journey

01:26 Welcome to the Medics Money Podcast

01:48 From Doctor to Chief Medical Officer

02:09 Early Career and Initial Challenges

03:44 Venturing into Health Tech

05:19 Founding Tinto: A Digital Health Startup

08:12 Joining Heidi and Initial Impressions

10:13 The Impact of AI Scribes in Healthcare

11:43 How Heidi Enhances Medical Practice

17:43 Addressing Common Concerns About AI in Healthcare

27:38 Future of AI in Healthcare

34:03 Advice for Aspiring Health Tech Professionals

39:16 Conclusion and Final Thoughts

Book a demonstration here.

In this episode of the Medics' Money Podcast, Tommy welcomes Dr. Andrew Whiteley, the founder of Lexacom, a widely-used health tech product. They discuss the origins of Lexacom, the challenges faced during its development, and the innovative features of its new version. Dr. Whiteley demonstrates Lexacom's capabilities, including streamlined email dictation, patient visit documentation via mobile, and AI-driven workflow enhancements. Ideal for GPs and hospital doctors, Lexacom aims to save time on administrative tasks and improve patient care. Watch the live demo to see Lexacom in action and learn how to integrate it into your practice.

00:00 Introduction and Guest Welcome

00:43 The Origin Story of Lexacom

03:55 Challenges and Growth of Lexacom

09:36 Innovations and New Features of Lexacom

11:58 Live Demonstration of Lexacom's Capabilities

27:07 Data Security and Privacy Measures

30:08 Conclusion and Final Thoughts

DISCLAIMER: This channel is for education purposes only and does not constitute financial advice and tax allowances and rates are subject to change.

In this episode of the Medics' Money podcast, Dr. Shun Pang, co-founder of Anima Health, shares his inspirational journey from a 7-year-old immigrant from China to founding Europe's fastest-growing health tech company. He discusses his experiences in medicine, the challenges he faced, and what prompted him to transition into the tech industry. Dr. Pang elaborates on the potential impact of AI in healthcare over the next 10-15 years and highlights the importance of resilience, first-principles thinking, and a growth mindset for success. This conversation also provides valuable insights for doctors interested in transitioning to health tech.

00:00 Introduction: The Journey Begins

00:07 Founding Anima: The Seed of Conviction

00:30 Anima's Rapid Growth and Recognition

01:17 Shun Pang's Early Life and Challenges

01:54 Educational Path: From Grammar School to Cambridge

06:45 The Struggles and Failures Along the Way

09:57 The Birth of Anima: A Turning Point

15:03 Overcoming Obstacles: The Road to Success

25:36 Reflections on Resilience and Being an Underdog

28:02 The Role of Childhood Trauma in High Performance

29:07 Frameworks for Tackling Massive Challenges

29:34 First Principles Decomposition Explained

33:45 The Future of AI in Healthcare

45:51 Transitioning from Medicine to Health Tech

56:57 Advice for Aspiring Health Tech Innovators

NOTE this was recorded before the change in terminology to 'Resident Doctor' from 'Junior Doctor'.

Achieve Financial Independence with FU Money: A Doctor's Journey In this video, we explore the concept of financial independence (FI) and how FU money can serve as a stepping stone toward achieving it. The speaker, once heavily indebted as a resident doctor, shares his personal journey from debt to financial stability. He explains the concept of FU money, which is enough savings or resources to allow for short-term freedom from a main job. Using examples from his own life, including a three-month surfing trip to Hawaii and the founding of 'Medics Money,' the speaker demonstrates how strategic financial planning and disciplined saving can make even seemingly unachievable goals attainable. The video highlights key financial skills such as optimizing tax, controlling spending, and setting mini-goals, ultimately providing viewers with practical steps to start their own journey toward financial independence.

00:00 Introduction to Financial Independence

01:14 Understanding Financial Independence

02:22 The Concept of FU Money

04:55 Personal Journey to FU Money

07:38 Building Medics Money

09:13 Lessons Learned and Final Thoughts

10:57 Bonus Content: NHS Pension

Website - https://youarenotafrog.com/

Instagram - https://www.instagram.com/drrachelmorris/

LinkedIn - https://www.linkedin.com/in/dr-rachel-morris/

Facebook - https://www.facebook.com/DrRachelMorris

YouTube - https://www.youtube.com/@youarenotafrog

Our FREE Am I Stressed, Overwhelmed or Burnt Out Toolkit - https://www.shapestoolkit.com/stressed-overwhelmed-burnout-toolkit (please note that this is due to go live on Monday, 12 May)

Stress Curve Handout - https://www.shapestoolkit.com/handout-the-stress-curve-2024

Disclaimer:

The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

Navigating Resident Doctor Pay Cuts, Investing Insights, and Financial Strategies

In this episode of the Medics' Money MDT Podcast, hosts discuss various pressing issues affecting the medical community. Dr. Cyra Mackintosh, who recently secured a training job, and Mr. Andy Pow, a senior medical accountant, join to explore the significant challenges of unemployment facing many doctors. They break down the complications around the resident doctor pay offer and the psychological contract between doctors and the NHS. The team also underscores the pitfalls of active versus passive investing, spotlighting the Spiva Scorecard, which shows that passive investments historically outperform active funds. Lastly, they touch on the importance of financial habits, like taking advantage of cashback offers, in reinforcing long-term financial health.

00:00 Introduction and Guest Introductions

01:41 Discussing the Stock Market Crash

03:56 Investment Strategies and Media Influence

12:40 Resident Doctor Pay Offer and Job Security

23:54 Real Pay Trends in the Private Sector

25:25 Addressing Workforce Issues in Government

25:59 Educational Assistants and Pay Disparities

29:13 The SPIVA Scorecard: Active vs. Passive Investing

33:39 The Importance of Financial Confidence

40:08 Cashback Tips and Financial Savviness

Is your financial safety net complete? Join this webinar on June 3rd at 7pm with expert speaker Mike Harms. Register here.

Navigating Financial Protection in the Face of Adversity: A Personal Journey

In this episode, Tommy shares his personal ordeal of a severe hand injury that temporarily sidelined his medical career. Through this deeply personal narrative, he stresses the importance of financial planning, specifically how his carefully tailored protection plans, including sick pay, income protection, emergency funds, and life insurance, provided a crucial safety net. Tommy also highlights the importance of reviewing partnership agreements and the role of wills and power of attorney in ensuring financial security. Expert financial advisor Mike Harms joins to provide comprehensive insights into these financial strategies. This episode underscores the significant peace of mind that effective financial planning can offer, even in the face of unexpected life-altering events.

Want the latest financial tips for doctors and exclusive invites? Join 64,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/

Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com

Want to improve your finances fast? Then come on our course

https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/

GP partner looking to improve your practice/ Then come on our course

https://www.medicsmoney.co.uk/gp-partnership-programme/

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Disclaimer:

The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

The Allure of Dubai's Real Estate Market with Dr. Malek

In this episode of the Medics Money podcast, Cyra speaks with Dr. Jasmin Malek, a GP and seasoned real estate investor based in Dubai. Dr. Malek provides insights into her journey of investing in Dubai's property market, emphasizing the benefits of off-plan investments and the rapid returns facilitated by the city's continuous development. She discusses the security measures in place, including escrow accounts to safeguard investments. Additionally, Dr. Malek offers guidance for those interested in starting their property investment journey in Dubai and highlights the potential for obtaining residency visas through property investments. Listeners are encouraged to reach out via Instagram for personalised advice.

00:00 Welcome to Medics' Money Podcast

00:29 Meet Dr. Jasmin Malek: GP and Real Estate Investor

01:04 The Allure of Dubai's Real Estate Market

02:14 The Process of Off-Plan Investing

03:55 The Financial Benefits of Investing in Dubai

06:12 Ensuring Investment Security in Dubai

07:42 Getting Started with Property Investment in Dubai

08:43 Connect with Dr. Jasmin Malek

09:13 Conclusion and Farewell

Transform your finances in just EIGHT weeks! https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/

Financial Well-being Tips for International Medical Graduates: Insights from Dr. Agne Meškauskienė In this episode of the MedicsMoney podcast, Dr. Agne Meškauskienėshares insights from her financial journey, enhanced by the Medics Money financial wellbeing course. Topics discussed include challenges and comparisons of working as a doctor in the UK vs Lithuania, understanding and valuing the NHS pension, essential budgeting techniques, and tips for managing debt and income protection. Dr. Agne also discusses her personal experiences with investing and the importance of financial planning for future flexibility and security. The podcast aims to help medical professionals better understand their finances and plan for a secure future.

00:00 Introduction and Overview

00:11 Challenges of International Medical Graduates

00:25 Understanding the NHS Pension

00:38 Budgeting and Financial Management

00:56 Course Information and Application

02:04 Guest Introduction: Dr. Agne Meškauskienė

02:19 Journey to the UK and Professional Differences

05:24 Financial Beginnings and NHS Pension Insights

08:50 MedicsMoney Course Experience

10:06 Investment Strategies and Behaviors

16:11 Future Financial and Career Plans

19:43 Conclusion and Final Thoughts

Resident Doctors, GP Funding, and Tax Trivia: Medics Money Podcast Episode In this Multidisciplinary Team (MDT) Medics' Money podcast episode, resident doctors voice frustrations regarding pay and working conditions, leading to discussions of potential industrial action. Dr. Cyra Mackintosh shares her personal experience with stressful specialty applications and her upcoming move for a histopathology training post. The episode also features contributions from specialist medical accountant Andy Pow and Dr. Ed Cantelo, who highlight major issues in GP funding, discrepancies in government financial support, and unravel the recent news surrounding VAT on Premium Bonds and trade agreements.

An entertaining segment dives into VAT trivia, emphasising premium bond efficacy and the implications of NAO and McCloud pension judgments on doctors' finances.

00:00 Introduction and Frustrations with the Government

01:08 Welcome to the Medics Money Podcast

01:32 Dr. Cyra Mackintosh's Exciting News

04:51 Discussion on Resident Doctors' Strike

15:43 Tax Trivia: VAT on Food and Medical Procedures

25:47 Pensions and McCloud Judgment Updates

27:59 Tax Refund Adjustments and Annual Allowance Charges

28:44 The Impact of Annual Allowance Tax on Doctors

30:03 Self-Identification for Annual Allowance Tax Refunds

31:11 Medics Money: Connecting Doctors to Specialist Advisors

32:57 UK-India Trade Agreement and National Insurance Exemptions

37:22 GP Funding and Contract Issues

46:07 Premium Bonds: Not an Investment

49:26 AISMA Conference and Final Thoughts

Fix your finances FAST: https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/

In this episode of the Medics Money podcast, Dr. Rasha shares her journey into the field of palliative medicine and her experiences with financial education. She discusses her career choice, the importance of role models, and her lack of financial teachings in medical school. Rasha also opens up about her challenges and learnings regarding savings, investments, and tax efficiency. She explains how the Medics' Money Financial Wellbeing course helped her make informed financial decisions, covering topics like tax, pensions, and investments. Additionally, she reflects on her approach to teaching financial lessons to her children and plans for future financial security. This episode provides valuable insights and practical advice for healthcare professionals looking to improve their financial literacy.

00:00 Introduction and Early Financial Lessons

00:35 Guest Introduction

01:14 Career Path in Palliative Medicine

05:27 Early Financial Experiences and Lessons

07:37 Navigating Credit Cards and Investments

14:06 Discovering Medics Money and Financial Wellbeing Course

16:14 Key Learnings from the Financial Wellbeing Course

21:30 Future Financial Plans and Family Education

28:57 Conclusion and Final Thoughts

The Unexpected Benefits of a Declining Stock Market: A Doctor's Perspective

In this episode of the Medics' Money podcast, the host welcomes Dr. Simone Bruschi, an ophthalmology consultant, to discuss his intriguing view on market trends and investing. Simone shares his journey from being a self-taught investor to advocating for a long-term, globally diversified index fund strategy. They discuss why a declining market can be advantageous for regular, long-term investors. The conversation also delves into the psychological aspects of investing, the importance of automated investing, and the impact of personal finance education for doctors. Listeners will gain insights into why traditional market timing is challenging and how a disciplined, low-emotion approach to investing can yield significant benefits over time.

00:00 Introduction and Guest Welcome

01:57 Background on the YouTube Comment

02:47 Discussion on Market Timing and Investment Strategies

03:30 Simone's Perspective on Market Trends

09:13 Investment Strategies and Personal Experiences

19:03 Goals and Financial Planning

24:19 Final Thoughts and Conclusion

In this episode of our MDT (Multidisciplinary Team) podcast series, we delve into several pressing topics. We start with an update on the takeover of NHS property by a US private equity firm and what this means for the healthcare system. We then explore the global economic implications of US tariffs, particularly how they are impacting bonds and creating volatility in the market. Our economics experts also put forward their views on the theory of 'taxing wealth not work' as proposed by Gary Stevenson. Wrapping up, we discuss the ongoing NHS pension crisis, including a notable case where a doctor received compensation for pension maladministration and the latest delays in issuing pension saving statements due to the McCloud judgment. Join us as we unpack these complex issues and more

Want the latest financial tips for doctors and exclusive invites? Join 64,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/

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Want to improve your finances fast? Then come on our course

https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/

GP partner looking to improve your practice/ Then come on our course

https://www.medicsmoney.co.uk/gp-partnership-programme/

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Disclaimer:

The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

Want to improve your finances fast? Then come on our course

https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/

In this episode of the Medics' Money podcast, the host welcomes Dr. Edmund Jack to discuss his financial journey and share valuable tips for fellow doctors. Approaching 1.4 million downloads, the podcast has been helping healthcare professionals improve their financial wellbeing. Dr. Jack, a GP from Devon, talks about his diverse career and the phases of his financial life, from debt accumulation to investment strategies. He highlights the importance of a structured approach to finances and the benefits of the Medics' Money Financial Wellbeing course. Key topics include sensible investing strategies, whether to pay off the mortgage or invest, and the psychological aspects of finance. Dr. Jack emphasizes the significance of having a clear financial plan, automating investments, and the long-term benefits of a diversified portfolio. Listeners also get insights into the ongoing debate about active vs. passive investing and tips for those just starting their financial journey.

00:00 Introduction and Podcast Milestone

01:53 Guest Introduction: Dr. Edmund Jack

02:13 Dr. Jack's Financial Journey

05:14 Discovering MedicsMoney

12:39 Key Learnings from the Financial Wellbeing Course

16:55 Investment Strategies: Active vs. Passive

31:30 Final Thoughts and Tips for Beginners

34:28 Conclusion and Upcoming Events

Want the latest financial tips for doctors and exclusive invites? Join 64,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/

Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com

GP partner looking to improve your practice/ Then come on our course

https://www.medicsmoney.co.uk/gp-partnership-programme/

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Disclaimer:

The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/

In this episode of the Medics' Money podcast, hosts welcome Dr. Kate Rothwell, a haematology consultant, who shares her experiences from the Medics' Money Financial Wellbeing course. The discussion covers practical financial tips, including dealing with misallocated back pay and tax traps, and the significance of knowing when and how income should be taxed. Dr. Rothwell recounts battling payroll issues and the importance of proactively managing one's finances, especially regarding pensions and investment strategies. The episode emphasizes the value of collective knowledge and persistence in handling financial matters, highlighting stories of errors corrected and financial knowledge gained. Listeners are encouraged to openly discuss and manage their finances to make informed decisions, leveraging resources like Medics' Money to navigate their financial journeys effectively.

00:00 Introduction and Overview

00:16 Back Pay Issues and Tax Traps

00:40 Pensions Taxation Explained

00:46 Investing Mindset and Tips

00:53 Impact of Financial Wellbeing

01:58 Guest Introduction: Dr. Kate Rothwell

02:46 Personal Financial Journey

05:25 Navigating Tax Challenges

18:00 Persistence with HMRC

23:42 Investing and Financial Planning

28:05 The Importance of Financial Knowledge

42:02 Conclusion and Final Thoughts

https://findapprenticeshiptraining.apprenticeships.education.gov.uk/courses/471?location=London%20Fields,%20Greater%20London

Pre-registration trainee pharmacy technician (PTPT) | NHS England | Workforce, training and education

Funding for foundation training in 2025/26 | NHS England | Workforce, training and education

In this episode, Tommy welcomes Gopal Ladva, a pharmacist partner, to discuss his unique role and his journey to partnership in general practice. Gopal shares valuable insights on optimizing the utilization of pharmacists in a GP setting, including his innovative approaches to electronic repeat dispensing, triage systems, and apprenticeship schemes. He emphasizes the importance of understanding finances in general practice, the value of community and knowledge sharing, and the significant impact of collaborative work. The conversation highlights the transformative benefits of integrating pharmacy expertise into general practices for improved patient care and efficiency.

00:00 Introduction and Guest Welcome

01:30 Journey to Becoming a Pharmacist Partner

02:38 Roles and Responsibilities of a Pharmacist Partner

04:22 Innovative Apprenticeship Programs

07:29 Implementing Effective Practice Strategies

11:57 The Importance of Triage in General Practice

17:36 Efficiency Through Electronic Repeat Dispensing

21:13 Reflections on Partnership and Financial Insights

25:23 Conclusion and Final Thoughts

https://www.medicsmoney.co.uk/our-courses/

In this episode, the Medics' Money team recaps a recent experiment where they discussed current medical finance issues and received positive feedback from their audience, prompting another MDT episode. The team, including Dr. Tommy, Dr. Ed, Dr. Cyra Asher, and accountant Andy Pow, covers crucial topics such as checking national insurance records for state pension eligibility, the volatility in the stock market, and the financial implications of electric cars. Additionally, they dive into why current trainees might be hesitant to pursue GP partnerships, discussing the financial risks and lack of business training in medical education while emphasizing the importance of seeking proper guidance and education through Medics' Money's courses. The discussion also touches on medical negligence and vicarious liability risks within GP partnerships. 00:00 Introducing the MDT Experiment

01:07 Meet the Medics Money Team

02:35 Importance of Checking National Insurance Records

04:10 Understanding Voluntary Contributions

05:50 Child Benefits and National Insurance Credits

11:26 Global State Pension Eligibility

13:03 The Great Stock Market Crash Discussion

20:18 Stock Market Sale

20:37 Electric Car Tax Changes

21:33 Luxury Car Tax Explained

22:30 Electric Car Incentives

24:38 Impact of Tax Policy on Electric Cars

27:10 GP Partnership Challenges

31:53 Lack of Knowledge About Partnerships

37:09 Unlimited Liability Concerns

42:49 Conclusion and Final Thoughts

Transforming Primary Care: The Role of Independent Prescribing Pharmacists In this podcast, a GP hosts members from DPP Connect to discuss innovative ways of integrating pharmacists into primary care. Raheena Kasam, Mahmud, and Sadik explain their roles and the function of DPP Connect in facilitating pharmacists to become independent prescribers by matching them with GPs for practical training. They delve into the specifics of the independent prescribing qualification process, the benefits for GP practices, and the future of pharmacist roles in general practice. The conversation highlights the collaborative efforts between GPs and pharmacists, the workflow integration, and the positive impact on patient care.

00:00 Introduction to the Podcast and Guests

02:02 Overview of DPP Connect

02:40 Understanding Independent Prescribing for Pharmacists

04:04 Real-Life Experiences and Benefits

06:44 Training and Supervision Requirements

10:03 Specialization and Scope of Practice

13:59 Vetting and Onboarding Process

16:04 Getting Started with DPP Connect

16:38 Future of Pharmacists in General Practice 21:16 Conclusion and Contact Information

Sign up to Tandem here.

In this episode, host Tommy interviews Dr. Katie Baker, who transitioned from being a GP to becoming the CEO of a global healthcare company and Operations Director at Tandem Health. They discuss Dr. Baker's career journey, the role of AI in healthcare, and the groundbreaking AI scribe tool by Tandem Health designed to reduce administrative burdens for clinicians. They also delve into Dr. Baker's insights on the future of health tech, the importance of clinician involvement in tech startups, and practical tips for integrating AI tools into medical practices. The conversation highlights how AI can transform healthcare by allowing clinicians to focus more on patient care while streamlining administrative tasks.

00:00 Introduction and Guest Welcome

01:00 Discussing AI in Healthcare

02:03 AI Scribe Demonstration

03:26 Consultation Simulation

08:38 Tandem Features and Benefits

14:36 Getting Started with Tandem

16:02 Understanding Tandem's Pricing and Cost Efficiency

17:33 Necessary Equipment for Using Tandem

18:49 Navigating Implementation and Sign-Off Challenges

19:53 From GP to Health Tech: Katie's Journey

23:15 Breaking into Health Tech: Tips for Clinicians

29:23 The Role of Clinicians in Health Tech Startups

32:19 The Future of Health Tech and AI in Medicine

35:20 Conclusion and Trial Information

Want the latest financial tips for doctors and exclusive invites? Join 64,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/

Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com

Want to improve your finances fast? Then come on our course

https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/

GP partner looking to improve your practice/ Then come on our course

https://www.medicsmoney.co.uk/gp-partnership-programme/

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Disclaimer:

The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

In this episode of the Medics' Money podcast, host Cyra welcomes co-leads Sophie and Henry from the BMA's finance campaign and fourth-year medical student Miki to discuss the financial challenges faced by medical students in England. They delve into how student finance currently works, the significant drop in funding during later years of study, and the impact of these financial shortcomings on students' lives. Personal stories highlight the struggles of balancing intense academic workloads with part-time jobs and the use of food banks, among other hardships. The episode also explores potential solutions, including the continuation of full maintenance loans, increased grants, and better pre-application information. The guests share ongoing efforts to engage with government departments and proposed actions to address these critical issues.

00:00 Welcome to the Medics Money Podcast

00:28 Meet the Finance Campaign Co-Leads

01:16 Understanding the Student Finance System

03:18 The Financial Struggles of Medical Students

05:38 Personal Stories of Financial Hardship

11:00 Campaign Goals and Government Engagement

18:14 Closing Remarks and Future Actions

In this episode of the Medics' Money Podcast, Chartered Accountant and Doctor Cyra takes over for Women's Week in honour of International Women's Day. She engages in a detailed discussion with Melanie Thomas, an accountant specialising in the financial management of doctors. The conversation delves into observed behavioral and career differences between male and female NHS consultants and GPs, particularly in relation to risk-taking, investment behaviors, and work-life balance. They explore the impact of these differences on gender pay gaps and pension disparities. Additionally, the episode provides actionable advice for female doctors to gain financial literacy and confidence in managing their finances. Stay tuned for more insights throughout Women's Week on multiple platforms.

00:00 Introduction to Women's Week

00:28 Meet Melanie Thomas: Accountant for Doctors

01:05 NHS Consultants: Gender Differences in Private Practice

03:16 GPs: Gender Dynamics and Financial Roles

06:11 Investing Behaviors: Risk Appetite and Gender

08:38 Balancing Family and Career: The Hidden Workload

10:10 Empowering Women in Finance

12:10 Conclusion and Upcoming Topics

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Journey from ONG Trainee to Influential GP Partner: Tips & Insights with Dr. Durrat In this episode, we hear from Dr. Durrat, a GP partner who shares her transformative journey from an ONG trainee to a GP partner. Durrat offers invaluable insights into improving recall systems, leveraging cloud accounting, and utilising automations and technologies to enhance GP practices. She discusses the significant impact of the Medics Money GP partnership course on her career and practice management. She also highlights the pros and cons of being a GP partner, the benefits of a supportive GP community, and provides practical tips for aspiring partners.

00:00 Introduction to Today's Podcast

02:20 Meet Dr. Durrat Bharmal

02:53 Journey to Becoming a GP Partner

04:41 Learning the Business Side of GP

08:05 Implementing Changes in Practice

11:05 Pros and Cons of Being a GP Partner

14:13 Future Plans and Final Thoughts

Family Finances Guide: www.medicsmoney.co.uk/familyfinances

Part 2 of Financial Family Planning In this episode, Matt and Cyra, a chartered accountant and doctor, delve deeper into financial planning for medical families. They discuss the impacts of maternity and paternity leave on NHS pensions and financial obligations such as student loans. Saira highlights the various maternity leave policies, their effect on pensions, and alternatives like shared parental leave. They also address ongoing student loan repayments during parental leave, potential discounts on professional subscriptions, and strategies to manage childcare costs while working in the NHS. Key topics include child benefits, tax-free childcare, and the nuances of working less than full-time as a medical professional.

00:00 Introduction and Welcome

00:23 Recap of Part One

02:14 NHS Pension During Leave

05:16 Impact of Student Loans

08:01 Subscription Discounts During Leave

12:21 Child Benefits and Tax-Free Childcare

20:37 Locum Work and Parental Leave

22:08 Working Less Than Full Time

28:02 Conclusion and Guide Reminder

In this episode of the Medics' Money podcast, hosts Ed and Matthew provide a comprehensive guide on essential tax planning strategies to consider before the end of the 2024-2025 tax year on April 5, 2025. They cover six crucial topics, including claiming tax rebates for professional expenses from prior tax years, maximizing ISA allowances, understanding and mitigating marginal tax rate traps, exploring asset transfers to lower-taxed spouses, and staying aware of potential pension annual allowance issues. The episode aims to help healthcare professionals avoid missing out on valuable tax-saving opportunities and offers actionable tips to optimize financial planning.

00:00 Introduction and Overview

00:58 Meet Ed: Your Tax Guide

02:12 Claim Your Tax Rebates

06:00 Maximizing Your ISA Allowance

11:54 Understanding Marginal Tax Rates

14:57 Transferring Assets to Lower Tax Spouses

17:27 Pension Contributions and Annual Allowance

19:21 Final Thoughts and Recap

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Disclaimer:

The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

Navigating Entrepreneurship as a Doctor: Insights from Elle Todd

In this episode, originally aired on 'What Medical School Doesn't Teach Us,' Cyra interviews Elle Todd, a part-time A&E doctor and full-time entrepreneur, about her journey in starting her own business. Elle shares valuable advice for doctors considering a shift to entrepreneurship, emphasizing the importance of passion, resilience, and comprehensive market research. She outlines key steps in the process, including developing a business plan, incorporating a company, and practical tips on website development and legal requirements. Elle also highlights the significance of balancing a job while initiating a business to manage financial risks and sustain motivation. The episode is packed with actionable insights, making it a must-listen for aspiring entrepreneur-doctors.

00:00 Introduction: Transitioning from Medicine to Business

00:59 Meet the Hosts and Guest 01:36 Elle's Journey to Entrepreneurship

03:18 Finding the Right Business Idea

05:53 Essential Elements for Starting a Business

08:27 Market Research and Initial Steps

10:46 Financial Considerations and Business Models

22:22 Legal Requirements and Incorporation

26:25 Setting Up a Business Bank Account

27:25 Creating a Comprehensive Business Plan

28:57 Managing Multiple Businesses and Accounts

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Disclaimer:

The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

29:27 Handling Accounting and Outsourcing

31:36 Legal Documents and Policies

34:15 Building and Managing Your Website

42:03 Lessons from a Failed Business Idea

47:22 Balancing a Job and a Side Hustle

48:49 Final Thoughts and Social Media Plugs

Navigating Financial Family Planning for Doctors

In this episode of the Medics' Money Podcast, the hosts delve deep into the complexities of financial family planning specifically tailored for doctors. Matthew is joined by Cyra, a doctor and chartered accountant, they explore various leave entitlements and financial planning considerations during family planning stages. The discussion includes comprehensive details about occupational maternity leave, statutory maternity pay, maternity allowance, paternity leave, and shared parental leave. Cyra offers insights into practical steps and various scenarios to maximize financial benefits, aiming to make this overwhelming subject more manageable. The episode is accompanied by a downloadable PDF guide to assist listeners further.

00:00 Introduction to Financial Family Planning

02:17 Understanding Occupational Rights During Pregnancy

07:10 Navigating Maternity Leave

15:07 Statutory Maternity Pay and Leave

23:26 Paternity and New Parent Support Leave

26:34 Adoption Leave Explained

28:14 Shared Parental Leave: A Comprehensive Guide

36:47 Conclusion and Next Steps

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Disclaimer:

The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

Medics Money MDT: Hot Takes on Financial Stories and Tax Debates In this special episode of the Medics Money podcast, the hosts introduce a new format where the Medics Money private group chat goes public.

Featuring Dr. Cyra Asher, Andy Pow, and COO Matthew Hodder, the team dives into controversial financial topics and current events. They explore why a £100,000 salary isn't sufficient anymore, debate the potential abolition of cash ISAs, and discuss the implications of higher Vanguard fees.

The episode also touches on the ongoing challenges in the UK stock market and the possible review of Lifetime ISAs, while providing a mix of expert insights and light-hearted banter.

00:00 Introducing the MDT: A New Podcast Style

01:09 Meet the MedicsMoney MDT Team

02:53 The Financial Struggles of a £100k Salary

03:32 Breaking Down the Numbers: Why £100k Isn't Enough

10:11 The Impact of Fiscal Drag and Inflation

17:47 Potential Abolition of Cash ISAs

28:17 AstraZeneca and UK Government Grants

28:31 Investment Portfolios and UK Market Challenges

30:31 Incentivizing Investment in British Companies

31:26 UK Stock Market Performance and Pension Fund Management

37:00 Vanguard Fee Increases and Investment Platforms

45:44 Lifetime ISA Review and Future Prospects

50:01 Final Thoughts and Wrap-Up

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Disclaimer:

The information provided in this video is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

Disclaimer:

The information provided in this video is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

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Navigating Financial Complexities for GPs: Limited Companies and Adjusted Net Income

In this episode of the Medics' Money podcast, financial experts delve into two complex questions from GPs. The first question examines whether it is beneficial for a GP practice to use a limited company for certain services, discussing various tax implications, legal considerations, and regulatory challenges. The second question addresses how GP partners can manage their adjusted net income to stay below the £100,000 threshold, particularly in relation to pension contributions and the annual allowance. The discussion provides valuable insights for GPs and other doctors, emphasizing the importance of understanding financial nuances and seeking specialist advice.

00:00 Introduction and Episode Overview

01:23 Question 1: Using a Limited Company for GP Work

02:35 Tax Implications and Considerations

05:27 Legal and Regulatory Issues

07:46 Pension and Financial Planning

10:51 Conclusion of Question 1

14:48 Question 2: Adjusted Net Income and Private Pensions

16:28 Understanding Adjusted Net Income

19:14 Pension Contributions and Tax Relief

23:03 Gift Aid and Tax Planning

24:59 Practical Advice and Final Thoughts

34:23 Closing Remarks and Course Information

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Unveiling the Secret 60% Tax Rate and 7 Ways to Avoid It for High-Income Earners in the UK

This podcast reveals the hidden 60% effective income tax rate affecting those earning between £100,000 and £125,140 in England and Wales. Co-founder of Medics' Money, Dr. Ed Cantelo, a chartered accountant and tax advisor, explains the complexities behind this marginal tax rate, originated from a government measure in 2010 to reduce the national debt. The discussion covers its significant impact on healthcare professionals and others close to the £100,000 income threshold. Dr. Cantelo outlines seven strategies to avoid the tax trap including maximizing employment expenses, utilizing gift aid donations, contributing to private pensions, leveraging the NHS pension scheme, planning around child benefit, equalizing income with a partner, and ultimately, considering whether to work less. The detailed insights aim to help high-income earners minimize their tax liabilities legally while maintaining financial stability.

00:00 Introduction to the Secret 60% Tax Rate

01:01 Understanding the Marginal Tax Rate

04:35 Impact on Healthcare Professionals

06:14 Seven Strategies to Avoid the Tax Trap

06:31 Strategy 1: Maximizing Employment Expenses

07:44 Strategy 2: Utilizing Gift Aid Donations

09:30 Strategy 3: Contributing to Private Pensions

11:48 Strategy 4: Leveraging the NHS Pension Scheme

12:31 Strategy 5: Planning Around Child Benefit

14:20 Strategy 6: Equalizing Income with Your Partner

15:53 Strategy 7: Working Less to Avoid Extra Tax

18:06 Conclusion and Summary

7 Habits of Financially Successful Doctors

In this Medics' Money podcast, the focus is on improving financial habits for doctors, whether they are struggling or already successful. The video emphasizes the significance of habits in achieving financial success, highlighting the first two out of seven key habits: 1) Wealthy doctors buy assets, not liabilities, and 2) Wealthy doctors spend less than they earn. Viewers are encouraged to understand the difference between assets and liabilities, and to focus on maintaining a higher savings rate by reducing expenses and making smarter financial decisions.

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Find out how much Tommy made through investing :O https://youtu.be/kBe_p4Nowzk?si=2_Xxx56Q90D0PBTH

Why Expert Stock Market Predictions Usually Fail and What to Do About It In this video, Dr. Tommy Perkins from MedicsMoney discusses why expert predictions for the stock market, including those for 2025, are often incorrect. By reviewing major financial institutions' predictions for 2024, he demonstrates the consistent inaccuracies of these forecasts and highlights the cost implications for investors relying on active fund managers. Instead, Dr. Perkins advocates for evidence-based investing through low-cost passive funds, which historically outperform actively managed funds. He also shares his personal investment strategy and invites viewers to reflect on their own approaches for 2025.

00:00 Introduction to Expert Predictions

01:34 Why Expert Predictions Matter

02:42 The Cost of Active Management

04:00 Reviewing 2024 Predictions

06:51 Evidence-Based Investing

08:32 Looking Ahead to 2025

09:10 Conclusion and Viewer Engagement

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This podcast episode is a replay of a bonus session from the Financial Wellbeing course, featuring Will Rainey, a children's author. The discussion centers on the importance of teaching children about finance, covering practical aspects like tax-efficient investments for kids and how to talk to children about money using engaging stories. Will Rainey, author of 'Grandpa's Fortune Fables,' shares his journey from the corporate financial world to creating educational stories for children. He emphasizes the power of storytelling in imparting financial wisdom to kids, explaining concepts like saving, investing, patience, and the hazards of gambling and scams. The episode also delves into effective methods for giving pocket money, teaching compound interest, and the pros and cons of giving children cash versus digital money. The session concludes with a note on upcoming sessions and resources for further learning.

00:00 Introduction to Financial Education for Children

01:59 Meet Will Rainey: Author and Financial Educator

07:01 The Concept of Financial Forests

13:49 Teaching Financial Prudence to Teenagers

18:42 Pocket Money: To Link or Not to Link with Chores?

25:03 The Importance of Cash for Kids

25:37 Transitioning to Digital Money

27:38 Educational Tools and Apps

28:49 Engaging Financial Stories for Kids

29:22 Lessons on Scams and Patience

32:33 Understanding Spending and Saving

39:30 The Power of Compound Interest

44:00 Final Thoughts and Resources

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Dr Trapped vs Dr Wealthy. Which do you feel most aligned to? If Dr Trapped, what can you do about it??

https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/

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Transform your financial future in just 8 weeks

https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/

Donate to Robbie's charity bit.ly/NM-Sponsor

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The Medics' Money team join forces to give their personal New Years' Resolutions as well as general tips to improve your finances. Happy New Year everyone!

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2025 Financial New Year's Resolutions for Doctors

In this special New Year's episode of the Medics' Money Podcast, the team dives into their personal financial resolutions for the coming year. Without Ed's physical presence, but with his voice edited in, the team includes Tommy, Cyra, Andy, and Matthew. They share their goals and advice for 2025, discussing topics like handling emergency funds, contributing to ISAs, improving credit scores, reviewing direct debits, and exploring offset mortgages. The team offers practical advice for doctors on automating savings, investing smartly, and ensuring financial well-being. Tune in to get inspired and kickstart your financial goals for 2025 with expert insights from Medics' Money!

00:00 Introduction and New Year's Greetings

01:09 Cyra's Financial Resolution: Managing the Emergency Fund

01:56 Tommy's Insights on Emergency Funds and Investments

07:05 Matthew's Resolution: First-Time Home Buyer Tips

09:16 Andy's Resolution: Starting Something New

13:55 Ed's Inserted Segment: Overpaying Mortgages and Direct Debits

21:26 Tommy's Personal and Financial Resolutions

25:32 Conclusion and Looking Ahead to 2025

MedicsMoney Christmas Quiz 2024: Festive Fun and Finance

Join the MedicsMoney team as they celebrate Christmas 2024 with a special festive quiz! Test your knowledge on financial topics covered throughout the year and see if you can beat the team in this fun and entertaining episode. From stock market investments to NHS pensions and even festive trivia, there's something for everyone. The video also features a guest appearance by Cyra's dog, Nemi. Happy Christmas to all our viewers!

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Want to educate yourself with expert guidance about investing?

Head over to --> www.medicsmoney.co.uk/fwb

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Ed takes us through the recent pay uplift that many doctors would have received this November.

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Register for live teaching

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In this episode, the speakers discuss their previous live financial teaching sessions and announce two upcoming events where attendees can learn to fix their finances fast. They then replay the Q&A section from a recent session, addressing various questions about salary sacrifice and its impact on NHS pensions, annual allowance tax charges, student loan repayments versus investments, and more. The experts share insights on investment strategies, including the pros and cons of using ISAs and robo-advisors, as well as practical advice on managing GP pension records and making tax-efficient decisions. Detailed timestamps of the Q&A are provided to help listeners find specific information.

00:00 Introduction to Live Financial Teaching Sessions 00:30 Upcoming Live Sessions and Registration Details 00:53 Podcast Overview and Q&A Replay Announcement 02:30 Salary Sacrifice and NHS Pension Impact 04:18 Annual Allowance Tax Charge Explained 06:05 Student Loans: Pay Off or Invest? 08:56 Investment Strategies and Robo-Advisors 10:24 Pensionable Pay and Family Protection Benefits 14:51 Investment ISAs and Retirement Strategies 19:24 GP Pension Records and Fixing Gaps 23:02 Conclusion and Upcoming Webinars

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Now the dust has settled, let's find out how the dust will affect NHS doctors with special guest star Mike Harms from Medical and General IFA.

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Join the chair of BMA GPC Katie Bramall-Stainer for a live podcast recording to members of our GP Partnership Community.

How to sort out NHS Pension on PCSE

https://youtu.be/9Q3O34IapOE?si=2Hya6deAXP4n6l0d

GP Partnership course

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In this episode of the Medics Money podcast, Dr. Cyra Mackintosh, a doctor and chartered accountant, discusses with Andy Pow, a medical specialist accountant, the differences between GP partnerships, limited companies, and LLPs. They delve into the pros and cons of each structure, including liability concerns, tax implications, and how they affect the financial operations of GP practices. The episode aims to provide up-and-coming GPs with fundamental knowledge to navigate the business aspects of GP practice effectively. Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/

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00:00 Welcome to the Medics Money Podcast00:50 Introduction to Andy Pow01:57 Understanding GP Practice Structures03:39 Pros and Cons of GP Partnerships05:14 Limited Companies in the GP Space07:03 Risks and Considerations for Limited Companies11:07 Tax Implications of Limited Companies22:57 Exploring Limited Liability Partnerships (LLPs)27:16 Final Thoughts and Advice

Tommy takes us through not what investments he owns, but 5 questions any doctor can ask before starting investing to get the right mindset secured!

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Tommy and Andy take you through everything you've need to know and do if you have, or haven't yet, received a brown envelope in the post...

McCloud explained https://www.medicsmoney.co.uk/what-does-the-mccloud-judgement-mean-for-my-nhs-pension/

Find a Medics’ Money approved accountant to help https://www.medicsmoney.co.uk/medical-accountant/

HMRC triage tool (watch YouTube before using) https://www.gov.uk/guidance/calculate-your-public-service-pension-adjustment

Mastering NHS Pension Adjustments: Expert Guidance and Essential StepsThis episode provides a comprehensive guide to navigating the complexities of NHS pension adjustments in light of the McCloud remedy. Host Tommy, along with specialist Andy Pow, delve into the background and implications of recent pension changes, offering essential tips for recalculating annual allowance tax charges and understanding eligibility for compensation. They explain the use of triage tools, the submission process for revised tax data, and the importance of meeting deadlines to avoid penalties. The discussion also highlights difficulties NHS staff face in obtaining accurate pension data, especially in Scotland, and the necessity of seeking professional financial advice. Listeners are encouraged to verify their pension records, understand tax implications, and use resources like the Medics Money website for expert guidance. Practical steps for managing pension-related disclosures and avoiding common pitfalls are provided.

Tori from Honey Barrett Chartered Accountants takes us through limited companies for doctors today.

AI generated summary: Tori Fergusson

In this insightful episode, we dive into tax-efficient ways to extract money from a limited company and navigate HMRC compliance checks with Tori Fergusson from Honey Barrett Specialist Medical Accountants. We discuss directors' loans, employing spouses, avoiding tax investigations, and much more. Tune in to empower yourself with essential financial knowledge! Introduction & Listener Questions Welcoming Tori Fergusson Why Honey Barrett? Expert Discussion: Limited Companies Tax-Efficient Ways to Extract Money Compliance Interactions with HMRC Handling Information Notices Real-Life Case Studies Conclusion & Contact Information

Tommy and Ed dive into a Q&A session featuring queries from doctors at the recent Royal College of Obstetrics and Gynaecology National Trainees Conference. Topics covered include investing in children's Junior ISAs, the impact of pay errors on NHS pensions, the global diversification of the S&P 500, and the complexities of National Insurance for multi-employer doctors.

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Overcoming Challenges as a GP Partner ft. Dr. Rebecca Keogh

Join Dr. Tommy Perkins, Dr. Ed Cantelo, and Dr. Rebecca Keogh on the Medics' Money Podcast as they delve into the realities and challenges of being a GP partner running a practice. Dr. Keogh shares her journey through a challenging situation when her practice manager unexpectedly left, and how she navigated the crisis with the aid of the MedicsMoney GP partnership course. She discusses the importance of community support and professional help in handling the administrative and financial aspects of running a practice. Learn from her experience and gain insights into maintaining morale, managing finances, and adapting to unexpected changes in a healthcare setting. This episode is essential for healthcare professionals seeking to improve their practice management skills.

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00:00 Introduction to the Challenges of Being a GP Partner

01:26 Meet Dr. Rebecca Keogh: Overcoming Practice Challenges

02:16 The MedicsMoney GP Partnership Course Impact

02:50 Facing Unexpected Challenges: Practice Manager Departure

04:11 Navigating Financial and HR Responsibilities

16:56 Recruitment and HR Solutions

24:05 Reflecting on the Journey and Future Outlook

27:29 Conclusion and Final Thoughts

Predicting the 2024 Budget: Insights for Medics and ProfessionalsIn this episode of the MedicsMoney podcast, Dr. Tommy Perkins and Dr. Ed Cantelo discuss the potential changes in the upcoming budget by Labour Chancellor Rachel Reeves. They delve into the implications of a £22 billion black hole on the economy, explore possible tax adjustments, and debate the future of capital gains tax, pension tax relief, and inheritance tax. The episode also includes insights into effective financial planning for doctors, emphasizing the importance of early action on ISAs and private pensions. This podcast is aimed at helping medical professionals navigate potential financial changes and make informed decisions.Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/

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00:00 Introduction to the Upcoming Budget00:21 Meet the Hosts and Their Summer Adventures02:27 Discussing the Labour Government's 22 Billion Pound Black Hole04:06 Current High Tax Burden and Predictions09:36 Potential Changes in Capital Gains Tax17:40 Speculations on Pension Tax Relief24:21 Inheritance Tax and Other Speculations33:28 Final Thoughts and Financial Advice42:25 Conclusion and How to Stay Updated

Tommy is joined by Rhoda from the Financial Wellbeing Course to explain how she revolutionised her finances in just 8 weeks? https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/

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This week we're deep diving into a question we get asked all the time: I have an NHS Pension, but should I invest in a private one too?

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AI Solutions for Doctors with Dr. Don Pimenta. Join Tommy on the MedicsMoney podcast as they welcome back Dr. Don Pimenta from Tortus AI. They discuss the transformative potential of AI in the medical field. Dr. Pimenta demonstrates how Tortus AI technology can streamline administrative tasks for doctors, particularly noting its impact on documentation and workflow efficiency. They also delve into the complexities of implementing AI solutions within the NHS, ensuring data security, and the future of AI in medicine.

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00:00 Welcome Back to MedicsMoney Podcast

01:26 The PPE Journey During the Pandemic

04:14 Innovative Solutions and Collaborations

06:22 Introduction to AI and LLMs

07:01 Demo of Tortus AI for Doctors

16:27 Recording Setup and Initial Impressions

17:05 How the AI System Works

20:51 Privacy and Security Measures

23:44 Challenges of Innovating in the NHS

31:35 Future of AI in Healthcare

36:51 Conclusion and Final Thoughts

Part two of the Medics' Money MBA!

https://www.medicsmoney.co.uk/mba/

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Head over to medicsmoney.co.uk/property to register your interest in Property information today!

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Rob and Vivek Join Cyra from Medics Money as she hosts an informative discussion with Vivek and Rob, co-chairs of the BMA UK Junior Doctors Committee. Dive into the details of the junior doctors' campaign for pay restoration, strike actions, the intricate negotiations with the government, and the DDRB’s role in pay recommendations.

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TIMESTAMPS:

00:00 Introduction and Host Welcome

00:51 Meet the Guests: Vivek and Rob

01:52 Breaking Down the Pay Offer

03:03 Impact of Strike Actions and Negotiations

06:31 Comparing Old and New Government Talks

10:25 Future of Pay Restoration and Union Strategy

20:58 Voting and Member Participation

35:47 Final Thoughts and Call to Action

In this episode, Tommy and Ed discuss the challenges and opportunities related to early retirement for NHS professionals. Joined by financial expert Andy Powell, they delve into the complexities of the NHS pension schemes (1995, 2008, and 2015) and strategies for planning early retirement. Topics covered include the benefits of staying in the NHS pension scheme, the impact of early retirement factors, and various additional pension options.

00:00 Introduction to NHS Pension Changes
01:21 Meet the Expert: Andy Powell
02:25 Understanding the NHS Pension Scheme
03:28 Retirement Age and Scheme Changes
06:40 Early Retirement Factors and Planning
10:30 Using Spreadsheets for Pension Planning
21:08 Options for Topping Up Your Pension
25:04 Alternative Investment Options
29:57 The Importance of Starting Early
34:44 Final Thoughts and Course Information

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Cyra and Matthew from MSDTU take you through some things you may have forgotten/missed about ISAs.

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Music credit: MetzMusic on YouTube.

Medics Money MBA Part 1

In this episode, Tommy is joined by special guest Sanay Goyal to explore the world of business through the lens of the Blue Light Card. They discuss the financial success of Blue Light Card, a 50 million pound a year business, and delve into its operations, profitability, and potential growth. The episode covers other business concepts such as cash flow, revenue, gross profit, and vertical integration, illustrating how understanding these concepts can help professionals in the healthcare space make informed financial decisions.

00:00 Introduction to Medics Money MBA
01:13 Introducing Private Practice 3.0
01:36 Meet Sanay
02:32 Exploring Business Models
03:26 Understanding Companies House
03:57 Breaking Down the Blue Light Card
05:24 Financial Insights and Profit Margins
18:41 Understanding Profit Margins
20:03 The Power of Network Effects
20:32 Exploring the Blue Light Card Business Model
24:57 Gymshark's Negative Cash Cycle Explained
29:51 Potential Growth and Risks for Blue Light Card
37:51 Conclusion and Call to Action

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Robbie, one of our listeners, joins Tommy today to talk about everything he's learned from Medics' Money and his own financial plan.

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Tommy and Ed were lucky enough to be invited onto the Century Plan Podcast recently with Sarah Steele and Dennis Hall.

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Check out the Century Plan Podcast here --> https://yellowtail.co.uk/the-century-plan-podcast-human-behaviour-and-financial-planning/

Music credit: MetzMusic on YouTube.

Sign up for our upcoming GP Partnership Course here: http://www.medicsmoney.co.uk/gpcourse

Join us in this insightful episode where we chat with Dr. Hannah Robbins, a GP partner who shares how she revolutionized her practice by utilizing effective systems and processes. She discusses reducing her daily administrative workload, claiming £18,000 in extra income without additional work, and applying the Team Sky marginal gains approach to improve practice operations. Learn about her journey from anesthetist to GP partner, leveraging her side hustles, and the significance of networking, finance management, and embracing change for career growth.

00:00 Introduction to Today's Podcast

01:47 Meet Dr. Hannah Robbins

02:20 Journey to Becoming a GP Partner

05:02 Innovative Systems and Processes

07:25 Impact of MedicsMoney Course

08:34 Financial Insights and Community Benefits

15:13 The Power of Networking and Mentorship

18:16 Advice for New GP Registrars

20:04 Final Thoughts and Wrap-Up

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Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Original Episode: https://www.youtube.com/watch?v=8JubSp4dn-Y

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Tommy is joined by TikTok legend Steve Nichols today, sadly without a Hawaiian shirt, to talk through 14 of your most asked questions.

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Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Original Episode: https://open.spotify.com/episode/7qCWyVE9iyYvnGv7FxaBw8?si=a8507e1d96b3492e

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Cyra welcomes back RBP to the podcast by talking with Kate Perry all about GP Practice Structures.

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This week, Tommy, Ed, Matthew, Cyra and Andy sit down to discuss crucial financial changes needed in political manifestos to support healthcare workers. We cover FIVE main topics: student loan forgiveness, stealth taxation, marginal rates of tax, lifetime and annual allowances, and resolving pay and industrial action issues. We also debate the current financial burdens on doctors, nurses, and dentists, and suggests potential reforms that could alleviate these pressures.

TIMESTAMPS

00:00 Introduction and Breaking Conventions

00:19 Meet the Hosts and Guests

00:49 Financial Changes for Healthcare Workers

02:18 The Student Loan Crisis

09:53 Stealth Taxation Explained

15:43 Marginal Rates of Tax

23:53 Pension Tax Charges: Annual and Lifetime Allowance

31:58 Pay and Industrial Action

40:39 Final Thoughts and Key Takeaways

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Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Original Episode: https://medicsmoney.podbean.com/e/ep-163-look-after-your-own-financial-wellbeing/

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In today's episode of the Medics' Money podcast, we tackle questions from listeners regarding the impact of the higher income child benefit charge on state pensions and whether it's a good time to invest. We provide insights about opting out of child benefits, the importance of maintaining a full National Insurance record, and the intricacies of market timing in investments.

00:00 Introduction and Episode Overview
00:27 Meet the Hosts and Podcast Success
02:26 Listener Question: Opting Out of Child Benefits
03:39 Understanding the High Income Child Benefit Charge
09:25 Listener Question: Market Timing and Investing Strategies
13:52 The Importance of Consistent Investing
18:36 Conclusion and Call to Action

Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Original Episode :https://www.youtube.com/watch?v=AipnVRsChSA

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Matthew is joined by Dr Clare Sieber today to talk all about conflict and leadership within the NHS.

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This week's triage has a recap of Steve Nichols and Tommy discussing limited companies and if they can really save you tax.

Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Original Episode: https://www.youtube.com/watch?v=Bl5xP8yUhnc

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Investing in your NHS pension is far wiser than investing in Bitcoin, right?

Dr. Abdullah Albeyatti, a known Bitcoin maximalist, disagrees as he joins Tommy to discuss and debate over the journey of Bitcoin's volatile pricing and its investment appeal over the NHS Pension.

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Tommy and Ed recount their favourite episodes. Thanks for all your support!

Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Original Episode: https://www.youtube.com/watch?v=QXxhn5tkp8c&t=155s

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This episode explores a proposal for forgiving student loans for medical and healthcare students in the UK, including nurses and physiotherapists, in return for years of service in the NHS. Dr. Syra Asher, a doctor turned accountant, joins the discussion to offer insights into the current state of student loans, including the financial burden they represent, especially for those on longer degree courses like medicine. They discuss the potential impact of the student loan forgiveness proposal by the Nuffield Trust, including its cost implications and possible effects on NHS recruitment and retention. They also analyze the changing landscape of student loans over the years, the specifics of different student loan plans, and the strategies for managing or minimizing student loan debt. Finally, the episode considers the broader implications of the proposal on social equity and the future of the NHS workforce.

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Tommy takes us through the sequel to his investing strategy video with a real look at his investments.

Original Episode: https://youtu.be/kBe_p4Nowzk?si=6NSGKLfgbYsNMqDd

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In this week's episode, Tommy, Ed, Cyra & Andy sit down to discuss whether to invest surplus money or use it to pay off a mortgage early.

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Tommy is joined by Joe Meredith, Asta Medisauskaite, and Rowena Viney from the RMBF and UCL to talk about the results of a study started three years ago! Many Medics' Money Listeners contributed to it, so thank you!

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Ed takes us through everything that's changed this tax year. Don't miss this one!

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Matthew is joined by Beulah from Charterhouse Mortgages today. Listen up if you're a first time buyer!

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This episode dives deep into the world where healthcare meets technology, specifically focusing on the transformative power of automation in general practice. We explore how administrative tasks that burden doctors daily can be streamlined through smart software solutions. The founders of Health Tech One, Raj Kohli and Dr. Bhupinder Kohli, share their journey of developing technology that not only enhances patient registration and lab result processing but also significantly reduces the administrative workload on healthcare professionals. Through their story, we discover the broader implications for patient care, the exciting potential for other practices, and the critical role of innovative tech in the healthcare sector. Whether you're a healthcare professional interested in tech's potential to improve your work life or someone fascinated by the intersection of healthcare and technology, this episode provides valuable insights into the ongoing evolution of general practice.

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Tommy is joined by Nawaz to talk about USMLE (US Medical Licensing Exams) today and how it differs to the UK.

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Cyra and Matthew take you through the finer points of Inheritance Tax today.

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In this episode, Tommy and Ed detail strategies to save significant amounts on taxes before the end of the 2023 to 2024 tax year on April 5, 2024. It emphasizes the urgency of taking action before the deadline to claim various tax reliefs and deductions. The discussion includes a wide range of topics such as claiming tax rebates on allowable employment expenses from previous years, understanding adjusted net income, leveraging tax-free childcare, capital gains tax, and making the most of ISA and pension contributions. Additionally, we highlight how to navigate the so-called 'tax traps' for high earners, the importance of utilising ISA allowances, and planning for inheritance tax.

00:00 Introduction: Maximising Tax Savings for Healthcare Professionals

00:18 Why You Need to Act Before April 5th, 2024

00:51 Getting to Know the Experts

01:43 Basic Tax Saving Tips: Claiming Rebates and Utilising Allowances

03:46 Navigating High-Income Tax Traps and Adjusted Net Income

13:29 Maximising ISA Allowances for Tax-Free Savings

19:56 Capital Gains and Dividend Allowances: Strategies for the Current Tax Year

23:05 Utilising Inheritance Tax Annual Exemption

24:33 Conclusion: Sharing Knowledge and Upcoming Courses

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Tommy takes us through his popular YouTube video on investing strategies and lessons from 2023.

Medics' Money Triage aims to give you bite-sized popular topics from our main episodes.

Original Episode: https://youtu.be/csuusVAP09w

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Matthew (surprise!) is joined by Michael Bennison of Bennison Brown today to talk all about buy-to-lets and what you need to know!

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Tommy is joined by Jacob Haddad of Accurx to talk about the role of AI and technology in changing the face of the NHS.

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Our boy Ed sits down to give doctors and other healthcare professionals the low-down on March 6's Budget.

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Everything you need to know to claim tax rebates and get hard-earned money back!

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A milestone episode as Tommy and Ed reunite in the garage to talk over some of their favourite episode from the series' run.

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A very special episode as our podcast has officially surpassed 1 million downloads! Thanks for all your support.

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Tommy and Dennis Hall from Yellowtail Financial Planning talk about investment risk today.

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Tommy and Steve from Nichols & Co. sit down to cover limited companies for y'all.

Nichols - https://nicholsmedical.co.uk/

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Tommy and Will Ellis from BW Healthcare Surveyors sit down today to talk about GP premises and why you might need a surveyor.

Get in touch with Will - will.ellis@bwhsurveyors.co.uk

https://bwhsurveyors.co.uk/

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Tommy is joined by Daniel Foy of Mazars to talk through the stages of the wealth roadmap.

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Tommy, Graham, and Andy sit down to tell you all about the latest changes to the McCloud remedy and what you need to do today.

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Dr Cyra Mackintosh joins Tommy to explore the persistent gender pay gap in modern medicine.

Submit one thing you’ve learned from the Medics’ Money Podcast HERE —> www.medicsmoney.co.uk/1million

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Find your Financial Early Warning Score: https://www.medicsmoney.co.uk/

In this episode, Tommy and Ed unveil a new financial score tool that helps you assess your financial health and set New Year's resolutions. The episode covers various topics, including the importance of saving and controlling spending, paying down bad debts, protecting finances, investing for wealth accumulation, maximizing tax efficiency, and organizing finances. We emphasize the need to take action and overcome financial worries to achieve financial goals. In this conversation, Tommy and Ed discusse the importance of organizing financial records and setting new year's resolutions. He shares his experience with the Help to Buy loan scheme and his goal of paying off debt. Tommy also talks about his resolution to get fit and the challenges he faced due to an injury. He discusses his investment strategy and the possibility of transferring his cash LISA to a stocks and shares LISA. Want to stay up to date with the latest financial information for doctors?

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A short episode from Ed all about the changes to income tax in Scotland in 2024.

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In this episode, Tommy delves into a captivating conversation with Akshdeep, an International Medical Graduate working in the UK. Ever wondered about the secret playbook for International Medical Graduates looking to kickstart their career in the UK? Akshdeep shares indispensable tips on how to navigate this journey—from the intricate steps of settling in a new country to securing your first house. But wait, have you ever considered the true significance behind a simple bank statement for your career progression? And what about the allure of big cities like London—could there be unexpected advantages beyond the cityscape? Tune in as they delve into these intriguing discussions and challenge the norms of pursuing a medical career in the UK.

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Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Original Episode: https://www.youtube.com/watch?v=oRM6wByWY6A

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Tommy and Mike Harms are here today to discuss everything you might have missed on protecting yourself, your income, and your family's future.

Submit one thing you’ve learned from the Medics’ Money Podcast HERE —> www.medicsmoney.co.uk/1million

Income Protection for Doctors: https://www.medicsmoney.co.uk/income-protection-for-doctors/

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Tommy is joined by the team at Mazars to cover the unfortunate topic of divorce.

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This week's Triage episode originally aired on our brand new podcast: What Medical School Doesn't Teach Us, and has Cyra and Kai talking about his travels with his wife and dog, Kevin.

Subscribe to MSDTU Podcast - https://link.chtbl.com/msdtu

LinkTree - https://linktr.ee/msdtu

Medics' Podcast Network - podcastnetwork@medicsmoney.co.uk || https://medicspodcastnetwork.co.uk/

Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

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In this week’s episode Tommy and Ed guide you on how to pick the side hustle that works best for you. We'll discuss whether you should start your own business, focus on locum work, or invest your time and money somewhere else. It's great to consider passive income, as well as diversifying your income sources, and making the most out of your pay as a doctor. We will also discuss whether doing locum shifts is worth it as a doctor!

SIDE HUSTLES PART 1 AND 2:

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Ed and Andy take you through everything you need to know for the Autumn Statement that Jeremy Hunt unveiled yesterday.

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This week, Tommy is joined by Mike Harms, from Medical and General Independent Financial Advisors and Mortgagesfordoctors.com, to dive deep into the current economic landscape on our podcast. They unpack the intricacies of interest rates, exploring their present status and what experts foresee in the future. The conversation extends to the American economy, dissecting its correlation with interest rates and how this directly impacts investments. Understanding why investment returns might appear stagnant becomes a focal point, accompanied by insights into plausible scenarios and expectations. Bonds take the spotlight as the discussion delves into their relevance within the market, offering valuable insights for investors, mortgage holders, and those keen on understanding the economic pulse. Tune in for an episode tailored to anyone invested in the economy or seeking to comprehend its nuances.

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Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Original Episode: https://www.medicsmoney.co.uk/ep-179-financial-tips-for-img-doctors-salary-payslip-tax-nhs-pension-and-visas/

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Tommy is joined by Dennis Hall of The Century Plan podcast and Yellowtail IFA to talk all about small self-administered pension schemes!

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Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

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In this episode of the Medic Money Podcast, Tommy is joined by special guest Dennis Hall from Yellow Tail Financial Planning. They delve into the world of investing, exploring the distinctions between active and passive investment strategies and why healthcare professionals may lean towards one approach over the other. The discussion also shines a light on the essentials of financial planning, unraveling the financial planning process, and the vital role played by financial advisors. Tune in to gain insights and clarity on financial advice and its significance in your financial journey.

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Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Original Episode: https://www.youtube.com/watch?v=ns8OahsHAOc

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This episode is a conversation between Tommy, Anna Marie Burke, and Morag Miller from Armstrong Watson Specialist Medical Accountants. They discuss the topic of tax returns for doctors and introduce a new software called Tax for Doctors that helps doctors easily fill in and submit their tax returns. They also provide information on who needs to submit a tax return, allowable expenses for doctors, and the benefits of submitting the tax return early.

Tax For Doctors: https://www.armstrongwatson.co.uk/sec...

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In this week's episode, Ed and Tommy go through everything you need to know about Capital Gains Tax and the intriguing world of tax loopholes. Join us as we delve into the realm of fast cars, luxury watches, houses, and the art of wasting chattels to uncover the secrets and strategies of savvy investors.

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The complexity of the NHS pension system often results in errors, which can have significant consequences. In today's episode, Tommy is joined by Graham Crossley from MediFinTech as they highlight the most frequent types of errors, teach you how to identify them, and emphasize the importance of seeking expert assistance.

Free pensions guide: https://www.medicsmoney.co.uk/nhs-pen...

Get a pensions report today: http://www.medicsmoney.co.uk/nhspr

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This week Tommy is joined by Naveen. In this episode, we've got valuable insights for international medical graduates looking to thrive in the UK. Join us as we discuss visas, job opportunities, housing, earnings, and how they compare to other countries like India. Plus, we simplify the UK's tax system and offer free tax-saving tips on our website.

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This week Tommy is joined by Laura Bowler and Andy Pow to discuss the NHS Pension McCloud remedy compensation, refunds and tips.

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Laura's podcast:

https://www.buzzsprout.com/1741211

Tommy is joined this week by Jenny Stone of RBP Chartered Accountants.

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Tommy and Dawn Laird from Mazars are breaking down Basis Period Reform today.

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Tommy and Ed take you through everything you need to know about Inheritance Tax this week, including an exemption for colleagues who lost their lives during the pandemic.

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Join Tommy and Andy Pow for an emergency podcast on all the latest pensions updates YOU need to know.

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Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Original Episode: https://www.medicsmoney.co.uk/ep-166-additional-pension-contributions-and-tax-y-teslas-qa-1-2/

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Tommy and Dr Cyra Asher talk all about starting a family as a healthcare professional this week!

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Our annual tradition continues with Tommy, Ed, and Dr Cyra Asher dispensing tried and true wisdom for new doctors.

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Join Tommy and Joe Meredith from the Royal Medical Benevolent Fund today.

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Music credit: MetzMusic on YouTube.

Want to stay up to date with the latest financial information for doctors?

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Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Original Episode: https://www.medicsmoney.co.uk/ep-165-listen-up-if-you-have-a-mortgage/#:~:text=Tommy%20is%20once%20again%20joined,latest%20financial%20information%20for%20doctors%3F

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This week Tommy is joined by Matthew, producer and manager at Medics' Money, to examine the government's recent claim that giving public sector workers a pay rise would exacerbate the current inflation problem in the UK. Spoiler alert: they're wrong.

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Tommy is joined by Steve from Nichols Chartered Accountants for a whopping two-part episode all based on YOUR questions.

Contact Steve here https://nicholsmedical.co.uk/

If you'd like your questions answered, get in touch at team@medicsmoney.co.uk.

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Music credit: MetzMusic on YouTube.

Tommy is joined by Steve from Nichols Chartered Accountants for a whopping two-part episode all based on YOUR questions. If you'd like your questions answered, get in touch at team@medicsmoney.co.uk.

Want to stay up to date with the latest financial information for doctors?

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Music credit: MetzMusic on YouTube.

Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Original Episode: https://www.audible.co.uk/pd/Ep-145-Taking-back-control-for-a-happier-life-Podcast/B0BWDJQHWS

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Tommy is once again joined by Medical and General's Mike Harms to talk all about what's going on in the mortgage markets.

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Tommy is joined by Richard Stone of Talbots Law today - they've teamed up to offer a discount when you get a will with LPA done - click here to find out more.

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Music credit: MetzMusic on YouTube.

Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Original Episode: https://www.medicsmoney.co.uk/ep-85-pay-less-tax-by-claiming-a-doctors-tax-rebate-today/

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This week Tommy and Ed are interviewed by Dr Allan Xu from the Association of Anaesthetists! They talk all about financial wellbeing and answer some of your questions.

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Music credit: MetzMusic on YouTube.

Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Original Episode: https://www.medicsmoney.co.uk/ep-157-over-150000-opt-out-of-the-nhs-pension/

Subscribe to our YouTube:

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NURSES MONEY! https://www.medicsmoney.co.uk/nurses/

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Ultimate guide part 2 - Links

Episode 16 - Earn while you sleep? Investing for doctors https://www.medicsmoney.co.uk/ep-16-earn-while-you-sleep-investing-for-doctors/

Three books that transformed Tommy’s finances - https://www.youtube.com/watch?v=JEbfir9esTw&t=70s

Episode 155 - tax planning for doctors 2/2 https://www.medicsmoney.co.uk/ep-155-tax-planning-for-doctors-in-2023-pt2/

NHS Pension Guide (free download) https://www.medicsmoney.co.uk/nhs-pensions-guide-for-nhs-workers/

NHS Pension explained - 2023 update https://www.youtube.com/watch?v=eZ92vSAUnMU&t=12s

Episode 112 - Don’t get stung by the marginal rate tax trap https://www.medicsmoney.co.uk/ep-112-dont-get-stung-by-the-marginal-rate-tax-trap/?utm_source=rss&utm_medium=rss&utm_campaign=ep-112-dont-get-stung-by-the-marginal-rate-tax-trap

Your Marginal Tax Rate https://www.medicsmoney.co.uk/your-marginal-tax-rate/

Limited companies for doctors - easy money?? https://www.youtube.com/watch?v=uABvc8oY_FI

Everything doctors need to know about National Insurance https://www.medicsmoney.co.uk/national-insurance-doctors/

Episode 86 - Family finances: child benefit, tax-free childcare and maternity pension issues https://www.medicsmoney.co.uk/ep-86-family-finances-child-benefit-tax-free-childcare-and-maternity-pension-issues/?utm_source=rss&utm_medium=rss&utm_campaign=ep-86-family-finances-child-benefit-tax-free-childcare-and-maternity-pension-issues

Episode 87 - Family finances: How to teach your kids about money with Will Rainey https://www.medicsmoney.co.uk/ep-87-family-finances-how-to-teach-your-kids-about-money-with-will-rainey/?utm_source=rss&utm_medium=rss&utm_campaign=ep-87-family-finances-how-to-teach-your-kids-about-money-with-will-rainey

Episode 88 - Family finances: our OWN finances laid bare https://www.medicsmoney.co.uk/ep-88-family-finances-our-own-finances-laid-bare/

Episode 134 - Starting a side hustle using your unfair advantage https://www.medicsmoney.co.uk/ep-134-start-a-side-hustle-using-your-unfair-advantage/

Cremation Form Taxation https://www.medicsmoney.co.uk/crem-form-as-cash-tax-doctors/

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Tommy and Ed take you through the biggest list of useful resources, perhaps ever...

Ultimate Guide Links!

Debt to Income Ratio - https://www.youtube.com/watch?v=vkZUqFjgVFA&ab_channel=MedicsMoney

Ebook - https://www.medicsmoney.co.uk/ebook/

What can doctors claim tax back on? https://www.medicsmoney.co.uk/what-can-doctors-claim-tax-back-on/

Is your tax code correct? https://www.medicsmoney.co.uk/is-your-doctors-tax-code-correct/

Tax planning for doctors podcast Part 1 - https://www.medicsmoney.co.uk/ep-154-tax-planning-for-doctors-in-2023-pt-1/

Tax planning for doctors podcast Part 2 - https://www.medicsmoney.co.uk/ep-155-tax-planning-for-doctors-in-2023-pt2/

Even doctors need an emergency fund - https://www.medicsmoney.co.uk/ep-90-even-doctors-need-an-emergency-fund/?utm_source=rss&utm_medium=rss&utm_campaign=ep-90-even-doctors-need-an-emergency-fund

Income Protection for Doctors - https://www.medicsmoney.co.uk/income-protection-for-doctors/

Do Doctors need life insurance? https://medicsmoney.podbean.com/e/ep-113-do-you-actually-need-life-insurance/

Royal Medical Benevolent Fund - https://rmbf.org

Citizens Advice Bureau - https://www.citizensadvice.org.uk

Christians Against Poverty - https://capuk.org

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Music credit: MetzMusic on YouTube.

Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Original Episode: https://www.medicsmoney.co.uk/ep-5-10-financial-tips-for-junior-doctors/

Subscribe to our YouTube:

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Music credit: MetzMusic on YouTube.

Want to stay up to date with the latest financial information for doctors?

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Follow us on Twitter

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Music credit: MetzMusic on YouTube.

Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Original Episode: https://www.medicsmoney.co.uk/ep-148-is-gold-an-investment-avoiding-classic-tax-mistakes-and-the-truth-about-corporation-tax-rises/

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Music credit: MetzMusic on YouTube.

Tommy is joined by Harry Pym from Legal and Medical this week to cover Lifetime ISAs and why you really need to set one up if you're under 40!

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Music credit: MetzMusic on YouTube.

Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Original Episode: https://www.medicsmoney.co.uk/ep-114-dispensing-gp-goldmine/?utm_source=rss&utm_medium=rss&utm_campaign=ep-114-dispensing-gp-goldmine

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Sign up to Doctors.net here!

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Music credit: MetzMusic on YouTube.

Taken from our YouTube channel, Tommy takes us through his top three finance books this week.

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Music credit: MetzMusic on YouTube.

Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Original Episode: https://www.medicsmoney.co.uk/ep-134-start-a-side-hustle-using-your-unfair-advantage/

Subscribe to our YouTube:

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Sign up to Doctors.net here!

Want to stay up to date with the latest financial information for doctors?

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Music credit: MetzMusic on YouTube.

Tommy and Ed tackle big headlines such as '150,000 healthcare professionals leave the NHS Pension scheme' and a proposal to re-balance the pension in favour of higher pay in this episode.

Subscribe on YouTube to never miss a new video: https://www.youtube.com/@MedicsMoney

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Music credit: MetzMusic on YouTube.

Tommy is joined by Andrew Brown and Mike Bennison in this week's podcast for a mortgage bonanza!

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Music credit: MetzMusic on YouTube.

Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Original Episode: https://www.youtube.com/watch?v=csuusVAP09w

Subscribe to our YouTube:

https://www.youtube.com/@MedicsMoney

Sign up to Doctors.net here!

Want to stay up to date with the latest financial information for doctors?

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Music credit: MetzMusic on YouTube.

Tune in to find out if Tommy's coffee machine survived or not... And also more tax planning opportunities in 2023.

Read all about it: https://www.medicsmoney.co.uk/tax-planning-for-doctors-in-2023/

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Music credit: MetzMusic on YouTube.

Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Original Episode: https://www.podbean.com/ew/pb-9kw9g-10699c7

Subscribe to our YouTube:

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Music credit: MetzMusic on YouTube.

Ed takes the helm in this episode of the Medics' Money podcast, where they take you through everything that's changed since 6 April 2023.

Read all about it: https://www.medicsmoney.co.uk/tax-planning-for-doctors-in-2023/

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Music credit: MetzMusic on YouTube.

Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Want to stay up to date with the latest financial information for doctors?

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Music credit: MetzMusic on YouTube.

Tommy is joined by Mike Harms of Medical and General this week for an overview of the economy, investing, and mortgages.

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Music credit: MetzMusic on YouTube.

Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Want to stay up to date with the latest financial information for doctors?

Join 40,000 doctors receiving free financial CPD via email by downloading our free ebook here

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Music credit: MetzMusic on YouTube.

Tommy is joined this week by Graham Crosley to talk about everything that's changed with the NHS Pension, and how it might affect you!

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Music credit: MetzMusic on YouTube.

Medics' Money Triage aims to give you bite-sized popular topics from our main episodes, hosted by me, Matthew!

Want to stay up to date with the latest financial information for doctors?

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Music credit: MetzMusic on YouTube.

Tommy and Ed rattle through four key things to do before April 5 2023!

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Music credit: MetzMusic on YouTube.

Medics' Money Triage aims to give you bit-sized popular topics from our main episodes, hosted by me, Matthew!

Want to stay up to date with the latest financial information for doctors?

Join 40,000 doctors receiving free financial CPD via email by downloading our free ebook here

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Music credit: MetzMusic on YouTube.

This week Tommy is joined by Dr Dom Pimenta, who founded TORTUS, which is building a next generation AI co-pilot for doctors! Ever considered leaving a training number in favour of following your own path? This episode's for you. Oh, and if you want to try out the AI you can do so here:https://calendly.com/tortusceo/clinician-osler-testing?month=2023-03 Want to stay up to date with the latest financial information for doctors?

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Music credit: MetzMusic on YouTube.

This week, Tommy and Ed sit down to explain why your NHS Pension problems might be solved, as well as updates to childcare. Andy Pow makes a special appearance to weigh in too.

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Music credit: MetzMusic on YouTube.

On this episode of the Medics' Money Podcast, Tommy and Ed are going through some of the questions left on our YouTube channel. Don't forget to ask away on YouTube and we'll do our best to answer them in a future podcast.

This episode is sponsored by Huel

Get your discount here http://huel.com/medics

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Music credit: MetzMusic on YouTube.

This week, Tommy is re-joined by very special guest stay Will Rainey; award-winning author of Grandpa's Fortune Fables. Ever wondered how best to talk to your children about money? Today is definitely for you.

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Music credit: MetzMusic on YouTube.

Tommy is joined this week by Dr Cyra Asher to talk about how to prepare your finances for the upcoming Strike. Viva la revolution!

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Music credit: MetzMusic on YouTube.

This week Tommy is joined by special guest Rachel Morris, who hosts the You Are Not A Frog podcast to talk all about taking control, beating stress, and thriving.

Download our FREE Thrive Week Planner tool https://www.shapestoolkit.com/thrive-week-planner

Website

www.youarenotafrog.co.uk

www.shapestoolkit.com

www.permissiontothrive.org

Facebook

Dr Rachel Morris https://www.facebook.com/DrRachelMorris

Facebook group https://www.facebook.com/groups/2212687302308522

Facebook page Dr Rachel Morris https://www.facebook.com/DrRachelMorris

Twitter

@DrRachelMorris https://twitter.com/DrRachelMorris

@YouAreNotAFrog1 https://twitter.com/YouAreNotAFrog1

Instagram

https://www.instagram.com/drrachelmorris/ @drrachelmorris

LinkedIn

https://uk.linkedin.com/in/dr-rachel-morris

Want to stay up to date with the latest financial information for doctors?

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The next cohort of our flagship GP Partnership course is due to start on February 28 2023. Apply here now!

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Music credit: MetzMusic on YouTube.

Tommy is joined this week by Adam Thompson to talk about owning your own GP surgery and the rents attached to it.

Want to stay up to date with the latest financial information for doctors?

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The next cohort of our flagship GP Partnership course is due to start on February 28 2023. Apply here now!

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Music credit: MetzMusic on YouTube.

Tommy is joined this week by Dr Joseph Manjaly, an ENT surgeon to talk about whether they would recommend their kids to pursue medicine!

Want to stay up to date with the latest financial information for doctors?

Join 38,000 doctors receiving free financial CPD via email by downloading our free ebook here

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The next cohort of our flagship GP Partnership course is due to start on February 28 2023. Apply here now!

Follow us on Twitter

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Like us on Facebook

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Music credit: MetzMusic on YouTube.

Want to stay up to date with the latest financial information for doctors?

Join 38,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

The next cohort of our flagship GP Partnership course is due to start on February 28 2023. Apply here now!

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Music credit: MetzMusic on YouTube.

Tommy is joined this week by Jacob Haddad, the founder of Accurx! Discussions all about technology improving in primary care ensue.

Want to stay up to date with the latest financial information for doctors?

Join 38,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

The next cohort of our flagship GP Partnership course is due to start on February 28 2023. Apply here now!

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Music credit: MetzMusic on YouTube.

It's Thursday, which means Tommy and Ed sit down for a less formal podcast to talk about their own financial situation, and occasionally cats. This week, the end of ISAs, some careless tax mistakes AND some tax trivia?!

Want to stay up to date with the latest financial information for doctors?

Join 38,000 doctors receiving free financial CPD via email by downloading our free ebook here

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The next cohort of our flagship GP Partnership course is due to start on February 28 2023. Apply here now!

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Music credit: MetzMusic on YouTube.

Tommy is joined this week by very special guest Clare Fuller to talk about LPAs and why YOU need one now!

Find out more information about Lasting Power of Attorney.

To read about Clare's own personal experience with needing an LPA, read here: https://www.speakformelpa.co.uk/blog/lasting-power-of-attorney-this-time-its-personal

Want to stay up to date with the latest financial information for doctors?

Join 38,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

The next cohort of our flagship GP Partnership course is due to start on February 28 2023. Apply here now!

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Music credit: MetzMusic on YouTube.

Tommy is joined by Morag and Anna-Marie from Armstrong Watson to talk all about self-assessment, and an exciting new tool that will be invaluable to those of you who need to complete self-assessment.

Use Armstrong Watson's self-assessment tool for only £235 here: https://www.armstrongwatson.co.uk/sectors/healthcare-services/tax-4-doctors-medics-money

Want to stay up to date with the latest financial information for doctors?

Join 38,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

The next cohort of our flagship GP Partnership course is due to start on February 28 2023. Apply here now!

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Music credit: MetzMusic on YouTube.

Join Tommy and Ed for a New Years' special... only 17 days late!

Links from today's episode:

https://www.medicsmoney.co.uk/what-doctors-can-claim-tax-back-on/

https://www.medicsmoney.co.uk/is-your-doctors-tax-code-correct/

https://www.medicsmoney.co.uk/national-insurance-doctors/

https://www.medicsmoney.co.uk/ep-119-would-you-benefit-from-a-limited-company/

https://www.resolutionfoundation.org/publications/inconsistent-incentives/

https://www.medicsmoney.co.uk/ep-112-dont-get-stung-by-the-marginal-rate-tax-trap/

https://www.totalrewardstatements.nhs.uk

https://www.nhsbsa.nhs.uk/member-hub/member-events

You can call 0300 3301346 or email nhsbsa.pensionsmember@nhsbsa.nhs.uk or DM @nhs_pensions on Twitter.

Want to stay up to date with the latest financial information for doctors?

Join 38,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

The next cohort of our flagship GP Partnership course is due to start on February 28 2023. Apply here now!

Follow us on Twitter

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Like us on Facebook

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Music credit: MetzMusic on YouTube.

It's On Call, which means Tommy and Ed sit down for a less formal podcast to talk about their own financial situation, and occasionally cats. Apologies it's a little late, but here's everything you need to know about the recent Scottish budget! 🏴󠁧󠁢󠁳󠁣󠁴󠁿

Want to stay up to date with the latest financial information for doctors?

Join 38,000 doctors receiving free financial CPD via email by downloading our free ebook here

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The next cohort of our flagship GP Partnership course is due to start on February 28 2023. Apply here now!

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Music credit: MetzMusic on YouTube.

Podcast veteran Andy Pow returns this week as they discuss changes to the NHS Pension. Has it changed at all and is it enough? You might be able to guess the answer.

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The next cohort of our flagship GP Partnership course is due to start on February 28 2023. Apply here now!

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Music credit: MetzMusic on YouTube.

Tommy is joined by very special guest Hasan Kubba this week, winner of the business book of the year 2021. Happy New Year everyone!

Want to stay up to date with the latest financial information for doctors?

Join 38,000 doctors receiving free financial CPD via email by downloading our free ebook here

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The next cohort of our flagship GP Partnership course is due to start on February 28 2023. Apply here now!

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Music credit: MetzMusic on YouTube.

Join Tommy and Ed for a look through the year and the best episodes we've ever made! We hope you all had a lovely Christmas and thanks for your support!

Want to stay up to date with the latest financial information for doctors?

Join 38,000 doctors receiving free financial CPD via email by downloading our free ebook here

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The next cohort of our flagship GP Partnership course is due to start on February 28 2023. Apply here now!

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Music credit: MetzMusic on YouTube.

In this monster episode of the Medics' Money podcast, Tommy and Ed play around with ChatGPT and try to answer the question of whether AI will ever replace doctors and accountants...

If you want to try it, you can do so here: https://chat.openai.com/chat

Want to stay up to date with the latest financial information for doctors? Join 38,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/

The next cohort of our flagship GP Partnership course is due to start on February 28 2023. Apply here now! https://www.medicsmoney.co.uk/gp-partnership-programme/

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Music credit: MetzMusic on YouTube.

This is a joint podcast with the Medics' Money Podcast and RBP Chartered Accountants. Join Tommy, Ed, Katie, and Jenny in this special episode where they spread good cheer and accountancy tips galore.

Happy holidays everyone and a special thanks to all the NHS staff working this Christmas. x

This week Tommy is joined by Rachel Nestel from our New to GP Partnership course to talk about her role as a Pharmacist Partner.

The next cohort of our flagship GP Partnership course is due to start on February 28 2023. Apply here now!

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Music credit: MetzMusic on YouTube.

It's Friday, which means Tommy and Ed sit down for a less formal podcast to talk about their own financial situation, and occasionally cats. Special guest Dante.

This week, Ed lays down Adam Smith's four principles of good taxation, and they both explore how this could be applicable to ever-complex NHS Pension taxation.

Want to stay up to date with the latest financial information for doctors?

Join 38,000 doctors receiving free financial CPD via email by downloading our free ebook here

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The next cohort of our flagship GP Partnership course is due to start on February 28 2023. Apply here now!

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Music credit: MetzMusic on YouTube.

BMA Pay campaign

https://www.bma.org.uk/pay-and-contracts/pay/junior-doctors-pay-scales/fair-pay-for-junior-doctors-in-england

BMA IMG Webinar 7th December

https://www.bma.org.uk/events/bma-webinar-on-visas-and-industrial-action-for-international-doctors

Want to stay up to date with the latest financial information for doctors?

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100,000 views on TikTok

https://www.tiktok.com/@medicsmoney

Subscribe to our Youtube channel

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Music credit: MetzMusic on YouTube.

It's Friday, which means Tommy and Ed sit down for a less formal podcast to talk about their own financial situation, and occasionally cats.

This week Ed explain how Help to Buy might not be all it's cracked up to be.

Want to stay up to date with the latest financial information for doctors?

Join 38,000 doctors receiving free financial CPD via email by downloading our free ebook here

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The next cohort of our flagship GP Partnership course is due to start on February 28 2023. Apply here now!

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Music credit: MetzMusic on YouTube.

This week Tommy is joined by Rob Gibbens from Legal and Medical Specialist IFA. They give an overview of what exactly is going on in the mortgage market right now and what variable you should be considering right now. Also available on YouTube.

Want top stay up to date with the latest financial information for doctors?

Join 38,000 doctors receiving free financial CPD via email by downloading our free ebook here

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The next cohort of our flagship GP Partnership course is due to start on February 28 2023. Apply here now!

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Music credit: MetzMusic on YouTube.

Welcome back to the Friday podcast: Medics' Money On Call where Tommy and Ed sit down to chat more informally about finances, and sometimes cats.

Nothing in this podcast should be construed as advice.

Want top stay up to date with the latest financial information for doctors?

Join 38,000 doctors receiving free financial CPD via email by downloading our free ebook here

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The next cohort of our flagship GP Partnership course is due to start on February 28 2023. Apply here now!

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Music credit: MetzMusic on YouTube.

Tommy and Ed sit down this week to record a podcast all about last Thursday's budget.

Want top stay up to date with the latest financial information for doctors?

Join 38,000 doctors receiving free financial CPD via email by downloading our free ebook here

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The next cohort of our flagship GP Partnership course is due to start on February 28 2023. Apply here now!

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Music credit: MetzMusic on YouTube.

In this episode of the Medics' Money Podcast, Tommy is joined by Steve Nichols to talk all about limited companies, tennis and cricket, and electric vehicles!

Want top stay up to date with the latest financial information for doctors?

Join 38,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

The next cohort of our flagship GP Partnership course is due to start on February 28 2023. Apply here now!

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Music credit: MetzMusic on YouTube.

A new series of Friday podcasts about the previous week. A more informal take on the world at large with Tommy, Ed, and occasionally Matthew.

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Join 34,000 doctors receiving free financial CPD via email by downloading our free ebook here

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Music credit: MetzMusic on YouTube.

This week Tommy and special guest Graham Crossley discuss what you can do if you receive (or didn't receive) the brown envelope from NHS Pensions.

This podcast is available in video format at https://www.youtube.com/c/MedicsMoney/featured.

Want top stay up to date with the latest financial information for doctors?

Join 34,000 doctors receiving free financial CPD via email by downloading our free ebook here

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Music credit: MetzMusic on YouTube.

Tommy and Medical and General's Mike Harms sit down to give an overview of what's going on with inflation right now, mortgage rates, and more!

Want top stay up to date with the latest financial information for doctors?

Join 34,000 doctors receiving free financial CPD via email by downloading our free ebook here

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Music credit: MetzMusic on YouTube.

Tommy is joined by Mazars' Nick Nesbitt and Andy Pow to talk all about limited companies, just with less numbers and less spreadsheets this time! Please note that the next budget comes out on the 31/10/2022, so the information in this episode may not be accurate depending on when you're listening to it.

Want top stay up to date with the latest financial information for doctors?

Join 34,000 doctors receiving free financial CPD via email by downloading our free ebook here

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Music credit: MetzMusic.

This week Tommy is rejoined by Abdullah Albeyatti to talk some more on bitcoin, NFTs, and more!

Want top stay up to date with the latest financial information for doctors?

Join 36,000 doctors receiving free financial CPD via email by downloading our free ebook here

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Music credit: MetzMusic on YouTube.

Tommy is joined this week by Michael Guilfoyle, of Fairstone NI who talk all about what IFAs can do for you, differences between Northern Ireland and England, and investment strategies.

Want top stay up to date with the latest financial information for doctors?

Join 34,000 doctors receiving free financial CPD via email by downloading our free ebook here

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Music credit: MetzMusic on YouTube.

This week we have the long awaited sequel to Tommy and Jo's podcast on their own family finances, from the perspective of qualified financial professionals. If you'd like to get in touch with Monahans, you can do so through Medics' Money here: https://www.medicsmoney.co.uk/accountant/monahans/

Check out our blog!

Got any questions? Ask us at team@medicsmoney.co.uk

Download our free guide here!

Download our free ebook here!

Music credit: MetzMusic on YouTube.

In this emergency episode of the Medics' Money podcast, Ed leads the charge to explain everything you need to know about the mini-budget. Again, not a budget.

Music credit: MetzMusic.

Tommy is joined by a GP with 30 years of experience today: Dr Philip Koopowitz. He will also appear on the Medics' Money New to GP Partnership course, teaching a five part series on dispensing. Don't miss this one!

More about the New to Partnership Course: https://www.medicsmoney.co.uk/gp-partnership-programme/

Music credit: MetzMusic on YouTube

Tommy is joined by Mazars' Daniel Foy to talk about the NHS Pension and income protection, including those who have opted out of the NHS Pension!

It's recommended that all healthcare professionals listen to this wonderful menagerie of information.

Find an…

Accountant | IFA | Mortgage Advisor

Check out our blog!

Got any questions? Ask us at team@medicsmoney.co.uk

Download our free guide here!

Download our free ebook here!

Music credit: MetzMusic

If you do £100 of extra work, how much will you actually take home in your pocket?

Could £100 turn into just £17 (or less) in your pocket?

SPOILER - Unfortunately, yes it could. All thanks to your marginal tax rate

This weeks podcast tells you what you need to know and this article

https://www.medicsmoney.co.uk/your-marginal-tax-rate/

Tommy is joined by podcast listener Dr Max Sugarman this week to talk all about student loans and the increasing costs associated with going to Medical School.

Find an…

Accountant | IFA | Mortgage Advisor

Listen to our podcast!

Check out our blog!

Download our free guide here!

Download our free ebook here!

Music credit: MetzMusic on YouTube.

Tommy and Nipun Gupta everything you need know if you're a locum doctor. Do you need a specialist accountant? What to do about child benefits? Listen on to find out.

Find an…

Accountant | IFA | Mortgage Advisor

Listen to our podcast!

Check out our blog!

Got any questions? Ask us at team@medicsmoney.co.uk

Download our free guide here!

Download our free ebook here!

Music credit: MetzMusic

This week Tommy and Dennis Hall of Yellowtail IFA talk about whether you're truly ready for retirement.

The next cohort of our GP course starts on October 5. Apply here before places sell out.

Music credit: MetzMusic.

Download the ebook here https://www.medicsmoney.co.uk/ebook/

Follow us on twitter here https://twitter.com/medicsmoney

Tommy and Ed are back at it again with a longer episode on their top tips for incoming doctors this August. Whilst made for new doctors starting, there's something for everyone in this episode from spending £139,000 on lunch, to tax trivia involving flapjacks...?

Music credit: MetzMusic.

Tommy and Jenny Stone from RBP take to the stage to examine if Limited Companies for doctors are truly easy money this week. This marks a first as it's a VIDEO podcast available on YouTube here. Watch on YouTube to follow along with the spreadsheet used in the podcast.

Music credit: MetzMusic

Join Tommy and Andy Pow as they discuss the worries that our advisers have been having about inflation and NHS Pensions.

Make sure to listen and check what you need to do.

Music credit: MetzMusic on YouTube

On this special episode of the podcast, Tommy uses his iPhone to record on-the-fly interviews with some fan favourite accountants from the podcast.

Tommy is joined by NHS Pensions Stakeholder Engagement Manager, and radio dj, Bernie Portasman as we announce an exciting new collaboration for sessions on the NHS Pension.

See the fruits of the collaboration here

https://www.nhsbsa.nhs.uk/member-hub/member-events

Join Tommy and Rob Day this week to talk the legal trouble some doctors might find themselves in and how to go about avoiding the.

Music credit: MetzMusic on YouTube

The return of a podcast legend. Tommy and Guy Roper of Sunrise IFA are talking about five common financial mistakes that he sees healthcare professionals making.

Make sure you're not making them too!

Guy's listing link with reviews

This week, the team behind Doctors Vote are talking to Tommy about the ongoing pay-cuts and NHS workers are suffering all across the country. They discuss how things will be different from the 2015/16 strikes, and what YOU can do to help. See all the resources below to get involved and reach out:

Website: https://www.doctorsvote.org/ Instagram: https://www.instagram.com/doctorsvote/ @DoctorsVote Twitter: https://twitter.com/Doctors_Vote @Doctors_Vote Email: Doctorsvote@protonmail.com

In this special episode. Tommy and Ed reunite in the garage where it all began and answer the most amount of questions ever!

Thanks for all your support, the podcast would just be Tommy and Ed talking amongst themselves.

Here's to the next hundred.

This week Tommy and special guest Dr Clare Sieber discuss how to mediate a bitter dispute between GP partners in GP practices. Find out about Clare's unique skillset and more in today's episode!

Got any questions? Ask us at team@medicsmoney.co.uk

Download our free guide here!

Download our free ebook here!

Clare's website here!

Ever wonder how the idea for Medics' Money came into being? Or how did two doctors happen to meet in A&E started everything? Or Tommy's advice for starting your own little business?

Hear it all in today's episode. An exclusive interview with Doctors.net's Stephen Robinson.

Download our guide here!

Make a will with Talbots Law, with a discount of £150 for Medics' Money listeners when bought with an LPA --> Here.

This week, Tommy and special guest Emma Winterburn, an ANP, discuss how non-GPs are becoming Partners! What does the future hold for GP Partnership Parity?

Download our guide here!

Today Tommy and Ed are talking about things you might want to consider before you turn 40!

Make a will with Talbots Law and £150 off here!

Download our eBook here!

Thanks for listening, we really couldn't do this without you.

Today Tommy and special guest Stephanie Tedstone discuss all things practice management partners and the unfathomable decision not to offer the New to Partnership funding to practice managers. Medics' Money are offering two FULLY FUNDED places on our New to GP Partnership course exclusively for members of the IGPM, who can apply by emailing info@igpm.org.uk.

Want to reach out to IGPM? You can contact them at www.igpm.org.uk

Want to reach out to Stephanie about today's episode? You can contact her at stephanie.tedstone@nhs.net

Download our guide here!

Today Tommy, Ed, and Ed's lovable cat Dante are talking about some top tax tips to help to ease the Cost of Living Crisis.

Check what financial help you can get from HMRC.

Download our guide here!

Get our ebook!

Got a question? Get in touch with the team here.

This week Tommy talks with actual rural GPs from the Medics' Money New to GP Partnership Course, along with series regular Andy Pow, about all things rural. From the community spirit during COVID and the challenges of PCNs, to first-hand differences between rural and urban practices, we're really excited to share this week's podcast with you all.

Ask us a question! https://www.speakpipe.com/medicsmoney

Want to apply for our smash hit course and join more than 150 GP Partners? Follow this link:

https://www.medicsmoney.co.uk/gp-partnership-programme/

Music credit to MetzMusic on YouTube.

This week we can't wait to share with you a sneak peak inside our flagship New to GP Partnership Course!

Want to apply for our smash hit course and join more than 150 GP Partners? Follow this link:

https://www.medicsmoney.co.uk/gp-partnership-programme/

Including clips from: Dr Ed Cantelo telling us about the changes from shifting from employment to being self-employed; Dr Tommy Perkins talking about the role of technology, efficiency, and cost-reduction; Dr Rachel Morris, host of the You Are Not a Frog podcast, talking about well-being and burnout; and Lizzie Lloyd and Andrew Burwood talking about dispensing and non-dispensing practices.

Music credit to MetzMusic on YouTube.

A listener's question today on how to avoid NHS Pension tax traps.

Want more detail? Then join 34,000 other doctors, dentists and other professionals and download our ebook here

https://www.medicsmoney.co.uk/ebook/

Although being a doctor is thought of as a stable and safe job, things can always go wrong. From family emergencies to global pandemics, it's an extremely good idea to have an emergency fund.

Listen as Tommy and Ed discuss five reasons why even doctors need an Emergency fund!

Join 25,000 other doctors and download our free eBook here!

Listen today as Tommy and Ed talk us through the Spring Statement from Chancellor of the Exchequer, Rishi Sunak.

Warning: some doom-and-gloom is found in this podcast. However, to compensate we find out what the Beatles have to do with taxation...??

Music credit thanks to Metz Music on YouTube.

On this weeks podcast we are joined by our most special podcast guest ever? as Tommy and Jo discuss their own family finances.

They tell us why talking about money as a family is essential and share there biggest financial mistakes.

Link mentioned

Get a £150 discount on making a will today

https://www.medicsmoney.co.uk/will-writing-service-for-medical-professionals/

Join 25,000 other doctors and read the ebook here

https://www.medicsmoney.co.uk/ebook/

How can you teach your kids(and yourself) about money?

How is growing fruit trees a metaphor for building wealth?

Read Wills book here

https://amzn.to/3KHs8U7 Contact Will here https://www.bluetreesavings.com Twitter @bluetreesavigs Facebook: https://www.facebook.com/BlueTreeSavings Instagram: grandpas_fortune_fables

Grandpa's Fortune Fables: Fun stories to teach kids about money

Family finances special including Child benefit, Tax free childcare and maternity pension issues. Plus some advice on sleepless babies and nappies.

Useful links

Our ebook which covers family tax efficiencies

https://www.medicsmoney.co.uk/ebook/

Find out what you can claim

https://www.childcarechoices.gov.uk

About Lizzy Lloyd

https://www.larking-gowen.co.uk/our-people/lizzy-lloyd/

Download your guide here

https://www.medicsmoney.co.uk/free-guide/

FAQs here

https://www.medicsmoney.co.uk/faq/

Episode 2 from Tommys garage here

https://www.medicsmoney.co.uk/ep-2-how-to-claim-a-tax-rebate-and-reduce-your-tax-bill/

An interview Tommy did with Dr Abeyna Bubbers-Jones where we discuss

Download the ebook mentioned in todays episode

https://www.medicsmoney.co.uk/ebook/

How Medics' Money started

How Tommys own financial crisis led to Medics' Money

Why footballers, artists and doctors have in common.

Why inflation is destroying doctors wealth

Pay off debt or invest

Simplify building your wealth - spend less than you earn, invest for the future and protect your most valuable asset.

Todays episode is all about classic cars, homes abroad and Capital Gains Tax.

Join 32,000 other doctors dentists and professionals getting the latest finial news via email by downloading our ebook here

https://www.medicsmoney.co.uk/ebook/

Contact Bridie here

https://www.larking-gowen.co.uk/our-people/bridie-iachetta/

Join the hidden gems conference here

https://medicfootprints.org/hiddengemsconference/

Subscribe to Medic footprints here

https://medicfootprints.org/joinourmission/

Find Dr Bubbers Jones on LinkedIn here

https://www.linkedin.com/in/abeynajones/

This is a bonus session featuring some of the 100 members of our GP Partnership course community.

More details on the course here

https://www.medicsmoney.co.uk/gp-partnership-programme/

Contact Nick here and tell him you're a Medics Money podcast listner for special treatment ;-)

info@mooreandsmalley.co.uk

Join 30,000 doctors and download our ebook here

https://www.medicsmoney.co.uk/ebook/

Our email subscribers got this article 1 month ago. Don't miss out again and join us here

https://www.medicsmoney.co.uk/ebook/

Password for this article is "nhsp"

https://www.medicsmoney.co.uk/what-do-doctors-need-to-know-and-need-to-do-about-the-mccloud-judgement/

Contact Moore and Smalley here

info@mooreandsmalley.co.uk

Apply for our New GP Partnership course here

https://www.medicsmoney.co.uk/gp-partnership-programme/

Hussains youtube

https://www.youtube.com/c/eGPlearning

Helens book

Link to the book on Amazon: https://www.amazon.co.uk/Complete-MRCGP-Casebook-Consultations-Curriculum/dp/0367627663

Link to our website: https://completemrcgp.co.uk/

Davids website https://www.gptemplates.co.uk/

Davids Youtube https://www.youtube.com/channel/UC10JRUBDHZDKHuQ3U4mHO8g

P+J Trains (more importantly!) - https://www.youtube.com/channel/UClgMH8JsspXU_pLlS-f7sEg

The Complete MRCGP Casebook: 100 Role plays for the RCA/CSA across the NEW 2020 RCGP Curriculum

Signup up to the webinar here

https://www.shapestoolkit.com/medics-money-webinar-optin

What you will learn:

How to value your time rather than your money (and why that's so important)

The key to using your money for MAXIMUM satisfaction, wellbeing and happiness

How to live a truly fulfilling and meaningful life - no matter what's in your bank account

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The Medics' Money coffee machine of choice

https://amzn.to/3q0jjv8

Get your financial new year started now with our free ebook.

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Sage The Barista Pro Manual Espresso Maker, us:one size, Stainless Steel

Christmas two part special episode counting down the top 10 episodes of all time AND a Christmas present for every listener.

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https://www.medicsmoney.co.uk/ebook/

Christmas two part special episode counting don't the top 10 episodes of all time AND a Christmas present for every listener.

Join 30,000 doctors and download our ebook here

https://www.medicsmoney.co.uk/ebook/

Want to stay up to date with the latest financial information for doctors?

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Apply to join our GP course here

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19/20 AA scheme details

https://www.england.nhs.uk/pensions/

Audible free trial here

https://www.amazon.co.uk/hz/audible/mlp?ie=UTF8&actionCode=AMN30DFT1Bk06604291990WX&tag=medicsmoney-21

Read a summary of the books and claim your free Audible trial here

https://www.medicsmoney.co.uk/recommended-reading-for-doctors/

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Want to stay up to date with the latest financial information for doctors?

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Bonus episode

Our podcast just passed 140,000 downloads and is regularly in the top 10 medical podcasts in the UK. Thanks to listners like you who have told your colleagues about us, together we are helping empower doctors to make better financial decisions and giving doctors the financial education that no one teaches us.

Download the ebook here

https://www.medicsmoney.co.uk/ebook/

There is NO WAY we could have done this without your support. To say thank you to all of you who've subscribed and told your colleagues about the podcast, we've recorded a bonus episode to help you make better financial decisions. We hope it will give you a simple formula to improve your finances.

Tip 1 – Calculate your net worth Net worth is a useful metric to track your progress and in calculating it you will consider your current financial position. Remember, £Net worth = £Total assets – £Total liabilities If your net worth is a negative number, don’t panic. Both of us started with a significant negative net worth. Now you have calculated your net worth, think about how you can increase your assets and decrease your liabilities. Tip 2 - Pay the right amount of tax One way to decrease your total liabilities is to pay the correct amount of tax. This can be as simple as keeping an eye on your tax code and claiming tax rebates and as complex as starting a Ltd company for your private practice and investing in a Venture Capital Trust. As we’ve seen, doing nothing about tax will likely result in a significant overpayment of tax. You should also perform the basic annual checks on your NHS Pension to avoid incurring punitive tax charges. Tip 3 - Protect your assets As soon as possible, insure yourself against disaster. You need an emergency fund and unless you could afford to maintain your current lifestyle if you got sick and couldn’t work, you also need insurance. Protecting your assets can be as simple as buying life insurance and income protection and as complex as creating a will and trust for your assets should you die. Avoid the salespeople masquerading as advisers and use Medics’ Money to find an Independent Financial Adviser specialising in doctors to get the right policy for the right price. Tip 4 - Spend less than you earn Hopefully by now you understand why spending less than you earn is so vital. But you need to actually sit down and analyse your spending and set a budget. Don’t spend £139,000 on lunch at the hospital - it’s really not worth it. More details in the ebook https://www.medicsmoney.co.uk/ebook/ Tip 5 - Repay Bad debt Bad debt is hindering your ability to build wealth and needs to be paid down as quickly as possible. You should not be investing before paying down bad debt. In contrast, good debt, if used correctly can significantly enhance your wealth. Tip 6 - Invest for the future In many ways by training as a doctor, dentist or other professional you’ve already made a great investment in your future. But unless you want to earn very penny of your wealth at the coalface of your chosen profession, you need to invest. Stop trading your time for money and make your money work for you. The earlier you start, the more you can benefit from compound interest. Investing is not hard and good investing is low maintenance, low cost and boring. Tip 7 - Get the right advice for the right price Given the way some elements of the financial advice industry operate, its right that you are wary about finding an adviser to help you. But unless your financial affairs are very simple, its likely at some stage of your career, you will benefit from the right advice for the right price. Armed with the knowledge you can interview and select the right advice for the right price, just as our proprietary algorithm does for thousands of doctors on Medics’ Money. Tip 8 - Stay up to date In the same way you keep your medical knowledge and skills up to date, the same is true for your financial knowledge and skills. Subscribe to our podcast and we will keep you up to date with all the latest financial news.

Today we answer the following questions from podcast listeners working in Scotland:

Do you really pay more tax in Scotland?

I have an NHS Pension and have moved from England to Scotland. Are there any implications of this?

What is the impact of electing for scheme to pay and does it differ from Scheme pays in England?

What should I do in relation to the McCloud/Sargeant Judgement?

What do you think concerns GP’s most just now

I am a newly qualified locum, what do I need to be aware of ?

As a newly qualified GP with a mortgage, student loan and high outgoings, is it still beneficial for me to join the pension scheme given that I am hearing of horrific tax liabilities in relation to pensions?

Should I set up a Limited company for my earnings?

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Links for todays episode

Fionas Podcast

https://podcasts.apple.com/gb/podcast/the-healthtech-vc/id1533197764 Crista Galli Ventures www.cristagalli.com

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Today podcast is all about Capital Gains tax on property.

When does an individual pay capital gains tax on a residential property?

How is the potential gain calculated?

What the difference categories of residential properties?

Are there any reliefs available when selling a residential property?

What if the property was gifted or inherited? Is there still capital gains tax to pay?

What if I gift a property to a family member or a third party? Surely if I’ve received no proceeds then no CGT is payable?

What are the rates of capital gains tax? Do you see this changing in the near future?

What about inter spouse transfers?

When does capital gains tax become payable? What are the new filing requirements?

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Some links Emma mentioned during our podcast: Character strengths survey: https://www.viacharacter.org/ Box breathing video: https://www.youtube.com/watch?v=sXirU-uX2vU&t=51s

Getting in touch with Emma: LinkedIn: https://www.linkedin.com/in/dremmathurston/ Instagram: @dremmathurston My website:www.halcyonwellness.co.uk

We are getting loads of questions from you about how to retire early, and not just from older doctors. Perhaps this reflects how difficult working in the NHS is right now.

Financial Independence Retire Early or FIRE is something we’ve talked about on the podcast Ep 7 and also on our blog and you may know that I’m a big fan of trying to reach Financial Independence FI.

But one thing I don’t see discussed much is how the NHS Pension can help you to retire early. So on todays podcast we discuss everything from when cna you retire from the NHS, how can you top up your pension including a discussion about using erbos. We also talk about private pensions and ISAs and we also talk about my own early retirement strategy, which is pretty simple.

As ever this podcast is for information only and does not represent financial advice. The value of investments can rise and fall and you may get back less than you invested.

If you like this podcast don’t forget to rate review and subscribe and as we continue on our mission to empower doctors to make better financial decisions.

Listen to Toms Podcast here

https://barnabycecil.com/podcast

Contact Tom Skinner here

https://www.medicsmoney.co.uk/accountant/barnaby-cecil-financial-planning-limited/

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Bitcoin and cryptocurrency is one of the hottest topics right now. In this episode we find out why Tommy doesn't own any cryptocurrency and doesn't plan to. But we also hear how block chain works and hear from Dr Albeyatti why he does like bitcoin.

The Medics' Money podcast is for entertainment only and does not represent any form of financial advice.

Contact Abdullah here

https://www.linkedin.com/in/dr-abdullah-albeyatti-mbbs-bsc-mrcs-ent-mrcgp-49916973

https://medicalchain.com/en/

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A summary of all things PCN related.

Apply to join our new to GP Partnership scheme here

https://www.medicsmoney.co.uk/gp-partnership-programme/

Contact Andrew at Larking Gowan here

https://www.medicsmoney.co.uk/accountant/mha-larking-gowen/

Sign up to the webinar here

https://www.peoples-property-plaza.com/webinar

If you are interested in investing in property then this podcast is for you as we hear from Dr Jas Gill who’s managed to balance a career as a doctor with a career as a property entrepreneur and as a mum. Jas is co-host of the Peoples Property Plaza and with her business partner Alok Chander they tell us how they got started with property, their biggest mistakes and how they can also help you on your property investment journey.

Now you’ve probably got questions that you want to ask and unfortunately the podcast medium doesn’t allow that BUT Jas is holding a live webinar with Q+A on 22nd September 2021 and you can sign up for that webinar to ask questions and hear more about their property mastermind programme.

The link is in the description below.

https://www.peoples-property-plaza.com/webinar

Of course by now you know we are all about transparency at Medics’ Money and if you sign up to their paid for course that will help to support the Medics’ Money podcast and allow us to keep bringing you all the latest financial CPD for doctors.

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Another episode of the Medics' Money financial clinic today. Links mentioned in the show

https://www.medicsmoney.co.uk/ebook/

https://www.medicsmoney.co.uk/national-insurance-doctors/

NHS GPs have been having major problems with the administration of pensions via PCSE. Today we talk about what GPs can do about this and how to complain and claim compensation.

Useful emails

pcse.complaints@nhs.net

IR35 is a big issue for locum doctors and today we discuss the latest updates to IR35 or OPR.

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Should you become a GP partner?

https://www.medicsmoney.co.uk/gp-partnership-programme

Todays podcast is MASSIVE and we cover all the key topics GPs should consider when joining a partnership.

If you are a new GP partner we have a course to teach you everything you need and you can apply here

https://www.medicsmoney.co.uk/gp-partnership-programme/

If you are an established partner and have a new partner joining - tell them about our course.

In the podcast we talk about,

What should a new GP Partner be looking for?

Should they get a copy of the practice accounts?

How will they know what they will be paid?

What will their drawings be?

What is working capital and how is it financed?

How does the property ownership aspect work?

What is parity? Do we see fixed shares of profit?

What should a new partner look out for in the first year for tax?

How will pension work as a partner?

How does the new to partnership payment work?

Do we see Non-GP partners?

What are the tax implications of coming to working in the UK?

What makes you tax resident?

How much!! do doctors get paid in Canada?

Whats life like for doctors in Canada?

Contact the experts featured today here

https://www.bw-medical.co.uk

Read reviews and schedule an appointment with BW here

https://www.medicsmoney.co.uk/accountant/bw-medical-accountants-ltd/

Medics Money approved

https://www.medicsmoney.co.uk/medics-money-approved/

What does a good financial adviser look like?

https://www.medicsmoney.co.uk/independant-financial-advisers-ifa-for-doctors/

Contact Guy here

https://www.medicsmoney.co.uk/accountant/sunrise-independent-financial-advisers/

Want to stay up to date with the latest financial information for doctors?

Join 28,000 doctors receiving free financial CPD via email by downloading our free ebook here

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Mortgages for doctors - we tell you how to get the best deal.

How much can you borrow?

Why your bank many not be the best place to get a mortgage

Why you should clean up your outgoings before applying for a mortgage.

With medics specifically, how do lenders treat additional (non-basic) pay?

What deductions are taken into account by lenders? And how does this affect the agreed lending?

With medics, how are lenders dealing with employed and self employed locums?

What about newly self employed GP's working as a partner in a practice?

First time buyers?

How has covid affected mortgage lending?

Protection and insurances we discuss and recommend as part of the mortgage process.

Contact Rob and Mike here

https://www.medicsmoney.co.uk/accountant/medical-general-mortgages/

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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Todays episode we give you a quick summary of the latest NHS Pension issues.

We talk about McCloud and what you need to do about it

The REALLY important deadline approaching

3 pension checks ALL doctors can do themselves

Salary sacrifice tax trap with cars

Details of AA compensation scheme here

https://www.england.nhs.uk/pensions/

Rachaels details

https://www.medicsmoney.co.uk/accountant/sandringham-medical/

Want to start private practice but don't know where to start?

This episode is for you as Mr Giles Davies tells us how he can help you to get started in Private Practice today.

Get a 25% discount on the Private Practice Pro course today

https://www.privatepracticepro.co.uk/medicsmoney

Join the free 25 minute taster webinar to learn,

Where you should work
How to get practising privileges quickly
How to get started in private practice cheaply
How to market yourself for free
How to drive patient enquiries into booking

Join here

https://www.privatepracticepro.co.uk/medicsmoney

This is a sponsored episode. Transparency is important to us. Private Practice Pro support the free information Medics’ Money provides, such as our podcast, blog and guides, by paying us a small introducer fee. We only ever recommend products or services that we believe in, have vetted or have used personally ourselves. Our FAQ’s explain how Medics’ Money is funded and we encourage you to read this. 🙂

Resources in todays episode

https://www.medicsmoney.co.uk/is-your-doctors-tax-code-correct/

https://www.medicsmoney.co.uk/ebook/

Want to stay up to date with the latest financial information for doctors?

Join 28,000 doctors receiving free financial CPD via email by downloading our free ebook here

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Todays episode we talk about Wills.

We find out how Tommy finally got around to arranging his will.

Talbots Law are Medics' Money approved solicitors and Medics' Money podcast listeners can book a free consultation with them here

https://www.medicsmoney.co.uk/will-writing-service-for-medical-professionals/

Why make a will?

Why use a Solicitor (rather than a Will Writer or even a WHSmith template\home will)?

What are the key things to consider when making your will?

How do different personal circumstances change the requirements of a will?

What are the issues and problems of not having a will?

Is there anything else that clients should be thinking about when making their will?

Transparency is important to us. Talbots law support the free podcast Medics’ Money provides by paying us a small fee. We only ever recommend products or services that we believe in, have vetted or have used personally ourselves. Our FAQ’s explain how Medics’ Money is funded and we encourage you to read this. 🙂

Want to stay up to date with the latest financial information for doctors?

Join 28,000 doctors receiving free financial CPD via email by downloading our free ebook here

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Slightly different episode as we talk to Dr Dom Pimenta about the amazing work the Healthcare Workers Foundation has been doing during the pandemic.

If you are a healthcare worker in need of support please check them out here

https://healthcareworkersfoundation.org

Over 850 healthcare workers have died as a result of Covid-19 and extra support is available to them here

families@healthcareworkersfoundation.org

How can GP Partners get the best deal on a premises loan?

By listening to this podcast and reading this article.

https://www.medicsmoney.co.uk/premises-loan-finance-ten-things-to-consider/

We talk about the importance of using Independent whole of market brokers.

Ian tells us why your own bank may not be the best place to get a good deal.

This is a sponsored episode. Transparency is important to us. Ian Crompton and Primary Care Finance support the free information Medics’ Money provides, such as our podcast, blog and guides, by paying us a small introducer fee. We only ever recommend products or services that we believe in, have vetted or have used personally ourselves. Our FAQ’s explain how Medics’ Money is funded and we encourage you to read this. 🙂

Want to stay up to date with the latest financial information for doctors?

Join 28,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

Follow us on Twitter

https://twitter.com/medicsmoney

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Do private consultants need to charge VAT?

Todays episode started with a simple question from a podcast listener but escalated quickly into a discussion about

Annual allowance pension tax charges

Marginal tax rates

Use of Limited Companies

IR35

Income protection

Wills and POA

Pensions tax trap with salary sacrifice

It's a bumper episode, split into two parts.

The accountant featured today is Andy Pow and you can contact him here

https://www.medicsmoney.co.uk/accountant/mazars-llp/

The IFA is Nick Nesbitt and you can contact him here

https://www.medicsmoney.co.uk/accountant/mazars-financial-planning/

Want to stay up to date with the latest financial information for doctors?

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https://www.medicsmoney.co.uk/ebook/

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https://www.facebook.com/medicsmoney

Do private consultants need to charge VAT?

Todays episode started with a simple question from a podcast listener but escalated quickly into a discussion about

Annual allowance pension tax charges

Marginal tax rates

Use of Limited Companies

IR35

Income protection

Wills and POA

It's a bumper episode, split into two parts.

The accountant featured today is Andy Pow and you can contact him here

https://www.medicsmoney.co.uk/accountant/mazars-llp/

The IFA is Nick Nesbitt and you can contact him here

https://www.medicsmoney.co.uk/accountant/mazars-financial-planning/

Want to stay up to date with the latest financial information for doctors?

Join 28,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

Follow us on Twitter

https://twitter.com/medicsmoney

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Listeners questions

Today we answer listeners questions on everything from the problem with Facebook financial advice to whether you need to claim tax rebates each year.

Keep the questions coming and we will answer as many of them as we can.

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How do you go about building an app to help doctors make sense of blood tests?

Dr Alex Langridge tells us how he built Buku medicine app

Website Buku Medicine

Buku Medicine Dr Alex langridge. Alex Langridge is a Haematology Registrar in the North-East of England and created Buku Haematology in 2017. He writes content alongside Steve O’Brien, and performs the day-to-day maintenance and promotion of the App. bukumedicine.co.uk

Specific page with download links Download — Buku Medicine QR code for App stores (works for Apple and Android stores)

Twitter @bukuhaematology @bukurenal @bukuendo https://twitter.com/bukuhaematology

Today we talk to two doctors who started their own investment club.

Want to stay up to date with the latest financial information for doctors?

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As accountants and tax advisers, we are often asked the benefits of holding residential rental properties through a limited company. Whilst there are benefits of holding residential rental properties in a corporate structure, the downsides need to be given equal airtime. In this article, we explore some of the advantages and disadvantages of holding residential rental properties in a limited company.

The reason many clients ask for this guidance is because from 6 April 2017, HMRC restricted loan interest relief available for residential landlords holding property personally. These restrictions have not been extended to properties owned via a limited company hence making the corporate route appear attractive.

The restrictions have been phased in over a period of four years, meaning the allowable loan interest between 2017/18 and 2020/21 has been reduced as follows:

2017/18 – allowable loan interest – 75%
2018/19 – allowable loan interest – 50%
2019/20 – allowable loan interest – 25%
2020/21 – allowable loan interest – 0%

The element of interest disallowed in these years and, going forward on 100% of the loan interest, will no longer be a direct deduction from the rental profits. However, a tax credit of 20% will be given on the mortgage interest payments. For example, if you have incurred mortgage interest of £10,000 you will receive an allowable deduction of £2,000 from your overall tax liability.

Questions to ask before transferring to a limited company

Each individual’s tax position is different and the therefore a ‘one size fits all approach’ is not best practice. When we are asked to provide guidance on whether to hold properties through a company, we tend to ask the following questions:

What is your current tax position?
- Are you a basic rate or higher rate taxpayer?
Does a lower earning spouse jointly own the property?
- If not, should tax planning to equalize assets between spouses be explored first?
Is the income required for personal expenditure?
- If the income is required and is held within a company, the tax efficiency would be diluted.
Is the property mortgaged?
- If not, a company structure is unlikely to be worth it.
Does the property currently stand at capital gain and what is the current value?
- Capital gains tax and stamp duty land tax may become payable as a result of the transfer.
What are the future plans for the properties if transferred to a company?
- There are likely to be issues if the property held in a company is ear marked to be a future main residence.

Any decision to hold residential rental property through a limited company needs to discussed with a suitable qualified professional as transactions do have some unintended consequences.

The main advantages

Interest relief is available to set against rental profits.
The corporation tax rate is currently 19% compared to 20%, 40% or 45% if held in personal names.
Timing of company dividends for tax efficiency.
Family members can be involved, reducing the tax burden.
Tax efficient if funds are left within the company.

The main disadvantages

Potential higher borrowing cost and personal guarantees may be required.
Potential stamp duty and capital gains tax liabilities for transferring to a limited company.
Increased accountancy fees.
If an individual needs the rental income for personal expenditure the majority of the tax efficiencies will be lost.
Annual Tax on Enveloped Dwellings (ATED) - ATED is an annual tax payable mainly by companies that own UK residential property valued at more than £500,000.

An ATED return would need to be completed if the property:

is a dwelling
is in the UK
was valued at more than
- £1 million (for returns from 2015 to 2016 onwards)
- - £2 million (for returns from 2013 to 2014 onwards)
- - £500,000 (for returns from 2016 to 2017 onwards)
is owned completely or partly by a:
- company
- partnership where any of the partners is a company
- collective investment scheme - for example a unit trust or an open-ended investment vehicle.

Returns must be submitted on or after 1 April in any chargeable period. There are reliefs and exemptions from the potential tax charge which may mean the liability is mitigated. The rules are complex and we would recommend professional advice is taken.

One point that many advisers and landlords do not always consider is future legislative changes. We cannot rule out further changes to the legislation given that residential landlords have been hit hard by the current pandemic.

In short, careful consideration needs to be applied in all cases.

Want to stay up to date with the latest financial information for doctors?

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Dr James Somauroo tells us about his journey from Junior doctor to healthech guru.

We talk about

"Quitting" medicine

How to switch career

How can the latest health tech run on NHS computers

The sleeping habits of new puppies

Clubhouse

Windows 95 - under rated OS

Biggest financial mistakes

Want to stay up to date with the latest financial information for doctors?

Join 24,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

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What are the essential checks that all doctors need to perform on their March payslip to help spot pension errors?

What are the common errors that occur with pension records?

What is the effect of dropping PAs on income and retirement?

How much will your pension pay in retirement?

Tom Skinner also tells us about his own podcast which is well worth a listen

https://barnabycecil.com/podcast

Contact Tom here

https://www.medicsmoney.co.uk/accountant/barnaby-cecil-financial-planning-limited/

Want to stay up to date with the latest financial information for doctors?

Join 24,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

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HOW MUCH!!! do Australian doctors get paid?

Dr Carl Kennedy - an Australian paediatric cardio thoracic anaesthetist from "Ramsay Street" currently working in the UK.

Whats the difference between working in the UK and Australia?

Who gets paid more, UK doctors or Australian doctors? SPOILER the difference in pay is absolutely staggering.

Would Dr Kennedy rather be a patient in the UK or Oz?

What challenges do IMG face when coming to the UK?

Will Dr Kennedy be staying in the UK or returning to Australia?

Want to stay up to date with the latest financial information for doctors?

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NHS Pension age discrimination case - What doctors need to KNOW and need to DO.

Want to stay up to date with the latest financial information for doctors?

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Contact Rachael Hall IFA here

https://www.medicsmoney.co.uk/accountant/sandringham-medical/

Contact Andy Pow Accountant here

https://www.medicsmoney.co.uk/accountant/mazars-llp/

All the latest news on what the governments recent budget means for doctors.

Resources mentioned in the episode include

https://www.medicsmoney.co.uk/tax-thresholds-doctors/

Want to stay up to date with the latest financial information for doctors?

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Budget Podcast

So we thought we would give a brief summary of the recent Budget given by Rishi Sunak recently on the 3rdMarch.

Governments require parliament’s approval to spend money, as well as to raise revenue in the form of taxes and the budget is usually one of the centre pieces of the Governments legislative programme. The measures announced become the Finance Act for the year.

It is deemed that a Government has to be able to pass its Budget because if they do not it is seen as a vote of no confidence and the Government will then have to call an election.

It is also important to pass the budget or at least a pared down version because both income tax and corporation tax are temporary measures and have to be reapproved each year. In election years there are often two Finance Acts – one pre election to make sure we lucky taxpayers get to keep on paying income tax and one afterwards with most of the other stuff.

A Chancellor delivering his or her budget is the only person who is allowed to drink alcohol in the chamber of the House of Commons and you wouldn’t really blame Rishi if he had a glass of something strong next to him.

It was an unenviable budget to have to give given that the UK has seen the biggest fall in GDP for over 300 years exceeding those seen even in wartime. The country is set to borrow a peacetime record of £355 billion this year.

The challenge Sunak faced was building a recovery and raise money while at the same time trying to meet the Conservatives’ election promises not to raise the main rates of income tax, VAT and national insurance.

Personal Tax

Let’s start with Personal Tax which basically remains what some have called a “frozen landscape.”

As mentioned above, the Chancellor’s room for manoeuvre was limited. Income tax rates have remained exactly the same at 20,40 and 45%.

What he did do to raise revenue was freeze the personal allowance, the tax free amount that the vast majority of us get each year. In the current tax year that we are in – the 2020 to 2021 tax year that ends on the 5th April 2021 the personal allowance is £12,500. There will be a small increase for the next tax year, that is 2021 to 2022, with the personal allowance going up on 6 April 2021 to £12,570. It was thought that the Chancellor would axe this increase but apparently the increase has already been coded into payroll systems so would have required expensive changes if he had done so.

From April 2022 the personal allowance will remain at this level £12,570 until the 2025-2026 tax year.

For those of you who have listened to our tax code blog – and if you haven’t please do check it out after this – you will know that the most common tax code for taxpayers as of 5 April 2021 will be 1257L. Don’t forget that this will only be the case if the taxpayer is not claiming a deduction for their professional expenses and I’m sure that everyone listening has done so. If you haven’t please check out our podcast or blog on claiming back tax on your professional expenses.

As well as the personal allowance, the rate at which people start paying the higher rate of income tax that is 40% will increase to £50,270 and then also be frozen. The threshold at which an individual starts paying the additional higher rate of 45% remains at £150,000 and has not been increased at all.

This will raise revenue by what is called fiscal drag – as people get payrises in the future, more people will start earning over the personal allowance and start paying tax and more people will move into the higher rate tax bracket.

There had been suggestions that tax rates on the self-employed might increase, which would include many GP locums for example, but in the event no announcement was made.

What was announced recently is a 1% pay rise for NHS staff including some doctors. In the podcast we talk about why inflation means this 1% rise is almost certainly another pay cut. We talk about how some doctors pay has fallen by 30% over the last 10 years in real terms.

National Insurance

Moving onto National Insurance, again much of this remains the same. We have a long detailed podcast on National Insurance so I won’t go into it too much.

As the NIC Class 1 upper earnings limit and the Class 4 upper profits limit are aligned with the income tax higher rate threshold, they too increase next year to an annualised level of £50,270 and will be caught up in the freeze.

Hopefully people will recall that Class 1 National Insurance is paid by employees via PAYE and Class 4 National Insurance is charged on the profits of self employed individuals.

Pensions

The lifetime allowance is unchanged at £1,073,100 and will remain at this level until 5 April 2026. As people should know where pension funds have been built up and the capital value exceeds this lifetime allowance, a tax charge will be levied on the excess called a “lifetime allowance charge”. This has proven to be quite controversial - by freezing the life time allowance this does make it more likely that people will exceed the allowance and face a tax charge. The BMA have been particularly vocal regarding this calling it an “unfair tax on doctors” and reporting that 72% of 8,000 respondents agreed that freezing the Lifetime Allowance would make them more likely to consider retiring early.

It is argued that the NHS pension scheme is not flexible enough to allow doctors to vary and manage their contributions making it harder to keep working without facing a potentially large pension tax bill as a result.

For completeness I should say that the annual allowance limit is unchanged at £40,000.

On the podcast we discuss in more detail how taxation policy affects behaviour. Sooner or later the high rate of tax at the margins will alter doctors behaviour and this will be a disaster for the NHS.

How much money will you take home for doing a locum shift or waiting list initiative? Probably a lot less than you think because you will be paying tax at your marginal rate. Read more about marginal rates of tax here

https://www.medicsmoney.co.uk/tax-thresholds-doctors/

Capital Taxes

The Chancellor also took the opportunity to freeze other allowances including the annual allowance for Capital Gains Tax and the Inheritance Threshold which you are the tax free allowances for those taxes.

Corporation Tax

Corporation Tax was one of the few taxes that the Chancellor had room to alter and indeed he did.

Currently the UK has a corporation tax rate of 19% on profits for all companies. The Chancellor announced that the rate of Corporation Tax will increase from 1 April 2023 to 25%.

However the existing rate of 19% will continue to apply to small companies, that is those with profits of up to £50,000. A tapered rate will apply to those with profits between £50,000 and £250,000.

We get asked all the time by doctors as to whether or not they should set up and trade using a company and I would strongly encourage those people to listen to our recent podcast on this but of course this change in the corporation tax rate may now make setting up a company less attractive

Investments

Finally, just to say a little bit investments.

The ISA annual subscription limit has been held at £20,000. The Junior ISA annual subscription limit and the Child Trust Funds annual subscription limit both remain at £9,000.

We also released a podcast on tax reducers which are government approved schemes that reduce an individual’s tax liability if the individual invests in them. So we talked about the Enterprise Investment Scheme and the Venture Capital Trust Scheme among things. These have not been changed by this budget.

What I really wanted to say about these is that we mentioned the Social Investment Tax Relief scheme which provides tax benefits to those who invest in qualifying social enterprises. This was due to expire on 5 April 2021 as we reported in our podcast but it has been granted a reprieve and has been extended for a further two years to April 2023.

So there we have it, a brief overview of some of the more important parts of the March 2021 budget that will affect doctors and other healthcare professionals.

On todays episode we are joined by Dr Zahid Bashir who shares his top financial tips that allowed him to build a successful career as a doctor in pharma. Zahid shares his top financial tips that allowed him as an IMG with just £500 in his pocket to build a comfortable life for him and his family.

We talk about all the basics, spending less than you earn, saving, paying down debt and investment strategies. We also talk about Medics Money free ebook that can help you to improve your own finances. Download it here

https://www.medicsmoney.co.uk/ebook/

Want to stay up to date with the latest financial information for doctors?

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Contact Dr Bashir on LinkedIn here

linkedin.com/in/zabashir

Should doctors and dentists use a limited company to save tax?

It's one of the most common questions we get asked on Medics' Money.

We talk about who can benefit and why. We also talk about how favourable BIK rates can make buying a fully electric car like a TESLA cheaper.

Calculations relevant to the podcast below

https://www.medicsmoney.co.uk/ltd-company-calculations/

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Tax reducers for high rollers including discussion around Venture Capital Trusts and Enterprise Investment Scheme.

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10 financial tips for Consultants (and most other doctors)

Back with a bang after a hiatus. The most action packed episode ever? Certainly the most amount of links ever......

Tip 1 - Pay the correct amount of tax and be aware of the marginal rate of 60% between £100,000 and £125,000

https://www.medicsmoney.co.uk/tax-thresholds-doctors/

https://www.medicsmoney.co.uk/ep-2-how-to-claim-a-tax-rebate-and-reduce-your-tax-bill/

https://www.medicsmoney.co.uk/ep-4-how-to-correct-your-tax-code/

Tip 2 - Keep your paperwork. P60, P45, TRS and payslips

https://www.medicsmoney.co.uk/doctors-pay-slip/

https://www.totalrewardstatements.nhs.uk

Tip 3 - 3 pension checks that all doctors need to make

https://www.totalrewardstatements.nhs.uk

https://www.nhsbsa.nhs.uk/nhs-pensions

Tip 4 - Spend less than you earn

https://www.medicsmoney.co.uk/ebook/

Tip 5 - Protection

https://www.medicsmoney.co.uk/nhs-pension-ill-health-death-in-service/

Tommys biggest? financial mistake

https://www.medicsmoney.co.uk/income-protection-tom/

Finding a good IFA

https://www.medicsmoney.co.uk/independant-financial-advisers-ifa-for-doctors/

Tip 6 - Investing

Podcast

https://www.medicsmoney.co.uk/ep-16-earn-while-you-sleep-investing-for-doctors/

Webinar

https://youtu.be/AkN6-0B3jcM

Tip 7 - Lifestyle creep

https://www.medicsmoney.co.uk/ebook/

Tip 8 - Wills and inheritance tax

Tip 9 - Get a financial plan

https://www.medicsmoney.co.uk/ep-6-why-all-doctors-need-a-financial-plan/

Tip 10 - How to find good advice for the right price?

What does a good accountant look like?

https://www.medicsmoney.co.uk/accountants-for-doctors-how-do-i-find-a-good-medical-accountant/

What does a good financial adviser look like?

https://www.medicsmoney.co.uk/independant-financial-advisers-ifa-for-doctors/

There are some important NHS pension changes and deadlines to be aware of. We asked George Crowe, specialist medical accountant to give us a summary.

What are the changes to the tapering of the annual allowance that were announced in the 2020 budget?

From 16/17 to 19/20 if threshold income exceeded £110,000 and adjusted income exceeded £150,000, allowance tapered. Thresholds increased to £200,000 and £240,000.

How do I work out what my pension input amount is for the year?

With difficulty. NHS Pensions should provide a pension savings statement with this information on it, but it’s usually not available until closer to the tax return filing deadline and we’ve seen a large number of the statements be incorrect. Other options are the BMA Goldstone pensions modeller which is available to BMA members but is only for consultants and is reliant on the information being input being accurate. Or seeking professional assistance from an accountant or financial advisor.

Due to the above it’s worthwhile getting a professional to review your position. Not only to ensure the figures are accurate, but to help with making future decisions to put you in the best financial position possible.

So the thresholds mean that most people will have a full £40,000 allowance now, does that mean that annual allowance tax charges are a thing of the past?

Unfortunately not, it’s quite common to see pension input amounts in excess of £40,000 for example,

If there is growth across all schemes, 1995, 2008 and 2015.
For an officer, if pensionable pay exceeds £130k, growth will be around £40k. Anyone on a level 7 or 8, 14+ years of service, could be caught. Even if you are a lower earner doesn’t mean you are safe.
For a practitioner, the pensionable pay figure needed to breach the threshold is likely to be slightly lower due to a difference in how the pension benefits are calculated.

What are the options available to someone that does have an annual allowance tax charge?

The choices are pay the tax charge personally, or elect for the scheme to pay. If paid personally it must be paid by 31 January following the end of the tax year. Be aware that the amount is included in calculation of payments on account, so payment could be 1.5x charge due to paying on account for next years charge too. Alternatively, you can elect for the scheme to pay either all or some of the charge.

How does a scheme pays election work and are there any deadlines to make an election?

You must enter the charge on your tax return and also make entries to say that the tax charge has been paid by the scheme.

A scheme pays election form must be completed and submitted to NHS Pensions.

The deadline for a scheme pays election is 31 July the year after the end of the tax year, so tax year ended 5 April 2020, elections must be submitted by 31 July 2021.

NHS Pensions pay tax charge quarterly and payment dates don’t align with HMRC tax payment deadline of 31 January. HMRC can, and have, charged late payment interest when the tax charge isn’t paid by NHS Pensions by 31 January. Late payment interest is payable by the individual, not NHS Pensions.

NHS Pensions announced that they would pay annual allowance charges for 2019/20, how does that work?

Everything works exactly the same for 2019/20 as in any other year, with an additional step, a compensation form has to be completed and submitted. The form has now been released. https://www.england.nhs.uk/publication/annual-allowance-charge-application-form-and-guidance-notes/

Due to possibility of late payment interest charges by HMRC we would recommend submitting scheme pays elections and submitting the compensation claim form when released to avoid delays.

What are the implications of not including an annual allowance tax charge on your tax return?

Self-assessment tax returns are your responsibility to complete accurately and disclose all relevant information. The excuse of NHS Pensions not providing the figures in time is unfortunately not a reasonable excuse as HMRC will argue that it’s up to you to calculate the position and disclose any charges. If an amount isn’t included and a return is subsequently amended then HMRC can, and will, charge late payment interest. It is also possible for HMRC to charge penalties due to the error, although given the complexities involved with the calculations it’d be surprising if they did this. In addition, if you would want the scheme to pay a tax charge and the scheme pays election deadline has passed then NHS Pensions are under no obligation to accept the election, leaving you with a large tax bill. On the other hand, if you include a figure based on the information that NHS Pensions provide and this figure then turns out to be incorrect, an amended return will need to be submitted. If the tax liability increases then there could be late payment interest charged. In this situation, NHS Pensions and HMRC are usually more lenient regarding scheme pays acceptance and penalty charges respectively.

What is the NHS Pension Scheme consultation and what does it mean for members of the NHS Pension?

Public service pensions underwent a change to make sure they were sustainable and affordable, which was the introduction of the 2015 scheme. As a result, younger members transitioned to the new scheme, older members did not. In 2018 a court case found that this discriminated against younger members. So members who were affected by transition to the 2015 scheme will be given a choice of which pension scheme they want to be in for the remedy period of 1 April 2015 to 31 March 2022. The choice is between old or new scheme for the period. Also worth noting that all members will transition to the 2015 scheme from 1 April 2022.A consultation sought views on when the decision would have to be made, either immediate choice implemented in 2022 or deferred choice underpin which would be implemented at point of retirement, if DCU then members would revert back to old scheme for the 7 year period initially. The consultation now closed and we are awaiting the outcome.

What impact could this have for tax purposes?

As this could change the scheme membership over the 7 year period it could impact on the annual allowance position in each of those years. If additional charges arise then these are bound by the 4 year statutory time limit to amend tax returns. If repayments arise these are not time limited so can go back full 7 years. Things that should be considered at the point in making a decision include, value of pension at retirement, whether the scheme gives an automatic lump sum, retirement age associated with the scheme, ill health retirement benefits, survivor benefits. We always recommend seeking financial advice before making any decisions.

Contact George and the team at Larking Gowen specialist medical accountants here

https://www.medicsmoney.co.uk/accountant/mha-larking-gowen/

Join 24,000 doctors receiving free financial CPD like this by downloading our ebook

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If you get sick and can't work how would you pay your bills? How much sick pay do doctors get? Can doctors still get protection during the Covid-19 pandemic?

You've worked hard to become a doctor and that is a valuable asset you need to protect. I don't insure anything that I can afford to replace. I don't insure my phone, my bikes or even my beloved surfboards. But I DO insure mine and my families financial future and unless you could afford your current lifestyle without your income your need to think about it.

Contact Paul for a free consultation here

https://www.medicsmoney.co.uk/accountant/legal-medical-investments-ltd/

Our ebook has a whole chapter on protection and you can download your copy here

https://www.medicsmoney.co.uk/ebook/

Want to stay up to date with the latest financial information for doctors?

Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here

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Pensions royalty with Sir Steve Webb and Rachael Hall discussing,

Why the government introduced the Tapered Annual allowance that has resulted in punitive tax bills for so many doctors?

Did the government foresee the impact of the Tapered Annual allowance on the hard working staff of the NHS?

How earning £5,000 cost one Consultant £13,500 ie PAYING to go to work.

Whether the AA compensation scheme introduced for the 19/20 tax year should be extended to 20/21 to prevent those of us working long hours on the front line of the pandemic from receiving a pensions tax charge.

What is auto enrolment, pensions freedoms and if your Mum drew her state pension prior to 2016 here’s is some important information for her

Contact Rachael here

https://www.medicsmoney.co.uk/accountant/sandringham-medical/

Use LCP Pension calculator here

www.lcp.uk.com/underpaid

Slightly different episode this week as we give some of the best books to improve your finances. You can view the recommended books here

https://www.medicsmoney.co.uk/recommended-reading-for-doctors/

Ebook download

https://www.medicsmoney.co.uk/ebook/

Want to stay up to date with the latest financial information for doctors?

Join 24,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

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A case study of how one Medics' Money doctor used a limited company to save tax and invest for the future.

Contact Guy Roper here

https://www.medicsmoney.co.uk/accountant/sunrise-independent-financial-advisers/

Want to stay up to date with the latest financial information for doctors?

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Final Pay Controls. If thats the first time you've heard those words then this episode is for you. Now, if you've listened to our previous episodes on Pensions tax you know about the problems about Annual Allowance and punitive pensions taxation for doctors. But not many people are aware of Final Pay Controls. Thankfully it applies to a niche subset of people but we hear how Final Pay Controls generated a tax bill of £200,000 and £500,000!

Contact Andy here

https://www.medicsmoney.co.uk/accountant/mazars-llp/

Want to stay up to date with the latest financial information for doctors?

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Mr Usman Ahmed is an Orthopaedics consultant who was told to sell his car to fund his training.

Instead, Usman transformed his finances and now helps trainees to do the same using his innovative virtual learning environment. Not only does this provide traditional medical education and training, but also includes information on wellbeing and finances.

Want to stay up to date with the latest financial information for doctors?

Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

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The answers to last weeks Christmas quiz to test your financial knowledge.

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A Christmas quiz to test your financial knowledge.

Also lockdown surfing.

The worst Xmas On-call rota ever and more tax trivia.

Want to stay up to date with the latest financial information for doctors?

Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

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How much do doctors in Australia get paid?

What's it like for a UK trained doctor working down under?

How hard do Australian doctors work?

Whats the tax, cost of living and pension like in Australia.

What are the downsides to working in Australia.

Something a little different this week, as we catch up with Dr Sam Gluck who trained with Tommy in F1 and then went for a 1 year trip to Australia. That was over 10 years ago now. Find out why Sams not coming back.

Feeling sick after hearing how much Australian doctors earn? Let us help you make the most of your UK salary.

Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

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Do doctors need to pay tax on Cremation form income?

We also discuss whether accountancy exams are harder than medical school exams?

Eds now legendary tax trivia segment explains why the phrase "burning the candle at both ends" actually originates from some historical tax legislation

The blog that accompanies this episode is here

https://www.medicsmoney.co.uk/crem-form-as-cash-tax-doctors/

Want to stay up to date with the latest financial information for doctors?

Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here

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How much do GPs get paid?

Whats more expensive, an annual Netflix subscription or a year of unlimited care from your GP?

What happens if a GP surgery gets into debt like most hospital trusts?

With GPs providing > 90% of care in the NHS its vital to support them. But what can be done?

Read reviews and contact Andy Pow here

https://www.medicsmoney.co.uk/accountant/mazars-llp/

Want to stay up to date with the latest financial information for doctors?

Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

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Dr Hussain Gandhi is a doctor with a very interesting and useful side hustle. In this episode he gives us some tips for starting a side hustle, some great productivity hacks and the future of online conferences.

We also find out why Dr Gandalf is the father of the Medics' Money podcast.

Dr Gandalf on YouTube

https://www.youtube.com/channel/UC3vaxQcvaxJ0xH6080x4Asw

Dr Gandalf on Twitter

https://twitter.com/drgandalf52

Download a free financial ebook here

https://www.medicsmoney.co.uk/ebook/

Want top stay up to date with the latest financial information for doctors?

Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

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https://twitter.com/medicsmoney

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Unless you want to earn every penny of your wealth working at the coalface until you reach retirement, you need an alternative income and investing could be it. Thanks to compound interest - the earlier you start investing the better. In this episode we give you everything you need to get started.

We talk about stocks v bonds v cash v property. The importance of matching your risk to your portfolio and how diversification can mitigate risk. We talk about the importance of minimising costs of investing and show you a new way of building a low cost portfolio yourself using low cost roboadvice.

Start investing today

https://medicalandgeneraldirect.parmenion.co.uk/client/Application/gettingstarted/Introduction

Contact Mike Harms here

https://www.medicsmoney.co.uk/accountant/medical-general-ifa-ltd/

Watch the webinar with live Q+A

https://youtu.be/AkN6-0B3jcM

Want to join the next webinar and stay up to date with the latest financial information for doctors?

Join 22,500 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

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The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. This does not constitute advice and advice should be sought in all instances before acting on it. Medical and General is authorised and regulated by the Financial Conduct Authority.

On todays episode Dr David Warriner tells us about a common tax rebate pitfall and how to avoid it. We also talk about working LTFT as a Cardiology Consultant, using Twitter to enhance your career (didn't mention donuts). Also writing books and riding bikes.

Download a tax guide here

https://www.medicsmoney.co.uk/free-guide/

Download a free financial ebook here

https://www.medicsmoney.co.uk/ebook/

Want to stay up to date with the latest financial information for doctors?

Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

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In this episode we find out why Eds been off the podcast for a while. We answer a listeners question and then Ed takes us on a deep dive into National Insurance. As you'll see its very easy for doctors, especially locums or those with more than one employer to overpay National Insurance.

The blog that accompanies this episode is here

https://www.medicsmoney.co.uk/national-insurance-doctors/

Download a tax guide here

https://www.medicsmoney.co.uk/free-guide/

Download a free financial ebook here

https://www.medicsmoney.co.uk/ebook/

Want to stay up to date with the latest financial information for doctors?

Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

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https://twitter.com/medicsmoney

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https://www.facebook.com/medicsmoney

Two part NHS Pensions podcast special.

This week we will be discussing how two recent legal cases bought by Fire-fighters and Judges (McCloud and Sargeant), affects the NHS pension.

If you haven't listened to last weeks episode on the basics of the NHS Pension scheme definitely listen to that first, unless you're already an expert.

We asked Specialist Medical IFA Rachael Hall to tell us why two recent legal cases has wide ranging ramifications to the NHS Pension scheme.

We talk about the pros and cos of Immediate choice exercise V the Defined choice underpin. We talk about the many issues including the implications for those that made contingent decisions, such as opting out of the scheme or the hokey cokey. We also discuss the problems with ill health retirement, ERRBO and those who have already retired.

We answer some listeners questions such as

"Is the 1995 scheme better than the 2008/2015 scheme?"

"In what circumstances would someone choose to go back to 1995 scheme?"

"What about contingent decisions like the Hokey Cokey or opting out to reduce tax liabilities"

"Would Rachael rather have her private pension or her partner(Doctors) NHS Pension" *Spoiler alert*** - despite the complexities and issues, Rachael would LOVE to have an NHS Pension.

Contact Rachael here

https://www.medicsmoney.co.uk/accountant/sandringham-medical/

Medics Money email subscribers have had early access to this information.

If you want to stay up to date with the latest financial information for doctors then join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

More detail here

https://www.medicsmoney.co.uk/mccloud-sargeant-nhs-pension/

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Two part NHS Pensions podcast special.

Next week we will be discussing how a recent legal case affects the NHS pension.

But before we get into detail next week, we start with a beginners guide to the NHS Pension.

We asked Specialist Medical IFA Rachael Hall to give us an overview of the NHS pension.

We talk about the differences between the 1995, 2008 and 2015 schemes including accrual rates, lumps sums and other benefits.

We answer some listeners questions such as

"Can I invest my NHS pension pot ethically"

"What are the risks of opting out of the pension scheme?"

"What good habits should all doctors practice with regard to their NHS Pension?"

Perhaps most importantly we find out why Rachaels partner chose a career in medicine over a life as a superstar DJ.

Contact Rachael here

https://www.medicsmoney.co.uk/accountant/sandringham-medical/

Want top stay up to date with the latest financial information for doctors?

Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

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Brand new feature - The Medics' Money Clinic where we diagnose and treat a Medics Money podcast listeners financial ailments. This week Guy Roper, Chartered Financial Planner helps Alex (GP) and George (ST6) with cashflow budgeting, getting the right protection, saving for the future and helps them with their aim of not working until 68.

Contact Guy for your diagnosis and treatment plan here

https://www.medicsmoney.co.uk/accountant/sunrise-independent-financial-advisers/

Want top stay up to date with the latest financial information for doctors?

Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

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In this episode we hear from Dr Abdullah Albeyatti, MBBS BSc MRCS (ENT) MRCGP who has used bitcoin technology to improve the sharing of medical records. He's raised $24 million, is the CEO of a large company, still works as a doctor and somehow also finds time to help Medics' Money.

He's got some great insights in to developing a portfolio career with "side hustles" and even offers some top financial tips.

Links

https://medicalchain.com/en/

Abdullah on LinkedIn

https://uk.linkedin.com/in/dr-abdullah-albeyatti-mbbs-bsc-mrcs-ent-mrcgp-49916973

Want top stay up to date with the latest financial information for doctors?

Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

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Do you want to make money from smoking, petrochemical companies and other peoples misery? Nope, neither do I. In this episode we discuss making money ethically. More information on ESG here

https://www.medicsmoney.co.uk/ethical-investing-advice-for-doctors/

You can contact Guy Roper here

https://www.medicsmoney.co.uk/accountant/sunrise-independent-financial-advisers/

On this episode we are joined by Medics' Money reader Dr Emma Thurston who has used the principles of FIRE (see Ep 7) to train LTFT and develop her interest in wellness. We talk about how money can bring you happiness. How breathing exercises can make a day on call less stressful and Emma shares her tips on how doctors can deal with burnout.

Read more about Emma here

https://www.medicsmoney.co.uk/wellbeing-for-health-care-professionals/

Emmas website https://dremmathurston.com

Emmas insta https://www.instagram.com/dremmathurston/

Want top stay up to date with the latest financial information for doctors?

Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

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If FIRE training triggers thoughts of mandatory FIRE safety training, you’ll be relieved to hear I’m NOT about to patronise you on whether to use the powder or water extinguisher on a live electrical fire.

The FIRE I want to tell you about is Financial Independence Retire Early.

This is the FIRE training that can help doctors have the freedom to work when and how they want without worrying about money.

https://www.medicsmoney.co.uk/fire-doctors-financial-independence/

Want top stay up to date with the latest financial information for doctors?

Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

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In this episode we give you an overview of financial planning for doctors. Why you need a plan? How to make a plan? Why spending less than you earn paying yourself first are important. How protect your future? What qualifications do financial advisers have and how can you find a reputable adviser? It's a long one and summarises a lot of topics.

You can contact Guy Roper here

https://www.medicsmoney.co.uk/accountant/sunrise-independent-financial-advisers/

Make your own financial plan using our free ebook here

https://www.medicsmoney.co.uk/ebook/

Want top stay up to date with the latest financial information for doctors?

Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

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10 high impact financial tips for junior doctors (and some Jaffa Cake tax trivia).

All the 10 tips are summarised in our free ebook here https://www.medicsmoney.co.uk/ebook/

From the Medics Money podcast studio ;-) me and Ed relive our youth and reminisce about our F1 years.

Tip 1 - Use ESR to keep your payslips, P60 and the ESSENTIAL pension document all doctors need.

Tip 2 - Got student debt? Use pay yourself first to ease the pain of repaying it.

Tip 3 - Get a HMRC Personal Tax account. Its free and essential to managing your tax codes, tax rebates etc. Download the guide here https://www.medicsmoney.co.uk/free-guide/

Tip 4 - Are you spending £139,000 on hospital food? (you probably are)

Tip 5 - Check your tax code and correct it yourself online.

Tip 6 - Understand your pay and contract and the BMA may be useful for this.

Interlude for tax trivia - Jaffa Cakes - the most tax efficient "biscuit" ever?

Tip 7 - Claim a tax rebate on GMC/BMA/Royal college/exam fees to save up to 40% https://www.medicsmoney.co.uk/free-guide/

Tip 8 - I don't insure my phone, my washing machine or my beloved bikes, BUT I do insure this.

Tip 9 - Who needs an accountant and when?

Tip 10 - Unless you want to work as a doctor until state retirement age(68 for me) then you need a backup plan and investing may be that backup plan.

Thanks guys for listening and sharing.

Want top stay up to date with the latest financial information for doctors?

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On todays episode we demystify doctors tax codes. Why might the standard tax code of 1250L be right for most people, but WRONG for most doctors? How can you fix your tax code yourself without phoning HMRC or NHS payroll? Tommy didn't do his homework last week but Ed comes to the rescue with more devastating tax trivia around P45, P60 and IR35. Fix your tax code here

https://www.medicsmoney.co.uk/is-your-doctors-tax-code-correct/

Want top stay up to date with the latest financial information for doctors?

Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

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What did we do when we couldn't get PPE to keep safe on the frontline of the Covid-19 pandemic? We commandeered the Rolls Royce factory and made our own PPE obviously. No really, we did. This is the story of how we did it. The introduction is also SUPER special.

Although this episode is nothing to do with making better financial decisions, it's everything to do with documenting and acknowledging the amazing work so many have done to help us keep us, our patients and our families safe during the pandemic. THANK YOU so much to all those involved.

This episode we talk you through our step by step guide to claiming a tax rebate.

Download a guide -

https://www.medicsmoney.co.uk/free-guide/

Want top stay up to date with the latest financial information for doctors?

Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here

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Act 1 Scene 1 of the Medics' Money podcast in which Ed and Tommy discuss how their personal financial journeys led them to set up Medics' Money. What life changing event led Ed to quit his accountancy career and re-train as a doctor? What did Tommy learn from paying off £85,000 of Medical School debt? Join 20,000 email subscribers and download your free ebook here https://www.medicsmoney.co.uk/ebook/

Want top stay up to date with the latest financial information for doctors?

Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here

https://www.medicsmoney.co.uk/ebook/

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https://twitter.com/medicsmoney

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https://www.facebook.com/medicsmoney

The Medics' Money podcast helps doctors and other professionals make better financial decisions by giving them the financial education they need. Hosted by Dr Tommy Perkins and Dr Ed Cantelo, who is not only a GP but also a Chartered Accountant and Tax Adviser. You can read more about us here https://www.medicsmoney.co.uk/why-doctors-started-medics-money/