Medics Money podcast

medicsmoney

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.

Trailer - Welcome to the Medics Money Podcast
Trailer 58 sec

All Episodes

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/

Nov 30

49 min 58 sec

Want to stay up to date with the latest financial information for doctors? Join 30,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/  

Nov 23

25 min 2 sec

Want to stay up to date with the latest financial information for doctors? Join 30,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/

Nov 16

31 min 17 sec

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.    

Nov 9

24 min 20 sec

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?  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 Like us on Facebook https://www.facebook.com/medicsmoney  

Nov 2

30 min 12 sec

  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 Like us on Facebook https://www.facebook.com/medicsmoney  

Oct 26

40 min 14 sec

Links for todays episode Fionas Podcast https://podcasts.apple.com/gb/podcast/the-healthtech-vc/id1533197764   Crista Galli Ventures   www.cristagalli.com    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 Like us on Facebook https://www.facebook.com/medicsmoney          

Oct 19

22 min 38 sec

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? 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 Like us on Facebook https://www.facebook.com/medicsmoney

Oct 12

15 min 44 sec

  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    

Oct 5

39 min 14 sec

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/

Sep 28

48 min 43 sec

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 Like us on Facebook https://www.facebook.com/medicsmoney  

Sep 21

26 min 7 sec

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/   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 Like us on Facebook https://www.facebook.com/medicsmoney  

Sep 14

39 min 20 sec

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/

Sep 7

26 min 21 sec

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. 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 Like us on Facebook https://www.facebook.com/medicsmoney

Aug 31

26 min 52 sec

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/    

Aug 24

28 min 51 sec

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

Aug 17

26 min 20 sec

IR35 is a big issue for locum doctors and today we discuss the latest updates to IR35 or OPR. 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 Like us on Facebook https://www.facebook.com/medicsmoney  

Aug 10

36 min 52 sec

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?  

Aug 3

1 hr 17 min

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/

Jul 27

43 min 6 sec

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 https://www.medicsmoney.co.uk/ebook/ Follow us on Twitter  https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney

Jul 20

52 min 44 sec

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. 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 Like us on Facebook https://www.facebook.com/medicsmoney  

Jul 13

35 min 27 sec

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/    

Jul 6

29 min 46 sec

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, 1. Where you should work 2. How to get practising privileges quickly 3. How to get started in private practice cheaply 4. How to market yourself for free 5. 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. 🙂  

Jun 29

34 min 30 sec

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 https://www.medicsmoney.co.uk/ebook/ Follow us on Twitter  https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney

Jun 22

21 min 25 sec

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 https://www.medicsmoney.co.uk/ebook/ Follow us on Twitter  https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney  

Jun 15

25 min 24 sec

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  

Jun 8

59 min 2 sec

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 Like us on Facebook https://www.facebook.com/medicsmoney  

Jun 1

41 min 6 sec

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? 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 Like us on Facebook https://www.facebook.com/medicsmoney  

May 25

36 min 3 sec

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 Like us on Facebook https://www.facebook.com/medicsmoney  

May 18

31 min 19 sec

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. 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/ Follow us on Twitter  https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney  

May 11

24 min 26 sec

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  

May 4

26 min 33 sec

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? Join 24,000 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 Like us on Facebook https://www.facebook.com/medicsmoney  

Apr 27

31 min 50 sec

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? Join 24,000 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 Like us on Facebook https://www.facebook.com/medicsmoney  

Apr 20

17 min 55 sec

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/ Follow us on Twitter  https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney  

Apr 13

41 min 17 sec

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/ Follow us on Twitter  https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney  

Apr 6

42 min 4 sec

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? Join 24,000 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 Like us on Facebook https://www.facebook.com/medicsmoney  

Mar 30

31 min 30 sec

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? Join 24,000 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 Like us on Facebook https://www.facebook.com/medicsmoney 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/    

Mar 23

40 min 49 sec

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? Join 24,000 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 Like us on Facebook https://www.facebook.com/medicsmoney   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.      

Mar 16

25 min 9 sec

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? Join 24,000 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 Like us on Facebook https://www.facebook.com/medicsmoney Contact Dr Bashir on LinkedIn here          linkedin.com/in/zabashir         

Mar 9

57 min 4 sec

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/   Join 24,000 doctors receiving free financial CPD like this by downloading our ebook   https://www.medicsmoney.co.uk/ebook/   Subscribe to the Medics Money podcast here   Apple – http://tiny.cc/MMapple   Spotify – http://tiny.cc/MMspot   Google – http://tiny.cc/MMandroid    

Mar 2

35 min 45 sec

Tax reducers for high rollers including discussion around Venture Capital Trusts and  Enterprise Investment Scheme. Join 24,000 doctors receiving free financial CPD like this by downloading our ebook https://www.medicsmoney.co.uk/ebook/   Subscribe to the Medics Money podcast here   Apple – http://tiny.cc/MMapple   Spotify – http://tiny.cc/MMspot   Google – http://tiny.cc/MMandroid

Feb 23

27 min 32 sec

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/

Feb 16

50 min 18 sec

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 https://www.medicsmoney.co.uk/ebook/ Subscribe to the Medics Money podcast here   Apple - http://tiny.cc/MMapple   Spotify - http://tiny.cc/MMspot   Google - http://tiny.cc/MMandroid

Feb 9

49 min 9 sec

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 https://www.medicsmoney.co.uk/ebook/ Follow us on Twitter  https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney  

Feb 2

33 min 30 sec

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  

Jan 25

1 hr 7 min

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/ Follow us on Twitter  https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney      

Jan 19

15 min 21 sec

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? Join 21,000 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 Like us on Facebook https://www.facebook.com/medicsmoney  

Jan 13

25 min 45 sec

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? Join 21,000 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 Like us on Facebook https://www.facebook.com/medicsmoney  

Jan 5

27 min 18 sec

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/ Follow us on Twitter  https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney    

Jan 2

25 min 20 sec

The answers to last weeks Christmas quiz to test your financial knowledge. Want to 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/ Follow us on Twitter  https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney  

Dec 2020

38 min 32 sec