Medics Money podcast

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. 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

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 [email protected]

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

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

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

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, 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. 🙂

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

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

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 [email protected]

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

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

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

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

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? 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

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

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

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

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

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/

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

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

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

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

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. Wha

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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