Medics Money podcast

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

Do you want to make money from smoking, petrochemical companies and other peoples misery? Nope, neither do I. In this episode we discuss making money ethically. More information on ESG here https://www.medicsmoney.co.uk/ethical-investing-advice-for-doctors/ You can contact Guy Roper here https://www.medicsmoney.co.uk/accountant/sunrise-independent-financial-advisers/

On this episode we are joined by Medics' Money reader Dr Emma Thurston who has used the principles of FIRE (see Ep 7) to train LTFT and develop her interest in wellness. We talk about how money can bring you happiness. How breathing exercises can make a day on call less stressful and Emma shares her tips on how doctors can deal with burnout. Read more about Emma here https://www.medicsmoney.co.uk/wellbeing-for-health-care-professionals/ Emmas website https://dremmathurston.com Emmas insta https://www.instagram.com/dremmathurston/ Want top stay up to date with the latest financial information for doctors? Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/ Follow us on Twitter https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney

If FIRE training triggers thoughts of mandatory FIRE safety training, you’ll be relieved to hear I’m NOT about to patronise you on whether to use the powder or water extinguisher on a live electrical fire. The FIRE I want to tell you about is Financial Independence Retire Early. This is the FIRE training that can help doctors have the freedom to work when and how they want without worrying about money. https://www.medicsmoney.co.uk/fire-doctors-financial-independence/ Want top stay up to date with the latest financial information for doctors? Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/ Follow us on Twitter https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney

In this episode we give you an overview of financial planning for doctors. Why you need a plan? How to make a plan? Why spending less than you earn paying yourself first are important. How protect your future? What qualifications do financial advisers have and how can you find a reputable adviser? It's a long one and summarises a lot of topics. You can contact Guy Roper here https://www.medicsmoney.co.uk/accountant/sunrise-independent-financial-advisers/ Make your own financial plan using our free ebook here https://www.medicsmoney.co.uk/ebook/ Want top stay up to date with the latest financial information for doctors? Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/ Follow us on Twitter https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney

10 high impact financial tips for junior doctors (and some Jaffa Cake tax trivia). All the 10 tips are summarised in our free ebook here https://www.medicsmoney.co.uk/ebook/ From the Medics Money podcast studio ;-) me and Ed relive our youth and reminisce about our F1 years. Tip 1 - Use ESR to keep your payslips, P60 and the ESSENTIAL pension document all doctors need. Tip 2 - Got student debt? Use pay yourself first to ease the pain of repaying it. Tip 3 - Get a HMRC Personal Tax account. Its free and essential to managing your tax codes, tax rebates etc. Download the guide here https://www.medicsmoney.co.uk/free-guide/ Tip 4 - Are you spending £139,000 on hospital food? (you probably are) Tip 5 - Check your tax code and correct it yourself online. Tip 6 - Understand your pay and contract and the BMA may be useful for this. Interlude for tax trivia - Jaffa Cakes - the most tax efficient "biscuit" ever? Tip 7 - Claim a tax rebate on GMC/BMA/Royal college/exam fees to save up to 40% https://www.medicsmoney.co.uk/free-guide/ Tip 8 - I don't insure my phone, my washing machine or my beloved bikes, BUT I do insure this. Tip 9 - Who needs an accountant and when? Tip 10 - Unless you want to work as a doctor until state retirement age(68 for me) then you need a backup plan and investing may be that backup plan. Thanks guys for listening and sharing. Want top stay up to date with the latest financial information for doctors? 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

On todays episode we demystify doctors tax codes. Why might the standard tax code of 1250L be right for most people, but WRONG for most doctors? How can you fix your tax code yourself without phoning HMRC or NHS payroll? Tommy didn't do his homework last week but Ed comes to the rescue with more devastating tax trivia around P45, P60 and IR35. Fix your tax code here https://www.medicsmoney.co.uk/is-your-doctors-tax-code-correct/ Want top stay up to date with the latest financial information for doctors? Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/ Follow us on Twitter https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney

What did we do when we couldn't get PPE to keep safe on the frontline of the Covid-19 pandemic? We commandeered the Rolls Royce factory and made our own PPE obviously. No really, we did. This is the story of how we did it. The introduction is also SUPER special. Although this episode is nothing to do with making better financial decisions, it's everything to do with documenting and acknowledging the amazing work so many have done to help us keep us, our patients and our families safe during the pandemic. THANK YOU so much to all those involved.

This episode we talk you through our step by step guide to claiming a tax rebate. Download a guide - https://www.medicsmoney.co.uk/free-guide/ Want top stay up to date with the latest financial information for doctors? Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/ Follow us on Twitter https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney

Act 1 Scene 1 of the Medics' Money podcast in which Ed and Tommy discuss how their personal financial journeys led them to set up Medics' Money. What life changing event led Ed to quit his accountancy career and re-train as a doctor? What did Tommy learn from paying off £85,000 of Medical School debt? Join 20,000 email subscribers and download your free ebook here https://www.medicsmoney.co.uk/ebook/ Want top stay up to date with the latest financial information for doctors? Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/ Follow us on Twitter https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney

The Medics' Money podcast helps doctors and other professionals make better financial decisions by giving them the financial education they need. Hosted by Dr Tommy Perkins and Dr Ed Cantelo, who is not only a GP but also a Chartered Accountant and Tax Adviser. You can read more about us here https://www.medicsmoney.co.uk/why-doctors-started-medics-money/