Medics Money podcast

Ep 288: 6,000 doctors' finances revealed. How do yours compare?

Sep 9, 2025
Guest
Andy Powell
In this enlightening discussion, Andy Powell, a specialist medical accountant with over 30 years of experience, dives into the financial health of over 6,000 doctors. He uncovers critical insights about tax relief, emphasizing that many medical professionals are missing out on potential savings. The conversation also highlights the surprising investment behaviors among doctors, including property investments, and the importance of financial literacy. Powell advocates for personalized financial planning and the necessity of income protection insurance, stressing the need for doctors to secure their financial futures.
Ask episode
AI Snips
Chapters
Transcript
Episode notes
ADVICE

Claim Professional Subscription Tax Relief

  • Claim tax relief on professional subscriptions such as GMC and Royal College fees to recover hundreds or thousands of pounds.
  • Use MedicsMoney's free step-by-step guide to submit these claims if you haven't already.
INSIGHT

Tax Knowledge Gap Among Doctors

  • Only 35% of doctors feel confident about available tax allowances, revealing a large financial literacy gap.
  • Understanding marginal taxation and available allowances can materially reduce tax bills.
ADVICE

Use Tax-Efficient Investment Wrappers

  • Use tax-efficient wrappers like ISAs and pensions to shelter returns from income and capital gains tax.
  • Maximise your annual ISA allowance (£20,000 at recording) to protect investment growth tax-free.
Get the Snipd Podcast app to discover more snips from this episode
Get the app