Medics Money podcast

Check it out here: https://scottmckenzieconsultancy.com/Want the latest financial tips for doctors and exclusive invites? Join 71,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.comWant to improve your finances fast? Then come on our coursehttps://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/Want to find out more about our other courses?www.medicsmoney.co.uk/coursesFollow us on InstagramFollow us on TwitterDisclaimer:The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.Mentioned in this episode:Start Investing HereIndividual: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast&partner_id=550 Business: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast&partner_id=550

Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics Money&utm_content=PodcastBusiness Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics Money&utm_content=PodcastTerms and Conditions apply. Capital at risk. You must remain invested for 12 months to retain the welcome bonus. One Bonus per client. These are affiliate links and Medics Money may get a commission at no cost to you if you go onto open an account.Want the latest financial tips for doctors and exclusive invites? Join 71,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.comWant to improve your finances fast? Then come on our coursehttps://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/Want to find out more about our other courses?www.medicsmoney.co.uk/coursesFollow us on InstagramFollow us on TwitterDisclaimer:The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.Show notes:Tommy interviews specialist medical accountant Steve Nichols (Nichols & Co, London) about how doctors can use limited companies for legitimate tax planning. Nichols explains the key advantage is flexibility over who gets paid, when, and how (dividends, salaries, director’s loans, liquidation, and pension contributions), and clarifies differences between shareholders, directors, and employees, including using alphabet shares to pay dividends to spouses or adult children. He notes limited companies aren’t always better due to costs and admin, especially for single high-earning sole traders who spend all income, and says suitability is bespoke. They discuss using companies and pensions to manage the £100,000 tax-free childcare cliff edge and the £200,000 pension taper threshold, “money box” companies using members’ voluntary liquidation to swap dividend income tax for capital gains tax, family investment companies (e.g., property), director’s loan accounts, and employing family members at commercial rates. Nichols also offers PDFs on allowable expenses, meals, and M&S vouchers, and shares contact details.00:00 Tax Planning Teaser01:01 Meet The Medical Accountant02:24 Why Limited Companies Work04:49 When It Is Not Worth It08:37 Getting Paid From The Company12:20 Shares Directors Employees14:16 Setting Up The Company Right16:57 Income Levels And Tradeoffs18:41 Tax Free Childcare Cliff Edge22:44 Private Only Doctors Strategy26:53 Money Box Companies Explained30:57 100k And 200k Cliff Edges33:59 Family Investment Companies39:06 Directors Loan Accounts42:40 Employing Spouse And Kids46:07 Perks PDFs And Wrap UpMentioned in this episode:Start Investing HereIndividual: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast&partner_id=550 Business: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast&partner_id=550

Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics Money&utm_content=PodcastBusiness Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics Money&utm_content=PodcastTerms and Conditions apply. Capital at risk. You must remain invested for 12 months to retain the welcome bonus. One Bonus per client. These are affiliate links and Medics Money may get a commission at no cost to you if you go onto open an account.Want the latest financial tips for doctors and exclusive invites? Join 71,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.comWant to improve your finances fast? Then come on our coursehttps://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/Want to find out more about our other courses?www.medicsmoney.co.uk/coursesFollow us on InstagramFollow us on TwitterThis week we welcome back GP partner Dr. Nabeel Arshad, founder of growyourlistsize.co.uk, to discuss urgent list-size losses from an “aggressive list clean” by PCSE, with the BMA estimating 300,000 patients removed and £40m in funding lost. Arshad explains FP69 flags and the three-month window to verify patients, noting many removals are erroneous and can drive staffing and profit pressures. He urges practices to run FP69 searches in EMIS/SystemOne, track list trends, and stop treating list size as passive. He outlines strategies to grow lists through marketing, optimizing estates capacity (his practice grew from 10,000 to 20,000 patients in the same building), attracting digitally literate demographics, managing out-of-area registrations without home visits, and reducing registration friction via fast online onboarding. He recommends using the site’s free growth report and describes exclusive-area working and a money-back guarantee.00:00 Streamlining Patient Onboarding01:08 List Cleansing Funding Shock02:50 FP69 Flags Explained05:50 Run the FP69 Search07:15 Why List Size Is Active09:37 Marketing to Grow Lists11:44 Capacity and Estates Myths14:24 Out of Area Patient Strategy15:52 Digital Front Door Fixes18:13 Free Growth Report Next Steps20:34 Guarantee and Exclusivity22:00 Wrap Up and Call to ActionDisclaimer:The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.Mentioned in this episode:Start Investing HereIndividual: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast&partner_id=550 Business: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast&partner_id=550

Discover how doctors can reclaim money through HMRC tax relief and NHS reimbursements. The discussion covers eligible professional fees, memberships, stethoscopes and flat-rate expenses, plus the difference between tax relief and study budgets. It also explores relocation allowances, pre-approval, evidence, comparable mover quotes and excess mileage rules.

Current money issues for doctors: the £100k tax trap, cash drag, and the NHS pension surplusA Medic's Money MDT episode with Tommy Perkins, Dr Cyra Asher, Andy Pow, and Ed. The team breaks down three live financial stories affecting doctors right now: the £100,000 tax trap, the huge amount of cash sitting in low interest accounts, and the NHS pension scheme's reported surplus. It is practical, opinionated, and focused on what these headlines mean for clinicians in real life.Key topicsIn this episode, Ed explains how the £100,000 tax trap works and why income above that level can effectively face a 60% tax rate in England, or 67.5% in Scotland, because of the tapering personal allowance.The team discusses how frozen thresholds have pulled far more people into the trap over time, with the threshold now affecting a much larger share of earners than when it was introduced.Cyra and Andy talk through the knock on effects for doctors, including tax free childcare, childcare hours in England, and child benefit, all of which can disappear at different income points.Practical mitigation ideas are covered, including monitoring annual earnings, additional pension contributions, gift aid, and claiming professional expenses properly.Ed and Andy emphasize that many doctors still have not claimed expenses back, despite a Medics Money guide being widely downloaded and potentially saving substantial tax overall.The discussion moves to working less as a legitimate strategy, with Cyra noting that reducing hours does not always reduce take home pay as much as people fear.Tommy raises the option of private work and limited companies outside the NHS, while Andy cautions that company structures need proper advice and compliance.The second topic looks at the £1.1 trillion held in cash and easy access savings, where average returns are far below inflation, meaning real value is being eroded.Tommy argues that keeping large sums in cash feels safe but often loses value over time, and he contrasts that with the long term growth potential of broad market investing.Cyra adds the millennial perspective, explaining how financial crisis, recession, and pandemic experiences make many younger savers deeply risk averse.The final discussion focuses on the NHS pension scheme's reported £7.38 billion surplus and the planned reduction in employer contribution rates in England and Wales from 23.7% to 15.5%.The team debates what should happen with that surplus, from improving NHS pay and services to reducing employee contributions or fixing pension administration.Tommy strongly pushes for a better pensions portal and clearer statements, arguing that the current NHS pension admin and forecasting tools are far too opaque.Andy explains that projected pension figures need caution because pay, hours, inflation, and retirement timing can all shift substantially before benefits are taken.The episode ends with a wider critique of annual allowance tax charges, with the group arguing that the current system is overly complex and punitive.Timestamps00:00 - Welcome back to the MDT style podcast and today's three live money stories02:07 - How the £100,000 tax trap works and why it keeps growing03:31 - Frozen thresholds and why more earners are getting caught04:21 - Childcare cliff edges, child benefit, and other hidden losses05:21 - Why marginal tax plus student loansMentioned in this episode:Start Investing HereIndividual: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast&partner_id=550 Business: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast&partner_id=550

A practical deep dive into inheritance tax, from the 40% charge and nil-rate bands to lifetime gifts, seven-year rules and charitable relief. Discover when trusts can protect family wealth, how they interact with control and investment decisions, and why blended families, property owners and parents should plan early. Plus, the crucial role of lasting powers of attorney.

Andy Powell, a specialist medical accountant with 30+ years advising doctors, walks through what counts as tax-deductible NHS expenses. Short, clear takes on allowed items like subscriptions and pension contributions. Practical pointers on how far back you can claim and the new BMA–government changes for exam and college reimbursements in England. Step-by-step tips on making a claim and avoiding HMRC pitfalls.

Check Aserix out here: https://asterix.health/Tommy is joined by Julian, co-founder of Astrix Health, a startup tackling the NHS GP shortage by bringing GMC-registered doctors working abroad back into the UK primary care workforce — remotely.Want the latest financial tips for doctors and exclusive invites? Join 71,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.comWant to improve your finances fast? Then come on our coursehttps://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/Want to find out more about our other courses?www.medicsmoney.co.uk/coursesFollow us on InstagramFollow us on TwitterDisclaimer:The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.Mentioned in this episode:Start Investing HereIndividual: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast&partner_id=550 Business: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast&partner_id=550

Andy Powell, a specialist medical chartered accountant with 30+ years advising doctors. He explains how the NHS defined benefit 2015 scheme works. He covers how contributions and tax relief are calculated. He clarifies why there is no invested pot and the scheme’s pay-as-you-go funding. He outlines checking pension records, family and ill-health protections, and risks of opting out.

Dr Sanay Goyal, a freshly qualified doctor starting FY1, prompts practical money talk. Short, clear advice on budgeting your first payslip and simple cost-saving habits. Discussion covers building an emergency fund and the differences between Cash ISAs, Stocks & Shares ISAs and Lifetime ISAs. Practical, relatable tips for newly starting doctors navigating their first rotations.