Recent pay increases for doctors bring both opportunity and risk. Back pay can lead to unexpected tax consequences, with potential tax traps lurking if income surpasses certain thresholds. Understanding how new pay adjustments affect tax codes is crucial to avoid costly miscalculations. The financial implications also extend to pension contributions, with risks of moving into higher tiers. This conversation equips listeners with essential insights to navigate their finances more effectively.

https://www.medicsmoney.co.uk/fwb Register for live teaching https://www.medicsmoney.co.uk/live/ In this episode, the speakers discuss their previous live financial teaching sessions and announce two upcoming events where attendees can learn to fix their finances fast. They then replay the Q&A section from a recent session, addressing various questions about salary sacrifice and its impact on NHS pensions, annual allowance tax charges, student loan repayments versus investments, and more. The experts share insights on investment strategies, including the pros and cons of using ISAs and robo-advisors, as well as practical advice on managing GP pension records and making tax-efficient decisions. Detailed timestamps of the Q&A are provided to help listeners find specific information. 00:00 Introduction to Live Financial Teaching Sessions 00:30 Upcoming Live Sessions and Registration Details 00:53 Podcast Overview and Q&A Replay Announcement 02:30 Salary Sacrifice and NHS Pension Impact 04:18 Annual Allowance Tax Charge Explained 06:05 Student Loans: Pay Off or Invest? 08:56 Investment Strategies and Robo-Advisors 10:24 Pensionable Pay and Family Protection Benefits 14:51 Investment ISAs and Retirement Strategies 19:24 GP Pension Records and Fixing Gaps 23:02 Conclusion and Upcoming Webinars Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/ Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ GP partner looking to improve your practice/ Then come on our course https://www.medicsmoney.co.uk/gp-partnership-programme/ Follow us on Instagram Follow us on Twitter

Mike Harms, an expert independent financial advisor and regular contributor, shares insights on the recent Labour budget's impact on NHS doctors. He discusses pension changes and the overall economic climate, reassuring listeners that pension structures remain largely intact despite living standard concerns. The talk highlights needing clear communication to navigate misinformation about financial decisions. Harms also emphasizes strategic planning for tax implications, urging doctors to actively manage their finances and utilize tax-efficient investment options.

Dr. Katie Bramall-Stainer, Chair of the BMA General Practice Committee, shares insights on the pressing challenges facing NHS GPs. She discusses the dire need for funding reform amidst rising costs and staffing shortages. Katie emphasizes the importance of building financial habits for medical professionals and the critical disparities in resources between general practices and large hospitals. The conversation also touches on the need for collective action and communication among GPs to secure sustainable services and improve patient care.

Join Andy Pow, a seasoned medical specialist accountant with extensive experience advising GP practices, as he teams up with Dr. Cyra Mackintosh to dissect the models of GP practices. They reveal the advantages and challenges of partnerships versus limited companies, touching on liability, tax implications, and financial operations. Listeners will find valuable insights on transitioning between structures and the importance of making informed decisions. Perfect for new GPs looking to navigate the business landscape effectively!

Tommy takes us through not what investments he owns, but 5 questions any doctor can ask before starting investing to get the right mindset secured! Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/ Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ GP partner looking to improve your practice/ Then come on our course https://www.medicsmoney.co.uk/gp-partnership-programme/ Follow us on Instagram Follow us on Twitter

The latest budget reveals intriguing tax increases and public spending plans that could impact working individuals significantly. Changes to Employers National Insurance may hit NHS employers hard, affecting GP practices and small businesses alike. Capital gains and inheritance tax discussions clarify essential rulings for those with side ventures. A remarkable £22.6 billion boost to the health budget raises questions about NHS funding amid rising public sector pay costs. Fiscal drag and frozen tax thresholds paint a complex financial landscape for taxpayers.

Tommy and Andy take you through everything you've need to know and do if you have, or haven't yet, received a brown envelope in the post... McCloud explained https://www.medicsmoney.co.uk/what-does-the-mccloud-judgement-mean-for-my-nhs-pension/ Find a Medics’ Money approved accountant to help https://www.medicsmoney.co.uk/medical-accountant/ HMRC triage tool (watch YouTube before using) https://www.gov.uk/guidance/calculate-your-public-service-pension-adjustment   Mastering NHS Pension Adjustments: Expert Guidance and Essential Steps This episode provides a comprehensive guide to navigating the complexities of NHS pension adjustments in light of the McCloud remedy. Host Tommy, along with specialist Andy Pow, delve into the background and implications of recent pension changes, offering essential tips for recalculating annual allowance tax charges and understanding eligibility for compensation. They explain the use of triage tools, the submission process for revised tax data, and the importance of meeting deadlines to avoid penalties. The discussion also highlights difficulties NHS staff face in obtaining accurate pension data, especially in Scotland, and the necessity of seeking professional financial advice. Listeners are encouraged to verify their pension records, understand tax implications, and use resources like the Medics Money website for expert guidance. Practical steps for managing pension-related disclosures and avoiding common pitfalls are provided.

Tori from Honey Barrett Chartered Accountants takes us through limited companies for doctors today.   AI generated summary: Tori Fergusson In this insightful episode, we dive into tax-efficient ways to extract money from a limited company and navigate HMRC compliance checks with Tori Fergusson from Honey Barrett Specialist Medical Accountants. We discuss directors' loans, employing spouses, avoiding tax investigations, and much more. Tune in to empower yourself with essential financial knowledge! Introduction & Listener Questions Welcoming Tori Fergusson Why Honey Barrett? Expert Discussion: Limited Companies Tax-Efficient Ways to Extract Money Compliance Interactions with HMRC Handling Information Notices Real-Life Case Studies Conclusion & Contact Information

Tommy and Ed dive into a Q&A session featuring queries from doctors at the recent Royal College of Obstetrics and Gynaecology National Trainees Conference. Topics covered include investing in children's Junior ISAs, the impact of pay errors on NHS pensions, the global diversification of the S&P 500, and the complexities of National Insurance for multi-employer doctors. Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/ Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ GP partner looking to improve your practice/ Then come on our course https://www.medicsmoney.co.uk/gp-partnership-programme/ Follow us on Instagram: https://www.instagram.com/medicsmoney/ Follow us on Twitter: https://x.com/medicsmoney