Medics Money podcast

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.

Steve Nichols, from Nichols Specialist Medical Accountants in London, provides expert insights specifically for medical professionals. He discusses the advantages of establishing a limited company for tax planning, emphasizing flexibility in compensation through dividends and loans. Nichols clarifies the strategic benefits of managing mortgages and navigating tax thresholds. The conversation includes tailored financial advice for physicians and the nuances of withdrawing funds tax-efficiently, all while highlighting the importance of compliance in financial planning.

In this podcast episode, Tommy and Richard Heap from Medics’ Money and Abacus dive into 31 common questions about income protection and insurance that doctors frequently ask. This detailed discussion covers what income protection is, reasons to have it, and how to select the right policy for an optimal price. They discuss crucial topics including different cover types like critical illness, own occupation, deferment periods, and the implications of different coverage. The episode also addresses the importance of independent financial advice over restricted advice, and the impact of inflation on policies. Additionally, listeners learn the relevance of reviewing policies regularly, how to adjust covers as circumstances change, and the tax implications of payouts. The duo provides valuable insights and personal anecdotes, stressing the need for tailored financial protection for medical professionals. 00:00 Introduction to Income Protection and Insurance 00:32 Meet the Expert: Richard Heap 04:09 The Importance of Income Protection 09:40 Understanding Own Occupation Cover 11:23 Wealth Protection, Creation, and Preservation 14:50 Income Protection vs. Critical Illness 16:37 Navigating Sick Pay and Deferred Periods 21:16 Choosing the Right Financial Advisor 23:51 Independent vs. Restricted Advisors 26:13 Determining the Right Amount of Protection 29:46 Understanding Variations in Payouts 30:38 Tax-Free Payouts and Life Cover 31:21 Defining Incapacity in Policies 33:50 The Importance of Deferment Periods 36:32 Mental Health and Preexisting Conditions 39:51 Review Periods and Premium Adjustments 44:18 Critical Illness Definitions and Payouts 52:46 Mortgage Protection Options 59:37 Final Thoughts and Contact Information

In this engaging discussion, Andy Pow, a specialist medical accountant with 30 years of experience, dives into the intricacies of the NHS pension scheme. He outlines the tax efficiencies that make these pensions appealing and breaks down the differences among the 1995, 2008, and 2015 sections. Additional benefits like death in service and ill-health retirement are explained, alongside crucial tips for maintaining accurate pension records. Listeners gain valuable insights into comparing NHS pensions with private options and the importance of regular pension checks.

Extra resources: https://www.medicsmoney.co.uk/ https://www.medicsmoney.co.uk/free-guide/ https://www.medicsmoney.co.uk/is-your-doctors-tax-code-correct/ https://www.medicsmoney.co.uk/what-medical-school-didnt-teach-us/     In this episode, we welcome new FY1 doctors starting their first roles in the UK and break down the complexities of the NHS payslip. Join Dr. Ed Cantelo, a GP, chartered accountant, and tax advisor, along with Dr. Cyra Mackintosh, also a doctor and accountant, as they explore the various elements of a payslip, offer insights on tax codes, and share personal anecdotes from their early medical careers. This comprehensive guide aims to help new and established doctors understand their compensation better, manage professional expenses, and claim tax relief efficiently. Tune in for practical advice and real-life examples from healthcare professionals who have navigated the NHS payslip system. 00:00 Welcome New FY1 Doctors! 01:29 Meet the Hosts: Ed and Cyra 02:49 Navigating Your First Payslip 04:07 Understanding NHS Pay Structure 04:38 Breaking Down the Payslip Components 07:01 Tax Codes and National Insurance Explained 16:21 NHS Pension Insights 24:19 Claiming Tax Relief on Professional Expenses 25:24 Understanding the Tax Year 26:09 Setting Up a Personal Tax Account 27:43 Making Your Tax Relief Claim 28:48 Common Tax Issues and Solutions 31:52 Emergency Tax Codes Explained 44:18 Resources for Checking Payslips 47:23 Conclusion and Final Tips Want the latest financial tips for doctors and exclusive invites? Join 64,000 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   Disclaimer:   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.

Dr. Tony Goldstone, a radiologist turned pensions expert, and Andy Pow, a seasoned medical accountant, dive deep into the complexities of NHS pensions. They discuss the shift from traditional to defined benefit schemes and the impact of the tapered annual allowance. The duo uncovers the complications surrounding the McCloud Remedy and shares the administrative challenges faced by doctors. Their practical advice encourages healthcare professionals to stay informed and actively manage their pensions for a secure financial future.

In this episode, Cyra from Medics' Money interviews Emma, the founder of Bee Money Savvy. Emma shares her journey of starting a money-saving blog inspired by her parents' financial struggles and her own experiences living on a part-time income. She discusses essential money-saving tips, budgeting tools, and the benefits of diversifying income streams. Emma also highlights the importance of convenience and consistency in building good financial habits and reveals her personal goal for 2025: to spend more on herself after years of stringent saving. Tune in for practical advice on managing finances better and leveraging tools to maximise savings. 00:00 Introduction and Guest Introduction 00:22 Emma's Journey into Money Blogging 04:03 Mindset and Habits for Financial Success 05:30 Saving Strategies and Tools 08:25 Favourite Budgeting Tools and Techniques 11:40 Money Saving Apps and Cashback Tips 1 9:00 Diversifying Income Streams 24:02 Building a Website for Income 27:56 Financial Goals for 2025 30:50 Conclusion and Final Thoughts

In this episode, the Medics' Money team discusses pressing issues facing resident doctors, including the potential strike for pay restoration, the implications of student loan forgiveness, and the controversial proposal to swap pension benefits for immediate pay. The conversation also touches on the Economic Crime and Transparency Bill, which will affect how limited companies file their accounts, and the importance of financial education in light of the current economic climate. takeaways Resident doctors are considering striking due to pay issues. Student loan forgiveness is seen as a potential solution but raises questions about fairness. Pension swapping proposals may not address the core issues of pay restoration. Generational differences in medical training and financial burdens are significant. The Economic Crime and Transparency Bill will increase financial transparency for doctors. Cash ISAs are losing value due to inflation, prompting calls for investment education. Financial education is lacking in schools, leading to poor financial decisions. Doctors feel undervalued compared to previous generations. The current economic climate is affecting recruitment and retention in the NHS. Investment is generally more beneficial than holding cash in the bank. Chapters 00:00 Introduction to Resident Doctors' Financial Concerns 01:05 Student Loan Forgiveness vs. Pay Restoration 07:00 Pension Swapping: A Controversial Proposal 11:40 Generational Perspectives on Strikes 16:52 Economic Crime and Transparency Bill 26:25 The Debate on Cash ISAs and Investment Education

Dennis Hall, founder of Yellowtail Financial Planning and co-host of the Century Plan podcast, brings a wealth of knowledge on retirement strategies beyond pensions. He shares his journey from the Royal Marines to financial advising, highlighting common financial mistakes that professionals make. Dennis emphasizes the significance of setting clear personal financial goals and the psychological aspects of planning. The conversation also explores the importance of early investments and tailored financial habits for achieving long-term financial independence.

Andy Powell, an independent medical accountant and NHS pensions expert, discusses the pressing issues in the NHS pension system, especially for GPs. Key problems include missing contributions and bureaucratic hurdles that undermine trust in the system. Together, they propose reforms like automating data entry, scrapping the GP Solo system, and streamlining paperwork to enhance efficiency. They also stress the need for a strategic investment to improve the overall management of pensions, providing resources that help GPs better navigate this complex landscape.