Medics Money podcast

FREE guide from Medics' Money: https://medicsmoney.co.uk/free-guide/ Find out if you can claim tax relief with this list: https://www.gov.uk/government/publications/professional-bodies-approved-for-tax-relief-list-3 Sanay (incoming F1) and Cyra (doctor and chartered accountant) explain how doctors can get money back via HMRC tax relief and NHS reimbursements. Cyra advises tracking professional expenses in a spreadsheet across the tax year (6 April–5 April) and applying online at year-end, noting HMRC may adjust your tax code. Eligible tax-relief items include GMC, Royal College and BMA fees (including exams but not revision courses), some recognized memberships, subsequent stethoscopes, plus a flat £80 NHS doctor work expense; question banks aren’t eligible. They contrast this with employer-funded study budgets (e.g., ALS), which generally aren’t tax-relievable. They also outline relocation expenses up to £10,000 across training, common caps, the need for pre-approval and evidence, tips on comparable mover quotes, and the importance of understanding excess mileage policies. 00:00 Welcome and Series Intro 00:51 Episode Focus Reimbursements 01:31 Meet Saira the Expert 02:10 Tax Relief Basics HMRC 04:00 What You Can Claim 05:16 Evidence and Flat Rate 06:12 Study Budget vs Tax Relief 07:42 Memberships from Med School 08:40 Relocation Expenses Explained 11:08 Relocation Application Pitfalls 13:06 Mover Quotes Pro Tip 14:25 Excess Mileage and Final Takeaways 15:59 Wrap Up and Next Episode This episode is sponsored by InvestEngine: Terms 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. Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics Money&utm_content=P odcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics Money&utm_content=P odcast Mentioned in this episode: **Terms 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.** Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast

Current money issues for doctors: the £100k tax trap, cash drag, and the NHS pension surplus A 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 topics In 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. Timestamps 00:00 - Welcome back to the MDT style podcast and today's three live money stories 02:07 - How the £100,000 tax trap works and why it keeps growing 03:31 - Frozen thresholds and why more earners are getting caught 04:21 - Childcare cliff edges, child benefit, and other hidden losses 05:21 - Why marginal tax plus student loans Mentioned in this episode: **Terms 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.** Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast

In this episode, Cyra sits down with Shivali, a senior private client lawyer at Talbots specialising in wills, estates, trusts, and tax, for a deep dive into inheritance tax (IHT). They cover the basics — how IHT is calculated and the 40% rate — then move into practical strategies: lifetime gifts (exempt gifts, annual exemptions, gifts out of income), chargeable lifetime transfers, and potentially exempt transfers (the seven-year rule). Shivali also breaks down available reliefs like the nil rate band and residence nil rate band, explains how trusts work and when they make sense, clears up common misconceptions about IHT and control over trust assets, and shares why getting a lasting power of attorney sorted early is so important. A practical, must-listen guide for anyone thinking about protecting their estate and loved ones. 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.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want to find out more about our other courses? www.medicsmoney.co.uk/courses 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. Mentioned in this episode: **Terms 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.** Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast

You could save £thousands with our free guide - https://medicsmoney.co.uk/free-guide/ In this episode, Ed GP, chartered accountant and tax advisor) and Andy Pow (specialist medical accountant with 30+ years advising doctors) break down everything employed NHS doctors need to know about claiming tax relief on their work expenses — including the latest changes following the BMA–government agreement. What's covered: Which expenses qualify for tax relief: GMC fees, BMA membership, medical defence/indemnity, Royal College fees, NHS pension contributions, and eligible travel The HMRC "wholly, exclusively and necessarily" test — and why it rules out CPD, conferences, and courses like ALS/ATLS How much you could get back: up to 40% of qualifying expenses if you're a higher-rate taxpayer Claiming for up to 4 previous tax years — you can go back to April 2022 New for English resident doctors: Exam fees reimbursed from April 2026; Royal College membership and portfolio fees from April 2027 — and what this means for your tax claim How to make a claim via your HMRC Personal Tax Account (and the new step you can't miss to actually receive your refund) When you need to file a Self Assessment return instead Download the Medics' Money Doctor's Tax Rebate Guide (30,000+ downloads) — link above. 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.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want to find out more about our other courses? www.medicsmoney.co.uk/courses 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. Mentioned in this episode: **Terms 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.** Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast

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.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want to find out more about our other courses? www.medicsmoney.co.uk/courses 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. Mentioned in this episode: **Terms 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.** Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast

Join Medics' Money with a free guide here: https://medicsmoney.co.uk/free-guide/ In part two of the Medics' Money New Doctors' Finance series, Dr. Ed Cantelo sits down with specialist medical accountant Andy Pow to break down the NHS pension. Topics covered: What the NHS pension is and how the 2015 defined benefit scheme works How contributions are calculated (tiered rates, tax relief) Why the pension isn't invested — how the scheme is funded Where to check your pension record (Total Reward Statement) and what documents to keep (P60s, P45s, payslips) Family and ill-health protections built into the scheme The risks of opting out Retirement age, early/late retirement, and partial retirement options Where to find more resources (medicsmoney.co.uk, YouTube) 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.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want to find out more about our other courses? www.medicsmoney.co.uk/courses 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. Mentioned in this episode: **Terms 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.** Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast

Get your free guide here: https://medicsmoney.co.uk/free-guide/ Starting a new rotation, or FY1, is exciting, overwhelming, new payslips, and filled with a whole lot of new questions. In this episode, freshly qualified Dr. Sanay Goyal sits down with chartered accountant (and doctor!) Cyra from Medics' Money to break down exactly what every new FY1 needs to know before hitting the wards. From budgeting your first "grown-up" payslip and building an emergency fund, to understanding ISAs, Lifetime ISAs, and how to make your money work as hard as you do — this is the financial survival guide every new doctor needs as they rotate into their first placements. Whether you're heading into your very first rotation or just trying to get your finances sorted before day one, this episode is packed with practical tips to set you up for success. In this episode: Budgeting tips for your first NHS payslip Building an emergency fund before you start investing A breakdown of Cash ISAs, Stocks & Shares ISAs, and Lifetime ISAs Why saving habits matter most as you head into new rotations Congratulations to all the new FY1s starting this year — welcome to the profession! 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.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want to find out more about our other courses? www.medicsmoney.co.uk/courses 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. Mentioned in this episode: **Terms 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.** Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast

This week, Cyra (a chartered accountant and doctor) interviews Donna Butler, a technical support solicitor at Talbots Law, about why buying and selling property is so slow and stressful. Donna outlines common transactions (sales, purchases, remortgages, transfers of equity, buy-to-lets) and explains the behind-the-scenes parties solicitors deal with. She defines core property searches (local authority, water and drainage, environmental) and optional searches (e.g., mining, agricultural), and distinguishes searches from inquiries raised on contract papers, title, forms, and guarantees. Donna explains how solicitors contextualize results, when indemnity insurance is used or unsuitable (e.g., agricultural occupancy restrictions), and that solicitors act for both buyer and lender. She clarifies exchange vs completion, deposits, fund movements, vacant possession, post-completion steps (stamp duty return, Land Registry, management company notices), common causes of chain collapse, and advises early instruction, quick ID/source-of-funds responses, preparation of documents, and not chasing solicitors daily. 00:00 Welcome and guest intro 01:22 What conveyancers handle 02:42 Mover vs solicitor view 04:55 Property searches explained 08:47 Interpreting search results 11:26 Listed homes and detective work 13:19 Management companies and fees 15:40 Inquiries vs searches 17:42 Indemnity insurance basics 20:56 Mortgage offers and lender panels 24:28 Exchange vs completion 26:39 Exchange Day Reality 27:30 Packing and Planning 28:25 Deposits and Fund Flow 31:32 Completion Day Rules 33:03 After Completion Paperwork 34:54 Speeding Up Your Sale 36:51 Red Tape and ID Checks 38:41 Why Chains Collapse 41:29 Gazumping and Gazundering 44:12 Chasing Solicitors Myth 46:52 Top Tips Recap 49:03 Final Thanks and Wrap 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.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want to find out more about our other courses? www.medicsmoney.co.uk/courses 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. Mentioned in this episode: **Terms 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.** Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast

Cyra (a doctor and chartered accountant) hosts GP Dr Steve Taylor and specialist medical adviser Andy Pow to discuss UK general practice finances. They describe long-term underfunding, noting average practice income rose from £152 to £169 per patient since 2015 but would be ~£209 if it had tracked CPI, alongside rising workload and patients per GP (about 2,000 to 2,300). They explain circular funding changes, staffing pay pressures, the imposed contract, and concerns about advice-and-guidance replacing referrals without extra resource. Andy outlines how the Carr-Hill (global sum) weighting can mean some practices are paid for fewer patients (e.g., 83%), with a review pending that could redistribute money without new investment. They warn of practice closures, rural access issues, private providers buying contracts, low morale (99% contract rejection), and argue for additional funding, autonomy, and proper consultation on reforms. 00:00 Welcome and Guests 02:04 Underfunding Explained 05:05 Contract Uplift Reality 09:04 Car Hill Formula Basics 13:21 Funding Streams and Workload 14:39 GP Workforce Paradox 17:02 Partnership Pressures 20:14 Trust and Investment Case 23:22 Closures and Private Providers 27:09 Morale and Central Impositions 30:25 Contract Positives 33:04 Final Thoughts and Thanks 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.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want to find out more about our other courses? www.medicsmoney.co.uk/courses 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. DISCLAIMER: This channel is for education purposes only and does not constitute financial advice and tax allowances and rates are subject to change. Mentioned in this episode: **Terms 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.** Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast

This episode (originally from the GP Practice Finance Course) features Scottish experts Dawn Laird and Colin Malone from Forvis Mazars explaining key elements of the Scottish GP contract and practice finance. They outline NHS Health Board income streams shown on monthly statements, including global sum (the largest), enhanced services, reimbursements, and deductions for seniority and superannuation. They describe how the Scottish workload formula values patients (especially by age, plus uplifts for new registrations and care homes) and note trends of rolling income into global sum, plus Scottish Government plans for £148m recurring funding by 2028–29 focused on workforce, locum cover reimbursement from day one, expense reimbursement, cloud-based telephony, and health inequalities. They review major costs (staffing and premises), practice structures (partnerships, LLPs, limited companies and superannuation implications), premises loans and grants, superannuation processes and opting out considerations, seniority rules, and pension administration via SPPA Engage, McCloud remedy statements, benefit statement timing, and retirement options. 00:00 Welcome and Course Intro 00:47 Meet the Experts 02:04 NHS Income Streams Explained 04:06 Global Sum and Workload Formula 06:51 New Funding and Contract Changes 11:05 Key Costs Staff and Premises 14:45 Practice Structures Partnership LLP Ltd 21:58 Premises Loans and Grants 26:40 Superannuation Basics and Planning 35:44 Seniority Rules and Session Changes 37:13 SPPA Portal and McLeod Updates 42:04 Retirement Options Partial and Return 46:04 Wrap Up and Q&A Mentioned in this episode: **Terms 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.** Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast

Find a Solicitor here: https://medicsmoney.co.uk/medical-solicitor/ Cyra hosts Trish Venables, a solicitor at Talbots Law, to explain asset protection as maximising assets preserved for descendants and shielding them from risks such as divorce, care home fees, and means-tested benefits rules. Trish describes discretionary trusts set up in life or via a will, where beneficiaries have no absolute entitlement, supported by private letters of wishes, helping reduce exposure in divorce and allowing disabled beneficiaries to receive support without losing benefits. She outlines practicalities, including trustee selection, Trust Registration Service registration, and inheritance tax (IHT) implications such as a 20% lifetime entry charge above the £325,000 threshold and the seven-year rule. She warns that putting a home into a lifetime trust while continuing to live there can be challenged as deprivation of assets and a gift with reservation; instead, a will-based life interest trust over a severed 50% share may ring-fence value from care assessments. They discuss gifting from surplus income, and Trish notes NHS defined benefit pensions likely face no immediate IHT change, unlike some defined contribution schemes, pending legislation. 00:00 Welcome and Guest Intro 01:03 What Asset Protection Means 02:23 Trusts for Divorce and Benefits 04:19 How Discretionary Trusts Work 05:45 Setting Up Trusts and IHT 08:23 Care Fees and Home Trust Pitfalls 10:46 Will Planning Life Interest Trusts 12:08 Surplus Income Gifting Strategy 14:16 NHS Pensions and IHT Changes 19:11 Costs and Choosing Trustees 22:13 Final Thanks and Wrap Up 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.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want to find out more about our other courses? www.medicsmoney.co.uk/courses 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. Mentioned in this episode: **Terms 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.** Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast

On this episode, Cyra is joined by GP Dr. Steve Taylor and specialist medical accountant Andy Pow to discuss Steve’s difficult experience getting his NHS pension sorted ahead of semi-retirement at 60 under the older scheme. Steve discovered missing years and incomplete details in his pension record after requesting the data held on him, leading to a year of back-and-forth to correct errors, plus complications from the McCloud remedy and an £11,000 adjustment. He also faced delays and confusion in the application process (AW8), including being told he applied too early by three days and receiving little clarity on payment amounts or timing. Andy explains how errors and gaps are common, advises checking records early via My NHS Pension and PCSE Online, and stresses keeping annual statements, returns, P60s, and March payslips. 00:00 Welcome and Setup 00:41 Meet Steve and Andy 02:04 Missing Pension Years 05:06 Applying and Silence 06:29 McCloud Remedy Mess 07:49 Start Checking Early 11:20 How to Check Records 13:47 What Documents to Keep 16:49 Estimating Your Pension 19:12 Wrap Up and Resources 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.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want to find out more about our other courses? www.medicsmoney.co.uk/courses 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. Mentioned in this episode: **Terms 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.** Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast

https://medicsmoney.co.uk/pastest/ In this very special episode, we have exciting news.

Andy Pow hosts this week's podcast with Forvis Mazars healthcare accountants Dawn Laird and Lee Simmonett to explain Making Tax Digital (MTD) for income tax, described as the biggest change since the 1990s and arriving in 2026, with around three-quarters of affected taxpayers not registered. MTD currently applies mainly to self-employed clinicians such as GP locums (and some consultants with self-employed private practice) and to property income; it does not directly affect partnerships or limited companies. The trigger is cumulative income over £50,000 (before expenses), including combined self-employment and rental income, with thresholds falling to £30,000 then £20,000. Recipients must register separately (not auto-enrolled). Quarterly submissions start with the first due 7 August, plus a final declaration; tax payment dates remain January and July. Spreadsheets require bridging software; digital tools like Xero are recommended. Penalties begin next year: one point per missed quarterly submission, £200 at four points, lasting 24 months. 00:00 MTD Shockwave 2026 01:23 Who Must Comply 02:37 Income Thresholds Explained 05:15 Registering With HMRC 06:35 Quarterly Deadlines 07:10 Software Vs Spreadsheets 08:53 Final Declaration Basics 11:40 Penalties And Compliance 16:10 Rental Income Complications 20:12 New Businesses And Voluntary 21:45 Top Tips To Prepare 23:57 Accountant Support Options 26:51 Final Wrap Up 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.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want to find out more about our other courses? www.medicsmoney.co.uk/courses 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. Mentioned in this episode: **Terms 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.** Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast

This week's guest: https://nichols.co.uk/ This week we cover how NHS doctors, especially consultants with private work or side hustles, can use a “money box company” (a limited company/personal service company) to bridge the gap to retiring before the NHS pension age and to plan taxes flexibly. Steve Nichols explains that keeping private income in a company can help avoid the £100,000 “tax trap,” preserve tax-free childcare, and legitimately split income by paying a spouse salary/dividends (including NI credits). The conversation covers paying university (but not school) fees via benefits-in-kind for an over-18 child working for the company or via dividends using appropriate share classes. They also explain director’s loan accounts as legal borrowing from the company with interest and Section 455 tax cashflow implications. For higher earners, routing private income through a company can mitigate pension tapering exposure and allow accumulating profits to extract later via members’ voluntary liquidation at lower capital gains tax rates than dividends, subject to anti-avoidance rules and genuine cessation of private practice. 00:00 Retire Before NHS Age 01:41 Money Box Company Basics 03:17 Flexibility And Tax Levers 07:20 When To Set One Up 08:03 Beat The 100k Trap 12:36 School Vs University Fees 19:53 Directors Loan Accounts 27:19 Avoid Pension Tapering 31:05 Liquidation And CGT Exit 35:13 Wrap Up And Warnings 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.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want to find out more about our other courses? www.medicsmoney.co.uk/courses 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. Mentioned in this episode: **Terms 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.** Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast

Tommy and Ed were invited to speak at the Association of Independent Specialist Medical Accountants (AISMA) Conference, then Tommy roamed around finding experts to interview in true Medics' Money style! AISMA chair Lizzie Lloyd highlights sessions on funding, tax and collaboration, advising doctors to focus on upcoming 2026/27 contract changes, budgeting and planning despite limited detail on the new GP scheme and “neighbourhoods.” Medics' Money legend Andy Pow says the conference focus is neighbourhoods but details remain unclear, notes major funding differences across the UK nations, flags Making Tax Digital, and warns uncertainty around the Carr-Hill formula and rising workload from advice-and-guidance and digital access without matching funding. Pete Farrier explains benchmarking, regional and practice-model variance, and improving finances via claims, effective PCN/federation working, and staffing/partnering. Sarah Edwards outlines AISMA’s Next Gen/AISMA Academy training videos for medical accounts. Will Ellis of BW Healthcare Surveyors stresses that ~89% of practices are underpaid on notional rent, offers no-win-no-fee checks, and recommends reviewing every three years. 00:00 Conference Intro 01:27 Meet The AISMA Chair 02:31 GP Contract Uncertainty 04:04 Andy Pow On Funding 06:32 Contracts Workload Pressures 07:56 Benchmarking GP Performance 09:43 Boosting Practice Earnings 11:45 Private Work And Tax Planning 13:49 AISMA Next Gen Academy 16:51 Premises And Notional Rent 19:28 Final Takeaways 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.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want to find out more about our other courses? www.medicsmoney.co.uk/courses 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. Mentioned in this episode: **Terms 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.** Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast

This week, Cyra (doctor and chartered accountant) interviews Cleo Nedd, a personal wealth strategist who helps high-achieving women turn income into lasting wealth and reduce reliance on exchanging time for money. Reflecting after International Women’s Day, they discuss how virtue signaling fails to close ongoing gaps in women’s financial access, confidence, and industry inclusion, shaped by the fact that women have only had independent banking and investing access for just over 50 years. Sarah shares subtle bias she experienced with mortgage brokers, estate agents, and solicitors, while Cleo highlights micro-aggressions, women self-disqualifying, and the male-dominated financial advisory sector. Cleo reframes higher income as requiring “added subtraction,” clearer personal money principles over rule-based advice, and better communication with partners. She also describes teaching children budgeting language and delayed gratification. 00:00 Welcome and Introductions 00:53 FU Money for Women 02:02 Beyond Managing to Owning 04:51 Why IWD Feels Hollow 07:51 Microaggressions in Money 11:52 Industry Barriers and Self Doubt 14:32 Radical Responsibility Mindset 18:38 Holding Wealth as Income Grows 24:12 Money Clarity with Partners 29:07 Principles Over Rules 32:18 Ethics and Investing Choices 34:18 Teaching Kids Money Habits 38:03 Wrap Up and Next Steps 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/ Want to find out more about our other courses? www.medicsmoney.co.uk/courses 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. Mentioned in this episode: **Terms 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.** Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast

Follow @drnatashaholmes on insta and TikTok. Dr Natasha Holmes on Leaving the NHS and Moving to Cyprus: Push–Pull Factors, Risk, and What’s Next? On the Medics' Money podcast, Cyra chats with Dr Natasha Holmes, an FY10 pediatric locum/bank registrar, life coach, and co-creator of The Fully Well Doc Pod, who announces she is leaving the NHS and the UK after what she believes was her last NHS shift. Natasha explains her decision as a long “push–pull” transformation: reduced fulfillment from worsening NHS conditions and greater fulfillment from coaching, alongside pull factors including moving to Cyprus (where she grew up) for community, supporting aging parents, lower living costs, better savings prospects, and to explore starting a business and possibly medicine there. She discusses identity and mental health struggles during FY2, the need to prove she could do the job, and realizing colleagues often feel excited to work while she generally doesn’t. Natasha outlines risk mitigation via two years of savings, family housing/support, and a remote-working partner, and plans to maintain GMC registration through upcoming revalidation while exploring Cyprus requirements. They address public misconceptions about “paying back taxpayers,” medical training costs, limited training posts, and shared frustrations about NHS conditions; she leaves in 35 days on a one-way ticket and has received mostly supportive responses. 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.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want to find out more about our other courses? www.medicsmoney.co.uk/courses 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. Mentioned in this episode: **Terms 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.** Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast

For MTD advice and to ensure compliance, contact Azets here: https://hubs.la/Q04dwtwK0 Making Tax Digital for Income Tax: What UK Doctors Need to Know (MTD for Income Tax 2026) The Medics' Money podcast discusses Making Tax Digital for Income Tax (MTD for Income Tax), described as the biggest UK tax filing change for doctors since the late 1990s, with guests Adrian Cousens and Anita Holmes from specialist medical accountants Azets. They explain that from 6 April 2026, individuals with over £50,000 of combined qualifying turnover (sole trade/self-employment and rental income, based on 2024/25) must keep digital records using HMRC-approved software and submit four quarterly updates plus a final annual return, with the first quarterly deadline on 7 August 2026. Partnerships (including GP partnerships) and limited company income are not initially in scope, but GP partners may still be affected by outside sole trade or rental income; thresholds later drop to £30,000 and then £20,000. Key advice is to prepare early, consider moving from spreadsheets to software, manage new deadlines, and seek specialist advisor support. 00:00 MTD Big Change Intro 01:00 Meet The Experts 02:50 What Is MTD for Income Tax 03:51 Why Act Now 05:29 Beta Lessons And Wins 07:50 Who Is In Scope 11:18 Key Dates And Deadlines 11:50 Digital Records And Software 13:27 Quarterly Updates Explained 14:16 Not Ready Soft Landing 16:25 Pain Points And What To Report 21:07 Accountant Roles And Packages 22:52 Thresholds Future Scope Rules 27:04 Final Advice And Wrap Up Mentioned in this episode: **Terms 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.** Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast

https://www.growyourlistsize.co.uk/ On the Medics’ Money Podcast, GP partner Dr Nabeel Arshad of Brooks Surgery in Manchester discusses how his practice doubled its patient list from 10,000 to 20,000 over five years, contributing to over £1.9m in recurring revenue and enabling reinvestment in more doctors, trainees, specialist staff, and technology while increasing partner take-home and maintaining access and high patient satisfaction. He explains why profit matters for partnership sustainability and why income streams tied to clinician time (insurance reports, teaching, joint injections) don’t scale and can be withdrawn, whereas list size is more stable and supports further income via QOF, ARRS/PCN budgets. He outlines his GrowYourListSize.co.uk service, including eligibility screening, controlled growth, geographic exclusivity, a six-month money-back guarantee, and a free practice growth report. 00:00 Meet Dr Nabeel Arshad 01:51 Why Working Harder Fails 05:00 Scaling With Systems 07:35 The Numbers Behind Growth 10:42 Google Reviews Matter 14:24 Recurring Revenue Security 17:26 PCN And QOF Upside 18:44 Succession And Recruitment 21:38 Service Guarantee And Exclusivity 24:23 Controlled Growth And Setup 27:00 Free Growth Report CTA 29:01 Quickfire Future Of GP 31:06 Wrap Up And Where To Find Mentioned in this episode: **Terms 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.** Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast