Medics Money podcast

Cyra is joined by Nina, a South African doctor, how medical training in South Africa works: a six-year degree followed by compulsory government placement of two internship years and one rural community service year before independent practice, while specialist registrar posts are government-only, scarce, and often require years of waiting. Nina shares why she entered medicine after a childhood spinal fusion and admiration for her surgeon, but felt increasingly disconnected from the work, wanted a life outside medicine, and struggled with a broken system, long hours, and unpaid overtime. She nearly quit before community service but finished to keep future options, then began traveling. Nina explains she started posting raw, honest videos about leaving medicine to provide representation, gaining rapid online support, while facing more in-person backlash from colleagues and family, and emphasizes that reassessing and quitting can be a valid choice. Individual: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics Money&utm_content=Podcast&partner_id=550 Business: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics Money&utm_content=Podcast&partner_id=550 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. 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: Start Investing Here Individual: 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

Individual: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics Money&utm_content=Podcast&partner_id=550 Business: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics Money&utm_content=Podcast&partner_id=550 The hosts review Labour’s third budget of the Parliament (28 Oct 2026), the first under Prime Minister Andy Burnham and Chancellor John Healey, arguing it lacked big headlines but contained many detailed changes with potential impact for doctors. Core income tax thresholds remain frozen, continuing fiscal drag, while tax on rental and savings interest rises by 2% from April 2027 (dividend tax unchanged). The trading allowance increases from £1,000 to £3,000, and self-assessment payment timing is set to shift from 2029, affecting cash flow. From April 2028, the £2,500 employment-expense claim threshold requiring self-assessment is removed, and mileage rates are improved. ISA plans to cut cash ISA limits are scrapped; Lifetime ISAs are replaced in April 2029 with a first-time buyer ISA, with the >£450k withdrawal penalty abolished. CGT changes include cutting Business Asset Disposal Relief to £500k and introducing a limited founders relief. NHS measures are modest, with limited winter funding, robotics investment, and a productivity/AI review, amid ongoing pay tensions; cost-of-living steps include fuel duty and VAT cuts and an energy payment for bands A–D. 00:00 Budget Overview 02:22 Income Tax Changes 05:13 Self Assessment Shakeup 07:50 Claiming Work Expenses 10:17 ISA Rule Changes 12:32 Capital Gains Updates 15:50 NHS Funding Snapshot 18:00 Cost of Living Measures 20:04 Wrap Up and Takeaways 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. 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: Start Investing Here Individual: 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

Sign up here at Goldstone PenFinTech: https://register.goldstonepenfintech.com/?aff=MM2627 Know your NHS Pension in three sessions: https://medicsmoney.co.uk/nhs-pensions-tax-traps-course/ INVEST: Individual: 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 **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.** 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: Start Investing Here Individual: 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

Individual: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics Money&utm_content=Podcast&partner_id=550 Business: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics Money&utm_content=Podcast&partner_id=550 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. In this episode Ed and Andy sit down to discuss the upcoming 28th of October Budget. 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: Start Investing Here Individual: 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

Get in touch: https://medicsmoney.co.uk/accountant/dr-solicitors/ 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 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. 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: Start Investing Here Individual: 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

Find a medical solicitor today: https://medicsmoney.co.uk/find-a-medical-solicitor/ Host Dr. Tommy Perkins is joined by Sarah Cook , a specialist medical solicitor from DR Solicitors, to unpack NHS England's recent consultation on the future of neighbourhood healthcare — a topic that could reshape how general practice is delivered. Key topics covered: The consultation at a glance — NHS England isn't asking whether neighbourhood healthcare is coming; it's asking who will deliver and control it. Two models are on the table: a Single Neighbourhood Provider (SNP) built on existing PCN footprints (~50,000 patients), and a Multi-Neighbourhood Provider (MNP) spanning multiple neighbourhoods (~250,000+ patients) that would coordinate a wide range of services across primary and community care. Three SNP delivery routes — (1) Vary the existing PCN DES (already in regulations since May), (2) Have the PCN hold a single neighbourhood contract directly, or (3) Let an MNP sweep up services and subcontract them — the option GPs should most want to avoid. Income & risk concerns — Dr. Perkins raises the fear that MNPs could strip away enhanced-service income (LESs, DESs) that practices rely on top of the frozen global sum. Sarah reassures that GMS/PMS contracts remain and PCN/ARRS funding is intended to be protected — but only if practices stay engaged and organised. The legal entity question — Any SNP contract must be held by a legal entity. Since PCNs aren't legal entities, many are incorporating as limited companies to gain limited liability, cleaner governance, and the ability to hold contracts and employ staff (with NHS pension access confirmed). Future of PCNs — PCNs are expected to evolve into neighbourhoods rather than disappear outright. A limited company structure gives practices future-proofing and flexibility for that transition. What practices should do now — Assess your current organisational model, consider whether a limited company makes sense, read the consultation, and get both legal and accounting advice. DR Solicitors offers a free initial consultation and has a webinar on their website. Bottom line: Neighbourhoods represent a potential growth opportunity for GP-led organisations — but only for practices that get structured and ready before contracts arrive. Those that disengage risk losing control and income to MNPs. 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: Start Investing Here Individual: 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

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. Ed is joined by Cyra and Andy to tackle three financial topics for medics: the government's new "Your First Home" scheme and what first-time buyers need to know, HMRC's letters targeting doctors with consultancy income — what to do if you get one — and the surprisingly complex world of free childcare and funded hours. Plus, a little-known NICU parental leave entitlement most parents miss. Mentioned in this episode: Start Investing Here Individual: 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

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.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: Start Investing Here Individual: 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=P odcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics Money&utm_content=P odcast 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. 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. 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 Teaser 01:01 Meet The Medical Accountant 02:24 Why Limited Companies Work 04:49 When It Is Not Worth It 08:37 Getting Paid From The Company 12:20 Shares Directors Employees 14:16 Setting Up The Company Right 16:57 Income Levels And Tradeoffs 18:41 Tax Free Childcare Cliff Edge 22:44 Private Only Doctors Strategy 26:53 Money Box Companies Explained 30:57 100k And 200k Cliff Edges 33:59 Family Investment Companies 39:06 Directors Loan Accounts 42:40 Employing Spouse And Kids 46:07 Perks PDFs And Wrap Up Mentioned in this episode: Start Investing Here Individual: 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=P odcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics Money&utm_content=P odcast 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. 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 This 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 Onboarding 01:08 List Cleansing Funding Shock 02:50 FP69 Flags Explained 05:50 Run the FP69 Search 07:15 Why List Size Is Active 09:37 Marketing to Grow Lists 11:44 Capacity and Estates Myths 14:24 Out of Area Patient Strategy 15:52 Digital Front Door Fixes 18:13 Free Growth Report Next Steps 20:34 Guarantee and Exclusivity 22:00 Wrap Up and Call to Action 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: Start Investing Here Individual: 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

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: Start Investing Here Individual: 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

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: Start Investing Here Individual: 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

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: Start Investing Here Individual: 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

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: Start Investing Here Individual: 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

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: Start Investing Here Individual: 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

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: Start Investing Here Individual: 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

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: Start Investing Here Individual: 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

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: Start Investing Here Individual: 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

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: Start Investing Here Individual: 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

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: Start Investing Here Individual: 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