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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.

In this episode of the Medics' Money podcast, Steve Nichols from Nichols Specialist Medical Accountants in London joins Tommy to discuss the complexities and potential benefits of starting a limited company for tax planning. They explore various scenarios where a limited company can offer flexibility in paying less tax, distributing profits, paying off mortgages, and managing pension contributions. The discussion covers the differences between receiving a salary and dividends, the benefits of family investment companies and money box companies, and how to navigate key tax thresholds. They also touch on the considerations and processes involved in setting up a limited company and employing family members. Steve offers valuable insights into the practical aspects and legal considerations, making this a comprehensive guide for anyone considering a limited company for tax efficiency.

00:00 Introduction: Should I Start a Limited Company?

00:27 Meet the Expert: Steve Nichols

01:49 Understanding Limited Companies and Tax Planning

02:54 Flexibility of Limited Companies

3:07 Salary vs. Limited Company Payments

03:52 Tax Efficiency and Limited Companies

11:29 Different Ways to Take Funds Out

17:19 Setting Up a Limited Company

19:42 Family Investment Companies

23:46 Money Box Companies

25:09 Dividend vs. Retained Earnings: Tax Implications

26:15 Members Voluntary Liquidation and Tax Savings

26:33 Understanding Business Asset Disposal Relief

26:59 Money Box Companies: A Tax Strategy

31:12 Cliff Edges in Taxation: 100K and 200K

35:54 Avoiding Pension Tax Charges

40:31 Using Director's Loan Accounts to Pay Off Mortgages

45:22 Employing Family Members in Your Limited Company

48:43 Conclusion and Contact Information

In this podcast episode, Tommy and Richard Heap from Medics’ Money and Abacus dive into 31 common questions about income protection and insurance that doctors frequently ask. This detailed discussion covers what income protection is, reasons to have it, and how to select the right policy for an optimal price. They discuss crucial topics including different cover types like critical illness, own occupation, deferment periods, and the implications of different coverage. The episode also addresses the importance of independent financial advice over restricted advice, and the impact of inflation on policies. Additionally, listeners learn the relevance of reviewing policies regularly, how to adjust covers as circumstances change, and the tax implications of payouts. The duo provides valuable insights and personal anecdotes, stressing the need for tailored financial protection for medical professionals.

00:00 Introduction to Income Protection and Insurance

00:32 Meet the Expert: Richard Heap

04:09 The Importance of Income Protection

09:40 Understanding Own Occupation Cover

11:23 Wealth Protection, Creation, and Preservation

14:50 Income Protection vs. Critical Illness

16:37 Navigating Sick Pay and Deferred Periods

21:16 Choosing the Right Financial Advisor

23:51 Independent vs. Restricted Advisors

26:13 Determining the Right Amount of Protection

29:46 Understanding Variations in Payouts

30:38 Tax-Free Payouts and Life Cover

31:21 Defining Incapacity in Policies

33:50 The Importance of Deferment Periods

36:32 Mental Health and Preexisting Conditions

39:51 Review Periods and Premium Adjustments

44:18 Critical Illness Definitions and Payouts

52:46 Mortgage Protection Options

59:37 Final Thoughts and Contact Information

This podcast provides an in-depth explanation of the NHS pension scheme, featuring insights from Andy Pow, a specialist medical accountant with 30 years of experience. Topics discussed include the tax efficiency of NHS pensions, the differences between the 1995, 2008, and 2015 sections of the scheme, retirement age variations, and comparisons between NHS and private pensions. The video also covers additional benefits such as death in service and ill-health retirement benefits. Essential yearly checks for maintaining an accurate pension record are highlighted, alongside practical examples and detailed calculations.

00:00 Introduction to NHS Pension Queries

01:07 Understanding the Basics of Pensions

01:52 Tax Efficiency of NHS Pensions

02:49 Employer Contributions and Tax Bands

04:33 Differences Between NHS and Private Pensions

05:35 Sections of the NHS Pension Scheme

09:29 Additional Benefits of NHS Pensions

11:31 Calculating Your NHS Pension

16:22 Importance of Regular Pension Checks

20:18 Conclusion and Further Resources

Extra resources:

https://www.medicsmoney.co.uk/

https://www.medicsmoney.co.uk/free-guide/

https://www.medicsmoney.co.uk/is-your-doctors-tax-code-correct/

https://www.medicsmoney.co.uk/what-medical-school-didnt-teach-us/

In this episode, we welcome new FY1 doctors starting their first roles in the UK and break down the complexities of the NHS payslip. Join Dr. Ed Cantelo, a GP, chartered accountant, and tax advisor, along with Dr. Cyra Mackintosh, also a doctor and accountant, as they explore the various elements of a payslip, offer insights on tax codes, and share personal anecdotes from their early medical careers. This comprehensive guide aims to help new and established doctors understand their compensation better, manage professional expenses, and claim tax relief efficiently. Tune in for practical advice and real-life examples from healthcare professionals who have navigated the NHS payslip system.

00:00 Welcome New FY1 Doctors!

01:29 Meet the Hosts: Ed and Cyra

02:49 Navigating Your First Payslip

04:07 Understanding NHS Pay Structure

04:38 Breaking Down the Payslip Components

07:01 Tax Codes and National Insurance Explained

16:21 NHS Pension Insights

24:19 Claiming Tax Relief on Professional Expenses

25:24 Understanding the Tax Year

26:09 Setting Up a Personal Tax Account

27:43 Making Your Tax Relief Claim

28:48 Common Tax Issues and Solutions

31:52 Emergency Tax Codes Explained

44:18 Resources for Checking Payslips

47:23 Conclusion and Final Tips

Use code 'FIGSUK' at wearfigs.com for 15% your order.

In this episode of the Medics' Money podcast, Dr. Tony Goldstone, a radiologist and pensions expert, and Andy Pow, a medical specialist accountant, join the discussion to delve into the complexities of NHS pensions. They cover topics such as the transition from traditional pensions to defined benefit schemes, the impact of the tapered annual allowance, and major changes following the McCloud Remedy. The guests highlight the administrative challenges and mismanagement issues faced by many doctors and emphasize the importance of staying informed about pension entitlements. They also offer practical advice for doctors on navigating their pension schemes effectively.

00:00 Welcome and Introductions

01:17 Tony's Journey from Radiologist to Pension Expert

01:47 Understanding the Pension Crisis

03:22 The Brown Envelope Shock

04:51 Developing Pension Tools and Political Advocacy

11:17 Taxation and Pension Growth Explained

15:52 The Impact of Tapered Annual Allowance

19:31 Recent Changes and Future Challenges

28:46 The Importance of Staying in the NHS Pension Scheme

30:14 Private vs NHS Pensions: A Comparison

31:18 Understanding the Career Average Scheme

31:53 Current Issues with NHS Pensions

32:12 The McCloud Remedy Explained

39:20 Challenges in Pension Administration

53:08 Advice for Doctors on Managing Pensions

56:58 Final Thoughts and Resources

In this episode, Cyra from Medics' Money interviews Emma, the founder of Bee Money Savvy. Emma shares her journey of starting a money-saving blog inspired by her parents' financial struggles and her own experiences living on a part-time income. She discusses essential money-saving tips, budgeting tools, and the benefits of diversifying income streams. Emma also highlights the importance of convenience and consistency in building good financial habits and reveals her personal goal for 2025: to spend more on herself after years of stringent saving. Tune in for practical advice on managing finances better and leveraging tools to maximise savings.

00:00 Introduction and Guest Introduction

00:22 Emma's Journey into Money Blogging

04:03 Mindset and Habits for Financial Success

05:30 Saving Strategies and Tools

08:25 Favourite Budgeting Tools and Techniques

11:40 Money Saving Apps and Cashback Tips 1

9:00 Diversifying Income Streams

24:02 Building a Website for Income

27:56 Financial Goals for 2025 30:50 Conclusion and Final Thoughts

In this episode, the Medics' Money team discusses pressing issues facing resident doctors, including the potential strike for pay restoration, the implications of student loan forgiveness, and the controversial proposal to swap pension benefits for immediate pay. The conversation also touches on the Economic Crime and Transparency Bill, which will affect how limited companies file their accounts, and the importance of financial education in light of the current economic climate.

takeaways

• Resident doctors are considering striking due to pay issues.
• Student loan forgiveness is seen as a potential solution but raises questions about fairness.
• Pension swapping proposals may not address the core issues of pay restoration.
• Generational differences in medical training and financial burdens are significant.
• The Economic Crime and Transparency Bill will increase financial transparency for doctors.
• Cash ISAs are losing value due to inflation, prompting calls for investment education.
• Financial education is lacking in schools, leading to poor financial decisions.
• Doctors feel undervalued compared to previous generations.
• The current economic climate is affecting recruitment and retention in the NHS.
• Investment is generally more beneficial than holding cash in the bank.

Chapters

00:00

Introduction to Resident Doctors' Financial Concerns

01:05

Student Loan Forgiveness vs. Pay Restoration

07:00

Pension Swapping: A Controversial Proposal

11:40

Generational Perspectives on Strikes

16:52

Economic Crime and Transparency Bill

26:25

The Debate on Cash ISAs and Investment Education

Contact Dennis here: https://www.medicsmoney.co.uk/accountant/yellowtail-financial-planning/

In this episode of the Medics' Money Podcast, Dennis Hall from the Century Plan Podcast and Yellowtail Financial Planning joins the show to discuss financial planning for retirement beyond pensions. Dennis shares his journey from the Royal Marines to founding Yellowtail Financial Planning, emphasising the importance of developing a comprehensive financial plan. The discussion covers common financial mistakes, the necessity of having a clear retirement agenda, and how financial habits can significantly impact long-term financial independence. Dennis also talks about the psychological aspects of financial planning, and how understanding one's personal objectives can lead to better financial decisions. The episode aims to provide listeners, specifically medical professionals, with insights and actionable steps to secure a financially independent future.

00:00 Introduction to Retirement Planning

00:45 Meet Dennis Hall: Financial Expert

01:24 The Evolution of Financial Planning

02:26 Pensions and Retirement Strategies

06:04 Financial Mistakes and Missed Opportunities

09:17 The Importance of Personal Financial Goals

11:52 Frameworks for Retirement Planning

18:47 The Emotional Side of Financial Planning

24:16 Advice for Younger Professionals

26:58 The Importance of Active Financial Planning

27:35 The Cost of Inaction and High Fees

29:16 The Rush of Last-Minute Investments

29:42 Tailored Financial Advice for Medics

30:16 The Pitfalls of Uncoordinated Portfolios

30:55 The Simplicity of Effective Investing

31:20 The Influence of Online Financial Advice

31:39 The Dangers of Unregulated Investments

32:33 Procrastination in Financial Planning

35:11 Addressing Financial Blind Spots

37:53 Unexpected Life Events and Financial Planning

38:46 Over-Insuring in the Medical Profession

40:23 Engaging with Your Finances

44:01 The Value of Long-Term Planning

46:37 Final Thoughts and Contact Information