As accountants and tax advisers, we are often asked the benefits of holding residential rental properties through a limited company. Whilst there are benefits of holding residential rental properties in a corporate structure, the downsides need to be given equal airtime. In this article, we explore some of the advantages and disadvantages of holding residential rental properties in a limited company. The reason many clients ask for this guidance is because from 6 April 2017, HMRC restricted loan...
Apr 20, 2021•18 min•Season 1Ep. 39
Dr James Somauroo tells us about his journey from Junior doctor to healthech guru. We talk about "Quitting" medicine How to switch career How can the latest health tech run on NHS computers The sleeping habits of new puppies Clubhouse Windows 95 - under rated OS Biggest financial mistakes Want to stay up to date with the latest financial information for doctors? Join 24,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/ Foll...
Apr 13, 2021•41 min•Season 1Ep. 38
What are the essential checks that all doctors need to perform on their March payslip to help spot pension errors? What are the common errors that occur with pension records? What is the effect of dropping PAs on income and retirement? How much will your pension pay in retirement? Tom Skinner also tells us about his own podcast which is well worth a listen https://barnabycecil.com/podcast Contact Tom here https://www.medicsmoney.co.uk/accountant/barnaby-cecil-financial-planning-limited/ Want to ...
Apr 06, 2021•42 min•Season 1Ep. 37
HOW MUCH!!! do Australian doctors get paid? Dr Carl Kennedy - an Australian paediatric cardio thoracic anaesthetist from "Ramsay Street" currently working in the UK. Whats the difference between working in the UK and Australia? Who gets paid more, UK doctors or Australian doctors? SPOILER the difference in pay is absolutely staggering. Would Dr Kennedy rather be a patient in the UK or Oz? What challenges do IMG face when coming to the UK? Will Dr Kennedy be staying in the UK or returning to Aust...
Mar 30, 2021•31 min•Season 1Ep. 36
NHS Pension age discrimination case - What doctors need to KNOW and need to DO. Want to stay up to date with the latest financial information for doctors? Join 24,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/ Follow us on Twitter https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney Contact Rachael Hall IFA here https://www.medicsmoney.co.uk/accountant/sandringham-medical/ Contact Andy...
Mar 23, 2021•41 min•Season 1Ep. 35
All the latest news on what the governments recent budget means for doctors. Resources mentioned in the episode include https://www.medicsmoney.co.uk/tax-thresholds-doctors/ Want to stay up to date with the latest financial information for doctors? Join 24,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/ Follow us on Twitter https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney Budget Pod...
Mar 16, 2021•25 min•Season 1Ep. 34
On todays episode we are joined by Dr Zahid Bashir who shares his top financial tips that allowed him to build a successful career as a doctor in pharma. Zahid shares his top financial tips that allowed him as an IMG with just £500 in his pocket to build a comfortable life for him and his family. We talk about all the basics, spending less than you earn, saving, paying down debt and investment strategies. We also talk about Medics Money free ebook that can help you to improve your own finances. ...
Mar 09, 2021•57 min•Season 1Ep. 33
Should doctors and dentists use a limited company to save tax? It's one of the most common questions we get asked on Medics' Money. We talk about who can benefit and why. We also talk about how favourable BIK rates can make buying a fully electric car like a TESLA cheaper. Calculations relevant to the podcast below https://www.medicsmoney.co.uk/ltd-company-calculations/ Join 24,000 doctors receiving free financial CPD like this by downloading our ebook https://www.medicsmoney.co.uk/ebook/ Subscr...
Mar 02, 2021•36 min•Season 1Ep. 32
Tax reducers for high rollers including discussion around Venture Capital Trusts and Enterprise Investment Scheme. Join 24,000 doctors receiving free financial CPD like this by downloading our ebook https://www.medicsmoney.co.uk/ebook/ Subscribe to the Medics Money podcast here Apple – http://tiny.cc/MMapple Spotify – http://tiny.cc/MMspot Google – http://tiny.cc/MMandroid...
Feb 23, 2021•28 min•Season 1Ep. 31
10 financial tips for Consultants (and most other doctors) Back with a bang after a hiatus. The most action packed episode ever? Certainly the most amount of links ever...... Tip 1 - Pay the correct amount of tax and be aware of the marginal rate of 60% between £100,000 and £125,000 https://www.medicsmoney.co.uk/tax-thresholds-doctors/ https://www.medicsmoney.co.uk/ep-2-how-to-claim-a-tax-rebate-and-reduce-your-tax-bill/ https://www.medicsmoney.co.uk/ep-4-how-to-correct-your-tax-code/ Tip 2 - Ke...
Feb 16, 2021•50 min•Season 1Ep. 30
There are some important NHS pension changes and deadlines to be aware of. We asked George Crowe, specialist medical accountant to give us a summary. What are the changes to the tapering of the annual allowance that were announced in the 2020 budget? From 16/17 to 19/20 if threshold income exceeded £110,000 and adjusted income exceeded £150,000, allowance tapered. Thresholds increased to £200,000 and £240,000. How do I work out what my pension input amount is for the year? With difficulty. NHS P...
Feb 09, 2021•49 min•Season 1Ep. 29
If you get sick and can't work how would you pay your bills? How much sick pay do doctors get? Can doctors still get protection during the Covid-19 pandemic? You've worked hard to become a doctor and that is a valuable asset you need to protect. I don't insure anything that I can afford to replace. I don't insure my phone, my bikes or even my beloved surfboards. But I DO insure mine and my families financial future and unless you could afford your current lifestyle without your income your need ...
Feb 02, 2021•33 min•Season 1Ep. 28
Pensions royalty with Sir Steve Webb and Rachael Hall discussing, Why the government introduced the Tapered Annual allowance that has resulted in punitive tax bills for so many doctors? Did the government foresee the impact of the Tapered Annual allowance on the hard working staff of the NHS? How earning £5,000 cost one Consultant £13,500 ie PAYING to go to work. Whether the AA compensation scheme introduced for the 19/20 tax year should be extended to 20/21 to prevent those of us working long h...
Jan 25, 2021•1 hr 7 min•Season 1Ep. 27
Slightly different episode this week as we give some of the best books to improve your finances. You can view the recommended books here https://www.medicsmoney.co.uk/recommended-reading-for-doctors/ Ebook download https://www.medicsmoney.co.uk/ebook/ Want to stay up to date with the latest financial information for doctors? Join 24,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/ Follow us on Twitter https://twitter.com/m...
Jan 19, 2021•15 min•Season 1Ep. 26
A case study of how one Medics' Money doctor used a limited company to save tax and invest for the future. Contact Guy Roper here https://www.medicsmoney.co.uk/accountant/sunrise-independent-financial-advisers/ Want to stay up to date with the latest financial information for doctors? Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/ Follow us on Twitter https://twitter.com/medicsmoney Like us on Facebook https://ww...
Jan 13, 2021•26 min•Season 1Ep. 25
Final Pay Controls. If thats the first time you've heard those words then this episode is for you. Now, if you've listened to our previous episodes on Pensions tax you know about the problems about Annual Allowance and punitive pensions taxation for doctors. But not many people are aware of Final Pay Controls. Thankfully it applies to a niche subset of people but we hear how Final Pay Controls generated a tax bill of £200,000 and £500,000! Contact Andy here https://www.medicsmoney.co.uk/accounta...
Jan 05, 2021•27 min•Season 1Ep. 24
Mr Usman Ahmed is an Orthopaedics consultant who was told to sell his car to fund his training. Instead, Usman transformed his finances and now helps trainees to do the same using his innovative virtual learning environment. Not only does this provide traditional medical education and training, but also includes information on wellbeing and finances. Want to stay up to date with the latest financial information for doctors? Join 21,000 doctors receiving free financial CPD via email by downloadin...
Jan 02, 2021•25 min•Season 1Ep. 23
The answers to last weeks Christmas quiz to test your financial knowledge. Want to stay up to date with the latest financial information for doctors? Join 22,500 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/ Follow us on Twitter https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney...
Dec 29, 2020•39 min•Season 1Ep. 22
A Christmas quiz to test your financial knowledge. Also lockdown surfing. The worst Xmas On-call rota ever and more tax trivia. Want to stay up to date with the latest financial information for doctors? Join 21,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/ Follow us on Twitter https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney...
Dec 22, 2020•21 min•Season 1Ep. 21
How much do doctors in Australia get paid? What's it like for a UK trained doctor working down under? How hard do Australian doctors work? Whats the tax, cost of living and pension like in Australia. What are the downsides to working in Australia. Something a little different this week, as we catch up with Dr Sam Gluck who trained with Tommy in F1 and then went for a 1 year trip to Australia. That was over 10 years ago now. Find out why Sams not coming back. Feeling sick after hearing how much A...
Dec 15, 2020•38 min•Season 1Ep. 20
Do doctors need to pay tax on Cremation form income? We also discuss whether accountancy exams are harder than medical school exams? Eds now legendary tax trivia segment explains why the phrase "burning the candle at both ends" actually originates from some historical tax legislation The blog that accompanies this episode is here https://www.medicsmoney.co.uk/crem-form-as-cash-tax-doctors/ Want to stay up to date with the latest financial information for doctors? Join 21,000 doctors receiving fr...
Dec 08, 2020•26 min•Season 1Ep. 19
How much do GPs get paid? Whats more expensive, an annual Netflix subscription or a year of unlimited care from your GP? What happens if a GP surgery gets into debt like most hospital trusts? With GPs providing > 90% of care in the NHS its vital to support them. But what can be done? Read reviews and contact Andy Pow here https://www.medicsmoney.co.uk/accountant/mazars-llp/ Want to stay up to date with the latest financial information for doctors? Join 21,000 doctors receiving free financial ...
Dec 01, 2020•26 min•Season 1Ep. 18
Dr Hussain Gandhi is a doctor with a very interesting and useful side hustle. In this episode he gives us some tips for starting a side hustle, some great productivity hacks and the future of online conferences. We also find out why Dr Gandalf is the father of the Medics' Money podcast. Dr Gandalf on YouTube https://www.youtube.com/channel/UC3vaxQcvaxJ0xH6080x4Asw Dr Gandalf on Twitter h ttps://twitter.com/drgandalf52 Download a free financial ebook here https://www.medicsmoney.co.uk/ebook/ Want...
Nov 28, 2020•28 min•Season 1Ep. 17
Unless you want to earn every penny of your wealth working at the coalface until you reach retirement, you need an alternative income and investing could be it. Thanks to compound interest - the earlier you start investing the better. In this episode we give you everything you need to get started. We talk about stocks v bonds v cash v property. The importance of matching your risk to your portfolio and how diversification can mitigate risk. We talk about the importance of minimising costs of inv...
Nov 24, 2020•50 min•Season 1Ep. 16
On todays episode Dr David Warriner tells us about a common tax rebate pitfall and how to avoid it. We also talk about working LTFT as a Cardiology Consultant, using Twitter to enhance your career (didn't mention donuts). Also writing books and riding bikes. Download a tax guide here https://www.medicsmoney.co.uk/free-guide/ Download a free financial ebook here https://www.medicsmoney.co.uk/ebook/ Want to stay up to date with the latest financial information for doctors? Join 21,000 doctors rece...
Nov 21, 2020•20 min•Season 1Ep. 15
In this episode we find out why Eds been off the podcast for a while. We answer a listeners question and then Ed takes us on a deep dive into National Insurance. As you'll see its very easy for doctors, especially locums or those with more than one employer to overpay National Insurance. The blog that accompanies this episode is here https://www.medicsmoney.co.uk/national-insurance-doctors/ Download a tax guide here https://www.medicsmoney.co.uk/free-guide/ Download a free financial ebook here h...
Nov 17, 2020•40 min•Season 1Ep. 14
Two part NHS Pensions podcast special. This week we will be discussing how two recent legal cases bought by Fire-fighters and Judges (McCloud and Sargeant), affects the NHS pension. If you haven't listened to last weeks episode on the basics of the NHS Pension scheme definitely listen to that first, unless you're already an expert. We asked Specialist Medical IFA Rachael Hall to tell us why two recent legal cases has wide ranging ramifications to the NHS Pension scheme. We talk about the pros an...
Nov 10, 2020•27 min•Season 1Ep. 13
Two part NHS Pensions podcast special. Next week we will be discussing how a recent legal case affects the NHS pension. But before we get into detail next week, we start with a beginners guide to the NHS Pension. We asked Specialist Medical IFA Rachael Hall to give us an overview of the NHS pension. We talk about the differences between the 1995, 2008 and 2015 schemes including accrual rates, lumps sums and other benefits. We answer some listeners questions such as "Can I invest my NHS pension p...
Nov 03, 2020•25 min•Season 1Ep. 12
Brand new feature - The Medics' Money Clinic where we diagnose and treat a Medics Money podcast listeners financial ailments. This week Guy Roper, Chartered Financial Planner helps Alex (GP) and George (ST6) with cashflow budgeting, getting the right protection, saving for the future and helps them with their aim of not working until 68. Contact Guy for your diagnosis and treatment plan here https://www.medicsmoney.co.uk/accountant/sunrise-independent-financial-advisers/ Want top stay up to date...
Oct 27, 2020•33 min•Season 1Ep. 11
In this episode we hear from Dr Abdullah Albeyatti, MBBS BSc MRCS (ENT) MRCGP who has used bitcoin technology to improve the sharing of medical records. He's raised $24 million, is the CEO of a large company, still works as a doctor and somehow also finds time to help Medics' Money. He's got some great insights in to developing a portfolio career with "side hustles" and even offers some top financial tips. Links https://medicalchain.com/en/ Abdullah on LinkedIn https://uk.linkedin.com/in/dr-abdu...
Oct 20, 2020•31 min•Season 1Ep. 10
