Navigating Financial Complexities for GPs: Limited Companies and Adjusted Net Income

In this episode of the Medics' Money podcast, financial experts delve into two complex questions from GPs. The first question examines whether it is beneficial for a GP practice to use a limited company for certain services, discussing various tax implications, legal considerations, and regulatory challenges. The second question addresses how GP partners can manage their adjusted net income to stay below the £100,000 threshold, particularly in relation to pension contributions and the annual allowance. The discussion provides valuable insights for GPs and other doctors, emphasizing the importance of understanding financial nuances and seeking specialist advice.

00:00 Introduction and Episode Overview

01:23 Question 1: Using a Limited Company for GP Work

02:35 Tax Implications and Considerations

05:27 Legal and Regulatory Issues

07:46 Pension and Financial Planning

10:51 Conclusion of Question 1

14:48 Question 2: Adjusted Net Income and Private Pensions

16:28 Understanding Adjusted Net Income

19:14 Pension Contributions and Tax Relief

23:03 Gift Aid and Tax Planning

24:59 Practical Advice and Final Thoughts

34:23 Closing Remarks and Course Information

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Unveiling the Secret 60% Tax Rate and 7 Ways to Avoid It for High-Income Earners in the UK

This podcast reveals the hidden 60% effective income tax rate affecting those earning between £100,000 and £125,140 in England and Wales. Co-founder of Medics' Money, Dr. Ed Cantelo, a chartered accountant and tax advisor, explains the complexities behind this marginal tax rate, originated from a government measure in 2010 to reduce the national debt. The discussion covers its significant impact on healthcare professionals and others close to the £100,000 income threshold. Dr. Cantelo outlines seven strategies to avoid the tax trap including maximizing employment expenses, utilizing gift aid donations, contributing to private pensions, leveraging the NHS pension scheme, planning around child benefit, equalizing income with a partner, and ultimately, considering whether to work less. The detailed insights aim to help high-income earners minimize their tax liabilities legally while maintaining financial stability.

00:00 Introduction to the Secret 60% Tax Rate

01:01 Understanding the Marginal Tax Rate

04:35 Impact on Healthcare Professionals

06:14 Seven Strategies to Avoid the Tax Trap

06:31 Strategy 1: Maximizing Employment Expenses

07:44 Strategy 2: Utilizing Gift Aid Donations

09:30 Strategy 3: Contributing to Private Pensions

11:48 Strategy 4: Leveraging the NHS Pension Scheme

12:31 Strategy 5: Planning Around Child Benefit

14:20 Strategy 6: Equalizing Income with Your Partner

15:53 Strategy 7: Working Less to Avoid Extra Tax

18:06 Conclusion and Summary

7 Habits of Financially Successful Doctors

In this Medics' Money podcast, the focus is on improving financial habits for doctors, whether they are struggling or already successful. The video emphasizes the significance of habits in achieving financial success, highlighting the first two out of seven key habits: 1) Wealthy doctors buy assets, not liabilities, and 2) Wealthy doctors spend less than they earn. Viewers are encouraged to understand the difference between assets and liabilities, and to focus on maintaining a higher savings rate by reducing expenses and making smarter financial decisions. 

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Find out how much Tommy made through investing :O https://youtu.be/kBe_p4Nowzk?si=2_Xxx56Q90D0PBTH

Why Expert Stock Market Predictions Usually Fail and What to Do About It In this video, Dr. Tommy Perkins from MedicsMoney discusses why expert predictions for the stock market, including those for 2025, are often incorrect. By reviewing major financial institutions' predictions for 2024, he demonstrates the consistent inaccuracies of these forecasts and highlights the cost implications for investors relying on active fund managers. Instead, Dr. Perkins advocates for evidence-based investing through low-cost passive funds, which historically outperform actively managed funds. He also shares his personal investment strategy and invites viewers to reflect on their own approaches for 2025.

00:00 Introduction to Expert Predictions

01:34 Why Expert Predictions Matter

02:42 The Cost of Active Management

04:00 Reviewing 2024 Predictions

06:51 Evidence-Based Investing

08:32 Looking Ahead to 2025

09:10 Conclusion and Viewer Engagement

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This podcast episode is a replay of a bonus session from the Financial Wellbeing course, featuring Will Rainey, a children's author. The discussion centers on the importance of teaching children about finance, covering practical aspects like tax-efficient investments for kids and how to talk to children about money using engaging stories. Will Rainey, author of 'Grandpa's Fortune Fables,' shares his journey from the corporate financial world to creating educational stories for children. He emphasizes the power of storytelling in imparting financial wisdom to kids, explaining concepts like saving, investing, patience, and the hazards of gambling and scams. The episode also delves into effective methods for giving pocket money, teaching compound interest, and the pros and cons of giving children cash versus digital money. The session concludes with a note on upcoming sessions and resources for further learning.

00:00 Introduction to Financial Education for Children

01:59 Meet Will Rainey: Author and Financial Educator

07:01 The Concept of Financial Forests

13:49 Teaching Financial Prudence to Teenagers

18:42 Pocket Money: To Link or Not to Link with Chores?

25:03 The Importance of Cash for Kids

25:37 Transitioning to Digital Money

27:38 Educational Tools and Apps

28:49 Engaging Financial Stories for Kids

29:22 Lessons on Scams and Patience

32:33 Understanding Spending and Saving

39:30 The Power of Compound Interest

44:00 Final Thoughts and Resources

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Dr Trapped vs Dr Wealthy. Which do you feel most aligned to? If Dr Trapped, what can you do about it??

https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/

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Transform your financial future in just 8 weeks

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Donate to Robbie's charity bit.ly/NM-Sponsor

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The Medics' Money team join forces to give their personal New Years' Resolutions as well as general tips to improve your finances. Happy New Year everyone!

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2025 Financial New Year's Resolutions for Doctors 

In this special New Year's episode of the Medics' Money Podcast, the team dives into their personal financial resolutions for the coming year. Without Ed's physical presence, but with his voice edited in, the team includes Tommy, Cyra, Andy, and Matthew. They share their goals and advice for 2025, discussing topics like handling emergency funds, contributing to ISAs, improving credit scores, reviewing direct debits, and exploring offset mortgages. The team offers practical advice for doctors on automating savings, investing smartly, and ensuring financial well-being. Tune in to get inspired and kickstart your financial goals for 2025 with expert insights from Medics' Money!

00:00 Introduction and New Year's Greetings

01:09 Cyra's Financial Resolution: Managing the Emergency Fund

01:56 Tommy's Insights on Emergency Funds and Investments

07:05 Matthew's Resolution: First-Time Home Buyer Tips

09:16 Andy's Resolution: Starting Something New

13:55 Ed's Inserted Segment: Overpaying Mortgages and Direct Debits

21:26 Tommy's Personal and Financial Resolutions

25:32 Conclusion and Looking Ahead to 2025

MedicsMoney Christmas Quiz 2024: Festive Fun and Finance

Join the MedicsMoney team as they celebrate Christmas 2024 with a special festive quiz! Test your knowledge on financial topics covered throughout the year and see if you can beat the team in this fun and entertaining episode. From stock market investments to NHS pensions and even festive trivia, there's something for everyone. The video also features a guest appearance by Cyra's dog, Nemi. Happy Christmas to all our viewers! 

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Head over to --> www.medicsmoney.co.uk/fwb

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