Medics Money podcast

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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

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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.

• 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.

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

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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.

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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.

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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.

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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.

Mentioned in this episode:

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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.

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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.

Mentioned in this episode:

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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)

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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.

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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!

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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.

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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

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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.

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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.

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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

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