Medics Money podcast

Find a Solicitor here: https://medicsmoney.co.uk/medical-solicitor/

Cyra hosts Trish Venables, a solicitor at Talbots Law, to explain asset protection as maximising assets preserved for descendants and shielding them from risks such as divorce, care home fees, and means-tested benefits rules. Trish describes discretionary trusts set up in life or via a will, where beneficiaries have no absolute entitlement, supported by private letters of wishes, helping reduce exposure in divorce and allowing disabled beneficiaries to receive support without losing benefits. She outlines practicalities, including trustee selection, Trust Registration Service registration, and inheritance tax (IHT) implications such as a 20% lifetime entry charge above the £325,000 threshold and the seven-year rule. She warns that putting a home into a lifetime trust while continuing to live there can be challenged as deprivation of assets and a gift with reservation; instead, a will-based life interest trust over a severed 50% share may ring-fence value from care assessments. They discuss gifting from surplus income, and Trish notes NHS defined benefit pensions likely face no immediate IHT change, unlike some defined contribution schemes, pending legislation.

00:00 Welcome and Guest Intro

01:03 What Asset Protection Means

02:23 Trusts for Divorce and Benefits

04:19 How Discretionary Trusts Work

05:45 Setting Up Trusts and IHT

08:23 Care Fees and Home Trust Pitfalls

10:46 Will Planning Life Interest Trusts

12:08 Surplus Income Gifting Strategy

14:16 NHS Pensions and IHT Changes

19:11 Costs and Choosing Trustees

22:13 Final Thanks and Wrap Up

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

On this episode, Cyra is joined by GP Dr. Steve Taylor and specialist medical accountant Andy Pow to discuss Steve’s difficult experience getting his NHS pension sorted ahead of semi-retirement at 60 under the older scheme. Steve discovered missing years and incomplete details in his pension record after requesting the data held on him, leading to a year of back-and-forth to correct errors, plus complications from the McCloud remedy and an £11,000 adjustment. He also faced delays and confusion in the application process (AW8), including being told he applied too early by three days and receiving little clarity on payment amounts or timing. Andy explains how errors and gaps are common, advises checking records early via My NHS Pension and PCSE Online, and stresses keeping annual statements, returns, P60s, and March payslips.

00:00 Welcome and Setup

00:41 Meet Steve and Andy

02:04 Missing Pension Years

05:06 Applying and Silence

06:29 McCloud Remedy Mess

07:49 Start Checking Early

11:20 How to Check Records

13:47 What Documents to Keep

16:49 Estimating Your Pension

19:12 Wrap Up and Resources

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

https://medicsmoney.co.uk/pastest/

In this very special episode, we have exciting news.

Andy Pow hosts this week's podcast with Forvis Mazars healthcare accountants Dawn Laird and Lee Simmonett to explain Making Tax Digital (MTD) for income tax, described as the biggest change since the 1990s and arriving in 2026, with around three-quarters of affected taxpayers not registered. MTD currently applies mainly to self-employed clinicians such as GP locums (and some consultants with self-employed private practice) and to property income; it does not directly affect partnerships or limited companies. The trigger is cumulative income over £50,000 (before expenses), including combined self-employment and rental income, with thresholds falling to £30,000 then £20,000. Recipients must register separately (not auto-enrolled). Quarterly submissions start with the first due 7 August, plus a final declaration; tax payment dates remain January and July. Spreadsheets require bridging software; digital tools like Xero are recommended. Penalties begin next year: one point per missed quarterly submission, £200 at four points, lasting 24 months.

00:00 MTD Shockwave 2026

01:23 Who Must Comply

02:37 Income Thresholds Explained

05:15 Registering With HMRC

06:35 Quarterly Deadlines

07:10 Software Vs Spreadsheets

08:53 Final Declaration Basics

11:40 Penalties And Compliance

16:10 Rental Income Complications

20:12 New Businesses And Voluntary

21:45 Top Tips To Prepare

23:57 Accountant Support Options

26:51 Final Wrap Up

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

This week's guest: https://nichols.co.uk/

This week we cover how NHS doctors, especially consultants with private work or side hustles, can use a “money box company” (a limited company/personal service company) to bridge the gap to retiring before the NHS pension age and to plan taxes flexibly. Steve Nichols explains that keeping private income in a company can help avoid the £100,000 “tax trap,” preserve tax-free childcare, and legitimately split income by paying a spouse salary/dividends (including NI credits). The conversation covers paying university (but not school) fees via benefits-in-kind for an over-18 child working for the company or via dividends using appropriate share classes. They also explain director’s loan accounts as legal borrowing from the company with interest and Section 455 tax cashflow implications. For higher earners, routing private income through a company can mitigate pension tapering exposure and allow accumulating profits to extract later via members’ voluntary liquidation at lower capital gains tax rates than dividends, subject to anti-avoidance rules and genuine cessation of private practice.

00:00 Retire Before NHS Age

01:41 Money Box Company Basics

03:17 Flexibility And Tax Levers

07:20 When To Set One Up

08:03 Beat The 100k Trap

12:36 School Vs University Fees

19:53 Directors Loan Accounts

27:19 Avoid Pension Tapering

31:05 Liquidation And CGT Exit

35:13 Wrap Up And Warnings

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

Tommy and Ed were invited to speak at the Association of Independent Specialist Medical Accountants (AISMA) Conference, then Tommy roamed around finding experts to interview in true Medics' Money style! AISMA chair Lizzie Lloyd highlights sessions on funding, tax and collaboration, advising doctors to focus on upcoming 2026/27 contract changes, budgeting and planning despite limited detail on the new GP scheme and “neighbourhoods.” Medics' Money legend Andy Pow says the conference focus is neighbourhoods but details remain unclear, notes major funding differences across the UK nations, flags Making Tax Digital, and warns uncertainty around the Carr-Hill formula and rising workload from advice-and-guidance and digital access without matching funding. Pete Farrier explains benchmarking, regional and practice-model variance, and improving finances via claims, effective PCN/federation working, and staffing/partnering. Sarah Edwards outlines AISMA’s Next Gen/AISMA Academy training videos for medical accounts. Will Ellis of BW Healthcare Surveyors stresses that ~89% of practices are underpaid on notional rent, offers no-win-no-fee checks, and recommends reviewing every three years.

00:00 Conference Intro

01:27 Meet The AISMA Chair

02:31 GP Contract Uncertainty

04:04 Andy Pow On Funding

06:32 Contracts Workload Pressures

07:56 Benchmarking GP Performance

09:43 Boosting Practice Earnings

11:45 Private Work And Tax Planning

13:49 AISMA Next Gen Academy

16:51 Premises And Notional Rent

19:28 Final Takeaways

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

This week, Cyra (doctor and chartered accountant) interviews Cleo Nedd, a personal wealth strategist who helps high-achieving women turn income into lasting wealth and reduce reliance on exchanging time for money. Reflecting after International Women’s Day, they discuss how virtue signaling fails to close ongoing gaps in women’s financial access, confidence, and industry inclusion, shaped by the fact that women have only had independent banking and investing access for just over 50 years. Sarah shares subtle bias she experienced with mortgage brokers, estate agents, and solicitors, while Cleo highlights micro-aggressions, women self-disqualifying, and the male-dominated financial advisory sector. Cleo reframes higher income as requiring “added subtraction,” clearer personal money principles over rule-based advice, and better communication with partners. She also describes teaching children budgeting language and delayed gratification.

00:00 Welcome and Introductions

00:53 FU Money for Women

02:02 Beyond Managing to Owning

04:51 Why IWD Feels Hollow

07:51 Microaggressions in Money

11:52 Industry Barriers and Self Doubt

14:32 Radical Responsibility Mindset

18:38 Holding Wealth as Income Grows

24:12 Money Clarity with Partners

29:07 Principles Over Rules

32:18 Ethics and Investing Choices

34:18 Teaching Kids Money Habits

38:03 Wrap Up and Next Steps

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

Follow @drnatashaholmes on insta and TikTok.

Dr Natasha Holmes on Leaving the NHS and Moving to Cyprus: Push–Pull Factors, Risk, and What’s Next? On the Medics' Money podcast, Cyra chats with Dr Natasha Holmes, an FY10 pediatric locum/bank registrar, life coach, and co-creator of The Fully Well Doc Pod, who announces she is leaving the NHS and the UK after what she believes was her last NHS shift. Natasha explains her decision as a long “push–pull” transformation: reduced fulfillment from worsening NHS conditions and greater fulfillment from coaching, alongside pull factors including moving to Cyprus (where she grew up) for community, supporting aging parents, lower living costs, better savings prospects, and to explore starting a business and possibly medicine there. She discusses identity and mental health struggles during FY2, the need to prove she could do the job, and realizing colleagues often feel excited to work while she generally doesn’t. Natasha outlines risk mitigation via two years of savings, family housing/support, and a remote-working partner, and plans to maintain GMC registration through upcoming revalidation while exploring Cyprus requirements. They address public misconceptions about “paying back taxpayers,” medical training costs, limited training posts, and shared frustrations about NHS conditions; she leaves in 35 days on a one-way ticket and has received mostly supportive responses.

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

For MTD advice and to ensure compliance, contact Azets here: https://hubs.la/Q04dwtwK0

Making Tax Digital for Income Tax: What UK Doctors Need to Know (MTD for Income Tax 2026) The Medics' Money podcast discusses Making Tax Digital for Income Tax (MTD for Income Tax), described as the biggest UK tax filing change for doctors since the late 1990s, with guests Adrian Cousens and Anita Holmes from specialist medical accountants Azets. They explain that from 6 April 2026, individuals with over £50,000 of combined qualifying turnover (sole trade/self-employment and rental income, based on 2024/25) must keep digital records using HMRC-approved software and submit four quarterly updates plus a final annual return, with the first quarterly deadline on 7 August 2026. Partnerships (including GP partnerships) and limited company income are not initially in scope, but GP partners may still be affected by outside sole trade or rental income; thresholds later drop to £30,000 and then £20,000. Key advice is to prepare early, consider moving from spreadsheets to software, manage new deadlines, and seek specialist advisor support.

00:00 MTD Big Change Intro

01:00 Meet The Experts

02:50 What Is MTD for Income Tax

03:51 Why Act Now

05:29 Beta Lessons And Wins

07:50 Who Is In Scope

11:18 Key Dates And Deadlines

11:50 Digital Records And Software

13:27 Quarterly Updates Explained

14:16 Not Ready Soft Landing

16:25 Pain Points And What To Report

21:07 Accountant Roles And Packages

22:52 Thresholds Future Scope Rules

27:04 Final Advice 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

https://www.growyourlistsize.co.uk/

On the Medics’ Money Podcast, GP partner Dr Nabeel Arshad of Brooks Surgery in Manchester discusses how his practice doubled its patient list from 10,000 to 20,000 over five years, contributing to over £1.9m in recurring revenue and enabling reinvestment in more doctors, trainees, specialist staff, and technology while increasing partner take-home and maintaining access and high patient satisfaction. He explains why profit matters for partnership sustainability and why income streams tied to clinician time (insurance reports, teaching, joint injections) don’t scale and can be withdrawn, whereas list size is more stable and supports further income via QOF, ARRS/PCN budgets. He outlines his GrowYourListSize.co.uk service, including eligibility screening, controlled growth, geographic exclusivity, a six-month money-back guarantee, and a free practice growth report.

00:00 Meet Dr Nabeel Arshad

01:51 Why Working Harder Fails

05:00 Scaling With Systems

07:35 The Numbers Behind Growth

10:42 Google Reviews Matter

14:24 Recurring Revenue Security

17:26 PCN And QOF Upside

18:44 Succession And Recruitment

21:38 Service Guarantee And Exclusivity

24:23 Controlled Growth And Setup

27:00 Free Growth Report CTA

29:01 Quickfire Future Of GP

31:06 Wrap Up And Where To Find

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