The Medics’ Money podcast helps doctors, dentists and other professionals make better financial decisions. Hosted By Dr Tommy Perkins and Dr Ed Cantelo, who is ...
Ep 256: What is a financial planner and how do they help doctors?
Disclaimer:
The information provided in this video 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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29:57
Ep 255: Could GPs save tax with a limited company? Q&A
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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https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/
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36:41
Ep 254: The 60% marginal rate TAX TRAP and how to avoid it
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Want to improve your finances fast? Then come on our course
https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/
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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
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19:28
Ep 253: What habits do wealthy doctors have?
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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Want to improve your finances fast? Then come on our course
https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/
GP partner looking to improve your practice/ Then come on our course
https://www.medicsmoney.co.uk/gp-partnership-programme/
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10:30
Ep 252: Cheaper investments = better for you?!?!
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
Want the latest financial tips for doctors and exclusive invites? Join 56,000 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/
GP partner looking to improve your practice/ Then come on our course
https://www.medicsmoney.co.uk/gp-partnership-programme/
Follow us on Instagram
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The Medics’ Money podcast helps doctors, dentists and other professionals make better financial decisions. Hosted By Dr Tommy Perkins and Dr Ed Cantelo, who is not only a doctor but also a Chartered Accountant and Tax adviser.
UK