Medics Money podcast

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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.

Ed is joined by Cyra and Andy to tackle three financial topics for medics: the government's new "Your First Home" scheme and what first-time buyers need to know, HMRC's letters targeting doctors with consultancy income — what to do if you get one — and the surprisingly complex world of free childcare and funded hours. Plus, a little-known NICU parental leave entitlement most parents miss.
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Check it out here: https://scottmckenzieconsultancy.com/
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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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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.
Show notes:
Tommy interviews specialist medical accountant Steve Nichols (Nichols & Co, London) about how doctors can use limited companies for legitimate tax planning. Nichols explains the key advantage is flexibility over who gets paid, when, and how (dividends, salaries, director’s loans, liquidation, and pension contributions), and clarifies differences between shareholders, directors, and employees, including using alphabet shares to pay dividends to spouses or adult children. He notes limited companies aren’t always better due to costs and admin, especially for single high-earning sole traders who spend all income, and says suitability is bespoke. They discuss using companies and pensions to manage the £100,000 tax-free childcare cliff edge and the £200,000 pension taper threshold, “money box” companies using members’ voluntary liquidation to swap dividend income tax for capital gains tax, family investment companies (e.g., property), director’s loan accounts, and employing family members at commercial rates. Nichols also offers PDFs on allowable expenses, meals, and M&S vouchers, and shares contact details.
00:00 Tax Planning Teaser
01:01 Meet The Medical Accountant
02:24 Why Limited Companies Work
04:49 When It Is Not Worth It
08:37 Getting Paid From The Company
12:20 Shares Directors Employees
14:16 Setting Up The Company Right
16:57 Income Levels And Tradeoffs
18:41 Tax Free Childcare Cliff Edge
22:44 Private Only Doctors Strategy
26:53 Money Box Companies Explained
30:57 100k And 200k Cliff Edges
33:59 Family Investment Companies
39:06 Directors Loan Accounts
42:40 Employing Spouse And Kids
46:07 Perks PDFs And Wrap Up
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This week we welcome back GP partner Dr. Nabeel Arshad, founder of growyourlistsize.co.uk, to discuss urgent list-size losses from an “aggressive list clean” by PCSE, with the BMA estimating 300,000 patients removed and £40m in funding lost. Arshad explains FP69 flags and the three-month window to verify patients, noting many removals are erroneous and can drive staffing and profit pressures. He urges practices to run FP69 searches in EMIS/SystemOne, track list trends, and stop treating list size as passive. He outlines strategies to grow lists through marketing, optimizing estates capacity (his practice grew from 10,000 to 20,000 patients in the same building), attracting digitally literate demographics, managing out-of-area registrations without home visits, and reducing registration friction via fast online onboarding. He recommends using the site’s free growth report and describes exclusive-area working and a money-back guarantee.
00:00 Streamlining Patient Onboarding
01:08 List Cleansing Funding Shock
02:50 FP69 Flags Explained
05:50 Run the FP69 Search
07:15 Why List Size Is Active
09:37 Marketing to Grow Lists
11:44 Capacity and Estates Myths
14:24 Out of Area Patient Strategy
15:52 Digital Front Door Fixes
18:13 Free Growth Report Next Steps
20:34 Guarantee and Exclusivity
22:00 Wrap Up and Call to Action
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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FREE guide from Medics' Money: https://medicsmoney.co.uk/free-guide/
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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