Medics Money podcast

In this episode of the Medics Money podcast, Tommy interviews Angus Perry, a GP with a passion for integrating technology and lifestyle medicine into healthcare. Angus discusses his journey from being a GP to founding GeneralPractice.ai, a platform designed to create personalised management plans for chronic conditions and promote lifestyle changes. The conversation explores the challenges of implementing lifestyle medicine in a time-constrained environment, the importance of patient engagement, and the role of technology in modern healthcare. Angus shares insights on building a minimal viable product, the significance of passion in entrepreneurial endeavours, and offers advice for young clinicians looking to future-proof their careers in an evolving medical landscape. Chapters 00:00 Introduction to Angus Perry and His Journey 02:32 The Importance of Lifestyle Medicine in General Practice 05:23 Challenges in Implementing Lifestyle Changes 08:05 Building a Solution: GeneralPractice.ai 10:45 The Mechanics of Creating a Health Tech Startup 13:38 How GeneralPractice.ai Works for Patients and Clinicians 16:26 The Role of Gamification in Health Management 18:59 Advice for Young Doctors and Future Trends in Medicine

Editors note: this episode originally aired on 'What Medical School Doesn't Teach Us' in 2024. In this episode of Medics' Money's podcast, Cyra interviews Matthew to discuss the intricacies of UK student loan plans, particularly focusing on the differences between Plan 2 and the newly introduced Plan 5. They elaborate on loan repayment mechanisms, interest rates, and repayment terms for each plan. Matthew explains the concept of a graduate tax and addresses misconceptions about paying off student loans. The episode also touches on the financial burdens faced by students, the impact of loan repayments on future financial prospects, and the importance of evaluating the necessity of taking on such debt. Listeners are encouraged to consider their personal circumstances before committing to student loans. For questions, listeners can reach out via provided email contacts. 00:00 Introduction and Welcome 00:48 Understanding Student Loan Plans 01:16 Plan 2: The Graduate Tax 03:27 Plan 5: New Changes and Implications 05:14 Comparing Plan 2 and Plan 5 06:13 The Real Cost of Student Loans 07:16 Good Debt vs. Bad Debt 08:11 The Financial Burden on Students 12:25 Conclusion and Contact Information

In this episode, Dr Kurar discusses the pressures faced by NHS doctors and the steps they can take to transition from clinical medicine to industry roles. Dr Kurar outlines the importance of financial education, the power of LinkedIn for networking, and the various transferable skills doctors possess. Additionally, they share personal experiences, including setting up a property investment venture and optimising company pension schemes. The conversation provides a comprehensive guide for doctors contemplating a career change, emphasising the significance of planning, LinkedIn optimisation, and leveraging existing skill sets.   00:00 Introduction: Transitioning from NHS to Industry   01:05 Dr Kurar's Background and Motivation   01:12 The Role of Financial Education   01:58 Discovering the Podcast and Initial Steps   02:42 Current Role in Regulatory Space   03:58 Maintaining Clinical Work and Side Hustles   04:41 Steps to Transition from NHS to Industry   06:41 Leveraging LinkedIn for Career Transition   11:28 Transferable Skills for Doctors   13:12 Financial Aspects of Transitioning   16:12 Property Investment Journey   20:39 Concluding Thoughts and Advice

In this episode of the Medics Money podcast, Ed Cantelo and Andy Pow discuss the recent budget announcements made by Chancellor Rachel Reeves. They delve into the implications of tax changes for healthcare professionals, including income tax thresholds, property income tax rates, and changes to ISAs. The conversation also covers NHS spending plans, pension taxation, and the introduction of new vehicle exercise duties. Ed and Andy provide insights into how these changes may affect listeners, particularly those in the medical field. 00:00:00 Introduction and Overview 00:00:00 Income Tax Changes 00:00:00 Property and Dividend Tax Updates 00:00:00 ISA Allowance Adjustments 00:00:00 NHS Spending and Pension Updates 00:00:00 Vehicle and Council Tax Changes 00:00:00 Conclusion and Listener Impact

Empowering Medical Professionals: Financial Insights with Dr. Hassan In this episode of The Medics Money Podcast, Dr. Hassan makes his debut. He's an F2 doctor in the NHS, active on social media as Dr. Hassan Finance. Dr. Hassan discusses the importance of financial literacy for healthcare professionals, sharing insights on investment strategies, the significance of transparent financial discussions, and the concept of the FIRE (Financial Independence, Retire Early) movement. He also speaks about the current financial struggles in the NHS, including the need for fair pay and the upcoming doctor strikes. Additionally, the conversation covers practical advice on managing personal finances, maximizing income, and cutting unnecessary expenses for a balanced approach to financial wellness. 00:00 Introduction to Medics Money Podcast 01:24 Special Guest: Dr. Hassan on Financial Wellbeing 03:30 Breaking Financial Taboos in Medicine 07:27 Investing: Mindset Over Stock Picking 11:13 The Power of Compounding and Long-Term Investing 15:25 Time vs. Money: The Ultimate Wealth 18:22 The FIRE Movement and NHS Pension Concerns 23:59 Opting Out of the NHS Pension: Pros and Cons 24:26 The Financial Benefits of Staying in the NHS Pension 25:44 Considering Personal Circumstances and Financial Advisors 27:17 The FIRE Movement: Tips and Strategies 28:07 Balancing Income and Expenses for Financial Independence 29:34 The Importance of Having a Financial Plan 34:43 Social Media and Financial Advice for Doctors 40:25 Upcoming Resident Doctor Strikes 44:31 Conclusion and Final Thoughts

In this episode of The Medics' Money Podcast, Tommy dives into Bitcoin with guest Dr. Fahim. Dr. Fahim, a GP and finance enthusiast, critiques the financial system, explaining the historical context and the current monetary practices that make Bitcoin valuable. They discuss Bitcoin's role as a store of value, its volatility, and its potential in a diversified investment portfolio. The conversation covers the broader economic impact of inflation, central banking, and the technological trends shaping the future of finance. This episode is a comprehensive guide for professionals looking to understand Bitcoin's place in the market and its potential impact on their financial strategies. Follow @thesecretdoc 00:00 Introduction to Medics Money Podcast 01:22 Guest Introduction: Dr. Fahim 02:23 Understanding Bitcoin and Economic Systems 07:56 The History and Evolution of Money 12:36 Inflation and Its Impact on Wealth 19:45 Investment Strategies and Portfolio Management 22:58 Bitcoin's Role in Modern Portfolios 32:06 Bitcoin's Dominance in the Market 32:29 Questioning Bitcoin's Valuation 34:47 Fundamental Properties of Bitcoin 35:05 Bitcoin's Role in Global Conflicts 37:02 The Value of Decentralisation 39:38 Bitcoin as a Store of Value 41:04 Bitcoin's Adoption and Volatility 46:07 Comparing Bitcoin to Traditional Investments 50:27 The Future of Bitcoin and Technology 54:57 Final Thoughts and Investment Advice

https://gptriage.com/ In this episode of The Medics Money Podcast, Dr. Tommy Perkins discuss the emerging role of artificial intelligence in primary care. The conversation explores the benefits of GP Triage, an autonomous triage and booking solution designed to improve patient access and streamline operations in GP practices. Key topics covered include the system's customization options, funding strategies, language accessibility, digital inclusion, and the future of AI in healthcare. The guests provide insights into how GP Triage was developed, its impact on practice efficiency, and its potential to enhance patient care and satisfaction. The episode concludes with predictions on the future transformation of primary care by AI technologies. 00:00 Introduction to Medics Money Podcast 00:51 Challenges in Primary Care 01:57 Meet the Guests 03:04 What is GP Triage? 04:57 How GP Triage Works 06:37 Customization and Benefits of GP Triage 08:41 Funding and ROI for GP Triage 15:34 Addressing Digital Exclusion 19:02 Future of AI in Healthcare 25:44 Getting Started with GP Triage

Welcome to another episode of the Medics Money MDT Podcast! Join us as our team members discuss the upcoming November 26th budget by Rachel Reeves. With a £30 billion black hole in public finances, we're speculating on potential government measures. Topics include the possibility of reintroducing the Lifetime Allowance for pensions, changes in VAT, income tax adjustments, national insurance reforms, and the future of ISAs. This episode is filled with insights from our specialists Andy Powell and Matthew, covering how these budget considerations could impact doctors and other professionals. Remember, this discussion is speculative and for informational purposes only. Stay tuned for our post-budget analysis! 00:00 Introduction and Podcast Overview 00:12 Speculation on Rachel Reeves' Upcoming Budget 00:58 Meet the Medics Money Team 02:18 Discussion on Pensions and Potential Changes 08:02 Impact of Inflation on Doctors' Pensions 09:48 Economic Implications of Inflation 13:14 VAT and Tax Policy Speculations 23:11 Tax Freeze and Allowances 25:03 National Insurance on Partnerships 31:59 Cash ISAs Speculation 39:09 Potential Tax Reforms and Speculations 41:50 Concluding Thoughts and Future Discussions

In this episode of the Medics' Money Podcast, hosts Dr. Tommy Perkins talks with Dr. Dom Pimento from Tortus AI about the revolutionary impact of AI in the healthcare system. They discuss Tortus' AI Scribe, its benefits in reducing cognitive load for clinicians, and its seamless integration with X-On's digital telephony. The episode covers the challenges of AI hallucinations, the importance of medical device regulation for AI, and the exciting potential of AI to transform healthcare practices. Real-world implementations and the future of AI in healthcare are also explored, with insights on starting AI-focused startups in the medical field. 00:00 Introduction to Medics Money Podcast 00:58 Mindset Shift and Overcoming Fear 01:13 Future of AI in Healthcare 01:23 Welcoming Dr. Dom Pimenta 02:23 Tortus AI Scribe: Basics and Integration 03:48 Real-World Impact of Tortus AI 12:00 Challenges and Rewards of Building a Startup 15:32 Encouraging Clinicians to Innovate 20:59 Implementing AI Scribe in Practice 24:13 Understanding ROI in Healthcare Technology 24:36 The Impact of AI on Healthcare Productivity 25:58 Adoption and Benefits of AI in Healthcare 27:49 Challenges and Solutions in AI Implementation 29:18 The Future of AI in Healthcare 32:02 AI's Role in Healthcare Consultations 33:51 Predictions for AI and Healthcare 37:10 Exciting Developments and Future Prospects 38:50 Addressing Challenges in AI-Driven Healthcare 45:49 Final Thoughts and Resources

In this episode, Dr. Sandip Patel, an emergency medicine consultant, shares his financial journey and lessons learned over his career. Dr. Patel discusses the importance of early financial planning, the benefits of having a pension, and the impact of good financial advice. He emphasizes the need for doctors to educate themselves about money management to ensure financial security and independence. Dr. Patel also touches upon the significance of collective bargaining in healthcare and his role as a BMA rep. Additionally, he shares personal anecdotes, including his recovery from a stroke and his passion for collecting Lego sets. This insightful conversation provides valuable financial tips and inspiration for healthcare professionals navigating their financial futures. 00:00 Introduction and Guest Welcome 00:33 Guest Background and Career Journey 02:05 Financial Beginnings and Early Decisions 03:50 Importance of Financial Advice and Pension Decisions 06:14 Challenges and Changes in the Medical Profession 14:44 The Role of the BMA and Advocacy 18:04 Personal Financial Planning and Future Goals 21:21 Lego Enthusiasm and Hobbies 25:49 Final Thoughts and Advice

This video explains how doctors and dentists are unnecessarily losing money by investing in expensive, actively managed funds instead of cheaper passive investments. It highlights the lack of financial education among medical professionals and how it makes them susceptible to high fees and poor returns. By comparing the performance and fees of branded versus generic investment options, the video demonstrates the significant financial impact of these choices and emphasizes the importance of financial literacy. The video also provides resources and tools to help doctors and dentists make better investment decisions. 00:00 Introduction: Doctors and Investment Mistakes 00:27 The Cost of Expensive Investments 01:48 Performance Comparison: Branded vs. Generic Investments 02:35 Understanding Passive vs. Active Investments 03:56 The Impact of Fees on Investment Returns 04:06 Medics Money Financial Dashboard Overview 05:16 Long-term Investment Projections 08:06 The Importance of Financial Education for Doctors 08:38 Conclusion and Call to Action Want the latest financial tips for doctors and exclusive invites? Join 64,000 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 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.

In this episode of Medics' Money, host Cyra talks with Kai, a urology registrar who recently took a year-long career break to travel the world with his wife and dog. The discussion covers the logistics and experiences of taking a career break, including the financial aspects, such as renting out their home and maintaining car ownership, and insights into the NHS pension system. Kai shares his profound personal learnings about managing work-life balance, especially the difficulty in fully detaching from his professional responsibilities. The episode also touches on the practicalities of using a motorhome for travel, encountering different dog-friendly countries, and the planning necessities for someone in a high-stakes profession. Kai reflects on how the year off has impacted him both personally and professionally, and offers advice for others considering a similar break. 00:00 Introduction and Guest Welcome 00:22 Kai's Career Break Journey 02:30 Challenges and Learnings from the Break 05:18 Returning to Work and Practicalities 11:20 Travel Tips and Reflections 19:26 Support Systems and Final Thoughts

In this podcast episode, a urologist and multi-faceted investor, Randeep Dhariwal, joins as a guest to discuss his ventures in property investment, stocks and shares, and his new aesthetics business. The conversation dives deep into comparing property investing versus stock investing, balancing these pursuits with a medical career, and the importance of financial education for doctors. Randeep shares insights into how he chose his specialty in urology, the significance of fellowships, and offers advice on starting and managing investments. His upcoming aesthetics business and the importance of networking and continuous learning are also highlighted. This episode is valuable for medical professionals interested in expanding their financial knowledge and exploring diversified income streams. 00:00 Introduction and Guest Overview 01:39 Career Journey and Specialisation 03:01 Choosing Urology and Fellowship Insights 06:47 Personal Finance Beginnings 08:12 Property Investment Strategies 10:13 Stocks vs. Property: Pros and Cons 14:05 Financial Education for Doctors 16:30 New Business Ventures in Aesthetics 23:44 Final Thoughts and Future Plans

In this episode of the Medics' Money podcast, Cyra, a doctor and chartered accountant, hosts guests Hanlie and Andy to discuss common pension and payroll issues within the NHS. Hanlie, a full-time consultant anesthetist, shares her personal experience of encountering pension growth discrepancies and a significant annual allowance tax charge due to payroll errors. Andy, a specialist medical accountant, explains the intricacies of the NHS pension scheme, how small data errors can cause large financial consequences, and actionable steps for identifying and correcting these errors. The discussion emphasises the importance of verifying pension data, understanding annual allowance calculations, and seeking professional advice when needed. The episode aims to raise awareness about financial wellbeing among NHS staff and provide practical advice for navigating pension-related problems. 00:00 Introduction and Guest Introductions 01:45 Understanding the Annual Allowance 05:23 Hanlie's Pension Nightmare 11:03 Identifying and Correcting Errors 18:44 Advice for Doctors on Pension Issues 30:36 Conclusion and Final Thoughts

In this episode of the Medics' Money podcast, Ed, Andy, and Tommy discuss the impact of current UK tax policies on productivity, particularly focusing on fiscal drag and marginal tax rates. They highlight how tax traps are affecting both the public and medical professionals, especially those earning around the £100,000 mark. The team delves into budget speculations, including potential changes in national insurance that could impact GP partners. They also reflect on the V11 scandal involving Premier League footballers to draw parallels with how doctors can be vulnerable to poor financial advice. Key points include the dangers of high-pressure sales tactics, promises of high returns with minimal risk, and word-of-mouth referrals without proper due diligence. They emphasise the importance of financial education and the necessity of using vetted advisors. Additionally, they touch on pension issues, tax-free allowances, and the upcoming Medics' Money Live event. 00:00 Introduction and Overview 00:50 Meet the Medics Money Team 02:09 The New Middle Class Tax Revolt 03:19 Marginal Tax Trap Explained 07:49 Pre-Budget Speculation and Concerns 09:40 State Pension and Triple Lock 13:56 Trump's Investment Strategy for Newborns 18:40 National Insurance and GP Partners 23:00 Government Budget Speculation 23:33 Targeting Wealthier Classes 24:40 Marginal Tax Rates and Policy Behaviours 27:03 GP Partnerships and Business Structures 29:41 Financial Vulnerability of Footballers and Doctors 33:08 Red Flags in Financial Advice 41:59 Final Thoughts and Upcoming Events

A course for GP Partners: https://www.medicsmoney.co.uk/gp-partnership-programme/ E-mails: Dr Dave Hindmarsh: dave@docsupport.co.uk For anything YouTube related and if anyone is interested in getting started on YouTube. Dr Matthew Wickham: matthew@docsupport.co.uk If you are a doctor looking to get into private practice by yourself and need help setting this up. Website: www.docsupport.co.uk SystmOne: Auto-filling guide: https://www.docsupport.co.uk/product-page/systmone-auto-filling-user-guide YouTube: Doc Support: https://www.youtube.com/@DocSupportLtd Eaglescliffe Medical Practice: https://www.youtube.com/@eaglescliffemedicalpractice SystmOne Auto-filling guide: https://youtu.be/e4yWR98XE38 Presentation on utilisation of YouTube in practice (40 minute presentation): https://youtu.be/lJF3j5bWhZM In this episode of the Medics' Money Podcast, Dr. Dave Hindmarsh returns to discuss his journey from a GP trainer and NHS partner to a content creator on YouTube. He rebranded his YouTube channel to 'Doc Support' and collaborates with Dr. Matthew Wickham to provide valuable medical and business content for fellow clinicians. Dave shares insights on managing GP partnerships like relationships, the efficiencies of auto-filing with System One, and using social media to improve patient care. He also delves into the business side of YouTube, leveraging niche content, and the importance of diversifying income streams. The conversation highlights the multi-faceted nature of modern medical practices and the potential of digital tools and platforms in transforming healthcare. 00:00 Reconnecting with Dr. Dave Hindmarsh 00:47 Journey from Military to GP Partnership 03:16 The Importance of Partnership Dynamics 05:42 Building a Supportive GP Community 10:07 Leveraging Social Media for Patient Engagement 14:30 Innovative Approaches in General Practice 17:41 Efficiency and Automation in GP Practices 19:21 The Power of Auto Filing in Clinical Practice 20:26 Collaborative Efforts and Teamwork 23:26 Expanding Beyond NHS Work 26:02 Monetising YouTube in a Niche Market 29:18 The Reality of Being a YouTube Content Creator 33:33 Balancing Partnership and Personal Ventures 35:23 Conclusion and Future Plans  

In this insightful episode, Tommy welcomes Dr. Laura Naidoo, a GP from Northern Ireland, for her podcast debut to discuss the thought-provoking book 'Die With Zero' by Bill Perkins. They explore themes like living life to the fullest, spending money on experiences over accumulating wealth, and balancing financial security with adventure, especially from the perspective of medical professionals. The conversation delves into the psychological aspects of money, generational differences in financial habits, and practical tips for maximizing enjoyment and financial health throughout life. Dr. Naidoo shares personal stories and learnings, emphasizing the importance of early financial education and the impactful approach of spending in alignment with one's values and health stages. 00:00 Introduction and Book Recommendation 00:53 Guest Introduction: Dr. Laura Naidoo 01:18 Discussing 'Die With Zero' 03:49 Key Concepts from the Book 06:14 Personal Reflections on Wealth and Experiences 15:21 Impact of Background on Financial Perspectives 18:35 Challenges for Modern Medical Students 20:16 Advice for New Graduates 20:57 Balancing Spending and Saving 21:34 Concerns About Running Out of Money 21:44 The Importance of NHS Pension 23:21 Psychology of Money 24:36 Emotional vs. Logical Financial Decisions 27:28 Taking Sabbaticals and Mini-Retirements 31:11 Traveling with Kids vs. Without Kids 34:25 Summary and Recommendations for 'Die with Zero' 36:18 Final Thoughts and Course Promotion   Want the latest financial tips for doctors and exclusive invites? Join 64,000 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 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.

Want the latest financial tips for doctors and exclusive invites? Join 64,000 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 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.   Podcast Show Notes: State of Medics Money 2025 00:00 – Introduction & Overview Hosts introduce the Medics Money mission and the results of their recent financial health check survey for doctors. 00:49 – Podcast Purpose & Resources Discussion of upcoming webinars, mailing list, and resources for doctors to improve their finances. 01:32 – Meet the Team Introduction of the Medics Money team: Cyra (resident doctor & accountant), Andy (specialist medical accountant), Ed (GP & chartered accountant), and Tommy (GP partner & co-founder). 03:31 – Survey Results: Tax Relief Ed discusses the importance of claiming tax relief on professional subscriptions. 26% of doctors haven't claimed, resulting in lost money. 06:07 – Tax Awareness & Financial Literacy Only 35% of respondents feel confident about available tax allowances. Discussion of marginal taxation and tax traps. 10:48 – Tax-Efficient Investments Many doctors are not using ISAs or other tax-efficient investment vehicles. Clarification on ISA access and types. 12:42 – Investing Habits 43% of doctors regularly invest in stocks, shares, or funds. The importance of investing vs. holding cash due to inflation. 16:20 – Attitudes Toward Investing Discussion on perceived risk and complexity of investing. The need for financial education and trusted resources. 19:44 – Property Investment 18% of doctors invest in rental property. Pros and cons of property vs. other investments. 23:34 – Saving & Emergency Funds 81% save regularly, but 24% lack a 3-month emergency fund. Importance of liquidity and emergency planning. 26:19 – Budgeting Only 45% have a monthly budget. Why budgeting is crucial for financial health and reducing stress. 29:52 – Impulse Spending 41% admit to impulse buying and regretting it. Tips for reducing impulse purchases and the impact of small spending habits. 33:36 – Insurance & Protection 49% have life insurance; 35% have income protection. Importance of understanding NHS pension benefits and reviewing insurance needs. 39:13 – Financial Worries & Planning 52% worry about their financial position relative to their age. Only 22% have seen a financial planner in the last two years. 41:12 – Wills & Record Keeping Only 29% have a will; 46% keep financial records organized. Why having a will and organized records is essential. 44:31 – Final Thoughts & Resources Hosts reflect on the survey, thank listeners, and share links to free resources and upcoming webinars. Links Mentioned: Free webinars: www.medicsmoney.co.uk/live Mailing list: www.medicsmoney.co.uk/join Family finances guide: www.medicsmoney.co.uk/familyfinances Will guide: www.medicsmoney.co.uk/wills Tax relief guide: www.medicsmoney.co.uk/taxrelief

Want the latest financial tips for doctors and exclusive invites? Join 64,000 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 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. In this episode of the Medics' Money podcast, Steve Nichols from Nichols Specialist Medical Accountants in London joins Tommy to discuss the complexities and potential benefits of starting a limited company for tax planning. They explore various scenarios where a limited company can offer flexibility in paying less tax, distributing profits, paying off mortgages, and managing pension contributions. The discussion covers the differences between receiving a salary and dividends, the benefits of family investment companies and money box companies, and how to navigate key tax thresholds. They also touch on the considerations and processes involved in setting up a limited company and employing family members. Steve offers valuable insights into the practical aspects and legal considerations, making this a comprehensive guide for anyone considering a limited company for tax efficiency. 00:00 Introduction: Should I Start a Limited Company? 00:27 Meet the Expert: Steve Nichols 01:49 Understanding Limited Companies and Tax Planning 02:54 Flexibility of Limited Companies 3:07 Salary vs. Limited Company Payments 03:52 Tax Efficiency and Limited Companies 11:29 Different Ways to Take Funds Out 17:19 Setting Up a Limited Company 19:42 Family Investment Companies 23:46 Money Box Companies 25:09 Dividend vs. Retained Earnings: Tax Implications 26:15 Members Voluntary Liquidation and Tax Savings 26:33 Understanding Business Asset Disposal Relief 26:59 Money Box Companies: A Tax Strategy 31:12 Cliff Edges in Taxation: 100K and 200K 35:54 Avoiding Pension Tax Charges 40:31 Using Director's Loan Accounts to Pay Off Mortgages 45:22 Employing Family Members in Your Limited Company 48:43 Conclusion and Contact Information

In this podcast episode, Tommy and Richard Heap from Medics’ Money and Abacus dive into 31 common questions about income protection and insurance that doctors frequently ask. This detailed discussion covers what income protection is, reasons to have it, and how to select the right policy for an optimal price. They discuss crucial topics including different cover types like critical illness, own occupation, deferment periods, and the implications of different coverage. The episode also addresses the importance of independent financial advice over restricted advice, and the impact of inflation on policies. Additionally, listeners learn the relevance of reviewing policies regularly, how to adjust covers as circumstances change, and the tax implications of payouts. The duo provides valuable insights and personal anecdotes, stressing the need for tailored financial protection for medical professionals. 00:00 Introduction to Income Protection and Insurance 00:32 Meet the Expert: Richard Heap 04:09 The Importance of Income Protection 09:40 Understanding Own Occupation Cover 11:23 Wealth Protection, Creation, and Preservation 14:50 Income Protection vs. Critical Illness 16:37 Navigating Sick Pay and Deferred Periods 21:16 Choosing the Right Financial Advisor 23:51 Independent vs. Restricted Advisors 26:13 Determining the Right Amount of Protection 29:46 Understanding Variations in Payouts 30:38 Tax-Free Payouts and Life Cover 31:21 Defining Incapacity in Policies 33:50 The Importance of Deferment Periods 36:32 Mental Health and Preexisting Conditions 39:51 Review Periods and Premium Adjustments 44:18 Critical Illness Definitions and Payouts 52:46 Mortgage Protection Options 59:37 Final Thoughts and Contact Information