Ep 284: Welcome new FY1s! Now do this.
Description
Extra resources:
https://www.medicsmoney.co.uk/
https://www.medicsmoney.co.uk/free-guide/
https://www.medicsmoney.co.uk/is-your-doctors-tax-code-correct/
https://www.medicsmoney.co.uk/what-medical-school-didnt-teach-us/
In this episode, we welcome new FY1 doctors starting their first roles in the UK and break down the complexities of the NHS payslip. Join Dr. Ed Cantelo, a GP, chartered accountant, and tax advisor, along with Dr. Cyra Mackintosh, also a doctor and accountant, as they explore the various elements of a payslip, offer insights on tax codes, and share personal anecdotes from their early medical careers. This comprehensive guide aims to help new and established doctors understand their compensation better, manage professional expenses, and claim tax relief efficiently. Tune in for practical advice and real-life examples from healthcare professionals who have navigated the NHS payslip system.
00:00 Welcome New FY1 Doctors!
01:29 Meet the Hosts: Ed and Cyra
02:49 Navigating Your First Payslip
04:07 Understanding NHS Pay Structure
04:38 Breaking Down the Payslip Components
07:01 Tax Codes and National Insurance Explained
16:21 NHS Pension Insights
24:19 Claiming Tax Relief on Professional Expenses
25:24 Understanding the Tax Year
26:09 Setting Up a Personal Tax Account
27:43 Making Your Tax Relief Claim
28:48 Common Tax Issues and Solutions
31:52 Emergency Tax Codes Explained
44:18 Resources for Checking Payslips
47:23 Conclusion and Final Tips
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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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