Don’t Miss Out! Things to think about before the Tax Year ends!
The tax year end is once again coming around on 5 April 2024. Here are some things to think about …
Doctors’ finances are complex and getting specialist advice is important; Doctors need to think about the NHS pension, investing for the future, income protection and retirement planning, among other things. Medics’ Money is run by doctors who noticed that doctors found it hard to know which financial advisers were good and trustworthy. So, we invited the best Independent Specialist Medical Financial advisers who satisfied our rigorous criteria to join Medics’ Money. We match your individual requirements to the best adviser for you. You can read reviews from other GMC registered doctors and compare prices.
Doctors’ finances are complex and need specialist independent financial advisers. The NHS Pension, NHS sick pay entitlements, death in service benefits and ill health retirement. Unfortunately many financial advisers claim to be specialists but are not. Medics’ Money only matches you to independent specialist medical IFA that fulfil your requirements, verified by us with reviews from doctors like you. Book your free initial consultation with a Medics’ Money accountant here.
Medics’ Money is run by Dr Tommy Perkins and Dr Ed Cantelo, who is not only a GP trainee but also a Chartered Accountant and Chartered Tax Advisor with nine years’ experience at PricewaterhouseCoopers LLP London.
With doctors wages falling by up to 30% in 10 years*, combined with the pensions issue for senior doctors, the loss of free accommodation and the rising cost of training for junior doctors, we decided to use our unique skillset to help our colleagues.
What medical school didn’t teach us about money” gives doctors a step by step plan to transform their financial future.
Over the last 10 years some doctors pay has dropped 30% in real terms, according to the BMA. If, like me you live in an area with a high cost of living, like London or the southeast, it’s likely the problem is even worse. Add in the rising cost of medical school and the increasing pension contributions with punitive taxation it’s clear that now, more than ever, doctors of all ages need to be financially astute.
The tax year end is once again coming around on 5 April 2024. Here are some things to think about …
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All Medics’ Money financial advisors have been handpicked by us and undergone rigorous verification checks. Each accountant has independent reviews from verified doctors like you, which we constantly monitor to ensure the highest standards. Our software only matches you with the most suitable accountants for your specific accounting needs. Doctors’ tax is a complex area – the NHS pension, tax code errors by payroll, private practice income and NHS income, superannuation, GP practice accounts. Our specialist accountants have the specific knowledge and experience in these areas to make sure your finances are taken care of.
Yes, Medics’ Money is led by Dr Tommy Perkins, a GP, and Dr Ed Cantelo who is not only a GP trainee but also a Chartered Accountant and Chartered Tax Advisor with nine years’ experience at PricewaterhouseCoopers LLP London.
Medics’ Money is run by Dr Tommy Perkins and Dr Ed Cantelo, who is not only a GP trainee but also a Chartered Accountant and Chartered Tax Advisor with nine years’ experience at PricewaterhouseCoopers LLP London.
With doctors wages falling by up to 30% in 10 years*, combined with the pensions issue for senior doctors, the loss of free accommodation and the rising cost of training for junior doctors, we decided to use our unique skillset to help our colleagues.
Our software will display guide prices to give you an idea of how much it will cost. Compare prices here https://www.medicsmoney.co.uk/accountant-search/ These are example prices. The exact price will depend on your specific circumstances. Our service allows you to compare Medics’ Money verified accountants and in some cases get a quote online for free. For straightword clearly defined tasks you can expect to have a fixed fee quote from your accountant. But more complex tasks will be priced on an individual basis specific to your situation. As a general rule of thumb once you are a higher rate tax-payer, earning over £46,350 per year with several postgraduate examinations and perhaps some ad-hoc locum work you would likely benefit from an accountant.
Broadly there are 2 types of advisor. Restricted advisers can only offer certain products or providers to you. They may be restricted by the range of products they advise on (not always a bad thing) or by providers they recommend (usually bad as you may not get the best deal).
In contrast, Independent Financial Advisers have access to, and sell products from any provider right across the market. Therefore you should get the very best advice and products tailored just for you.
As a result Medics’ Money ONLY recommends Independent Financial Advisers who are specialists in advising doctors. read more here.
Income protection insurance (sometimes known as permanent health insurance) is a long-term insurance policy designed to help you if you cannot work because you’re ill or injured.
If you cannot afford your mortgage or bills without your income, then Income Protection may be needed.
You may not require Income Protection if you feel you could get by on your savings, if your family would support you, you could survive on benefits or you were able to take early retirement through ill-health and start drawing your pension. Remember, you may require a replacement income for a long time.
Each year in the UK over 1 million people find themselves unable to work due to an accident or illness (ABI 2017).
Find out more here.
Let us match your requirements to an independent specialist medical financial advisor – handpicked and verified by us and reviewed by doctors like you.
