I have found your podcasts interesting and informative on financial aspects of our working lives that we were not taught about. I agree with you, Financial Health should be on the medical school curriculum. The reason I have given it four starts is indirectly linked with the podcast. The advisor recommended via your site has called me once and since receiving the information from NHS pensions agency (which took a few weeks because this is how long it takes to get the paperwork these days) has not replied any of my emails or returned calls. I am obviously disappointed. Could you please ask the financial advisers who agree to be contacted to be committed to the process. Thank you for your time and energy.
05:34 20 Jun 22
Really helpful and explanatory.
11:47 28 May 22
14:13 22 May 22
Very helpful step by step guide for doctors tax claim.
13:47 20 May 22
Excellent resource. Thank you for all that you do and are doing.
10:28 05 Mar 22
Really helpful resources for educating doctors about how to navigate medicine-specific finances, thank you! Really enjoying the podcast too.
07:03 24 Feb 22
Really useful guides that explain every step in claiming your exam fees and subscriptions. Thanks
04:10 21 Jan 22
Simply fantastic. I am a newly turned consultant gastroenterologist who moved over to NZ a year ago but have continued to listen to these podcasts. Still really useful in sorting out finances back home. Particularly enjoyed the podcast on investment books to read. Keep it coming please!
22:11 25 Nov 21
Massive thank you to Tommy and Ed for all that they do to help empower their fellow medics, especially those like myself who just wouldn't have had a clue where to start to sort out their finances. I found the podcasts a great first step to give me ideas for things that I could then later look at more closely - and how amazing that the team have put together so many resources that then make these subsequent steps way easier! I can't recommend Medics Money highly enough :-)
19:20 11 Nov 21
Without a doubt the best advice I have been given. I was really pleased with the service and recommend to all. Tommy was really approachable and took the time to guide me. This was something I should have done years ago. Thanks again. Paul Coulter
09:27 11 Oct 21
07:32 17 Sep 21
Excellent podcasts. Practical advice with each podcast having at least one thing you can change straight away
12:08 24 May 21
12:35 04 Apr 21
Fantastic podcast full of useful information, would recommend to any medics
20:50 20 Mar 21
Great website for medical professional looking to gain financial literacy!
06:49 23 Jan 21
07:19 19 Jan 21
Aimed at medics, they offer sensible advice relating to issues medics face. Even a complete novice like me understood the financial principles, thanks to their presentations which are easy to understand. Best of all, they have podcasts which I can listen to on my walks.I think every medic should listen to them at-least once.
18:50 30 Nov 20
16:07 17 Nov 20
14:25 10 Nov 20
Used their advice to claims tax rebated for the past 3 years since I qualified as a doctors. Literally hundreds of pound from HRMC. Would recommend to an UK doctor. Great guides and great easy to follow advice
11:10 05 Sep 20
15:53 25 Jun 20
Still in the early stages of dealing with the financial advisor appointed to me by Medics Money, but so far so good. The Medics Money team themselves have been excellent - very swift with replies and always extremely helpful and pleasant. Keep up the good work.
08:59 13 Jun 20
Really helpful service, great resources for understanding finances at no cost. Responded to a question I sent very quickly and with a thoroughly explained answer.
16:19 26 May 20
DR PRADEEP KUMAR
16:13 07 May 20
You guys have stepped up beyond the calling of medicine and healthcare to provide a niche service which can meet the unspoken needs of Doctors and GPs, also GP trainees like me! Wish you the best!!
12:08 07 May 20
21:51 03 May 20
Saved me a tone.... every dr in training should read this.
08:11 03 May 20
Found the information the had really helpful. Loads of information and amazing communication. :)
19:32 30 Apr 20
Really helpful guidance, all provided free. Thank you!
00:45 03 Mar 20
A kind and supportive organisation that helps medics navigate their way through the labyrinth of financial decisions that they have to make throughout their careers.
14:50 22 Jan 20
Fantastic, prompt and efficient service, run by doctors who understand the issues and know what's required. I was put in touch with an expert IFA within 24 hours which cam me the confidence I needed to make an informed decision regarding my annual allowance charge. Highly recommended, have already informed colleagues
16:40 21 Jan 20
15:39 08 Dec 19
09:18 30 Nov 19
08:44 30 Nov 19
Used their great guide to file tax rebate for professional expenses. Really love what theyre doing. Thanks.
09:16 12 Nov 19
I used their clear and concise guides to registering an account with HMRC and submitting a form for rebate. Very easy to navigate with the guides and took a lot of the stress out of the process. I would highly recommend for anyone with the need to submit requests for rebate - saved me a significant amount of time
16:07 06 Oct 19
Great website, a real important resource for all medics
11:58 11 Sep 19
10:33 27 Aug 19
20:39 30 Jul 19
I have found Medics Money to be very helpful in identifying suitable medical accountancy firms who can provide expert information on my complex financial needs. The website is easy to navigate and has lots of useful information which instils confidence. I was contacted very promptly by one of the recommended firms who gave me some important advice on NHS Pensions. I am still waiting to hear from the accountants but I understand that this is a very busy period for them with lots of interest from doctors based on the new pension rules. Tom contacted me early on to ensure I was happy with the service provided which was reassuring and indicates how serious he is in helping medics to better their financial situation. Thanks for setting up your website. I really appreciate it.
15:13 25 Jul 19
Tommy and Ed were fantastic. Very prompt with their responses and gave very detailed advice.
09:33 20 Jul 19
Really helpful advice, speedy responses and gave me details of a suitable accountancy service which I have now registered with. Perfect how-to guides which enabled a novice to claim back some tax!
18:21 09 Sep 18
09:16 06 Aug 18
10:16 11 May 18
Excellent customer service, fast communication and clear replies, I would recommend them to all doctors and nurses and allied health professionals who want to get a good rebate without complications
07:54 02 Feb 18
Really helpful thanks for your assistance
19:44 12 Dec 17
Professional, helpful and reliable. They went above and beyond to help my case and responded quickly to queries. Highly recommend them to my colleagues.
14:39 15 Nov 17
Fantastic service. Hassle free. Rebate came through very quickly. Excellent communication throughout.
20:16 06 Oct 17
Excellent and professional team. They saved me many potential headaches!
07:37 20 Jul 17
Great company. Saved me lots of money. Much quicker than I was expecting too.
Get an instant, free, estimate of how much tax you could re-claim for paying GMC, BMA, Royal College, medical indemnity and examination expenses.
How accurate is the doctors tax rebate calculator?
The rebate calculator is designed to give you an estimate and your final tax rebate may be more or less than the figure suggested by the rebate calculator. There are many reasons why the tax rebate received may be different to the figure provided by the rebate calculator. These reasons include, among others: - NHS payroll departments do not always deduct the correct amount of tax each tax year. If too little tax has been deducted previously, this will reduce the amount of rebate due. But sometimes too much tax has been deducted, especially if your payroll department has applied the wrong tax code to your salary. - The tax rate entered into the tax rebate calculator may not be the correct marginal tax rate that your employment income is taxed at e.g. in certain tax years your income may be taxed at 20% rather than 40% especially if your claim includes years in which you were an FY1 or FY2, on maternity leave or taking time out of employment. - Reducing your employment income by your professional expenses may bring your income from the 40% tax rate into the 20% tax bracket reducing the amount of rebate due. - The calculator does not take into account any other sources of income which you may have and these can affect the amount of any tax rebate due. Note that only rates that apply to employment income are included in the calculator.
Why would I have overpaid tax and why would I be due a rebate?
HM Revenue and Customs allow tax relief on professional expenses that we as Doctors have to pay in order to do our jobs. For example, if you pay £425 to the General Medical Council, every year you are entitled to tax relief on this amount (usually at 40% of the amount paid). So for example for £425 of GMC fees you would be due a refund of £170 per year (40% of £425). If you haven’t claimed before you can backdate the claim for the previous 4 tax years. (£680) If you also pay money to e.g. Royal College General Practitioners, MDU, British Medical Association or a host of other Royal Colleges and societies you could be owed thousands of pounds in overpaid tax. You may also be entitled to claim a tax rebate on examination expenses such as MRCP, MRCGP, MRCS, FRCA, etc.
What can I claim for?
Our guide gives you guidance on what you can claim but in general a doctor on a training contract can usually claim GMC, BMA, Royal college, indemnity and examination expenses including in some circumstances travel to and from the exam and accommodation expenses. We're often asked if there's a definitive list - there isn't as such, but HMRC does have a list of professional bodies approved for tax relief which is accessible here HMRC List 3. However List 3 isn't very intuitive to search. For example the GMC appears in the M section as "Medical Council General". Similarly, the BMA appears in the M section as "Medical Association British". This makes it tricky to use, but our free guides give you speciality specific guidance on what you can claim to make things easier. It's important to realise that what you can claim depends on your employment status and if you are self employed or working via a Limited company we would STRONGLY advise you to use an accountant.
Thank you for subscribing.