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Tag: GP Locum

NHS Pension Scheme pays deadline extended

NHS Scheme Pays – a recap From April 2016 the annual allowance (AA) was tapered for individuals whose ‘adjusted income’ was over £150,000 at a rate of £1 for every £2 over the threshold to a minimum AA of £10,000. The tapered annual allowance (TAA) calculation only applied if your ‘Threshold Income’ was over £110,000. […]

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5 reasons for doctors not to panic about investments

In recent weeks, the news has reported significant volatility in world stock markets. Mid-March saw both the FTSE 100 and Dow Jones experience their biggest one-day fall since 1987 before the Dow Jones then experienced its biggest weekly rise in more than 45 years. During periods of turmoil, it’s natural that you may be worried […]

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Cremation Form Taxation for doctors

The Taxation of Cremation Form Income by Dr Ed Cantelo GP, Chartered Accountant and Tax adviser. Medics’ Money co-founder. Received a few cheques from completing cremation forms (ash cash) and not sure what to do regarding tax? Wondering if you need to tell HM Revenue and Customs (“HMRC”) or how? In this blog Ed tells […]

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Limited company for GP Locum doctors and Consultants.

Self-employment V’s Limited Company for doctors Many doctors forums are abuzz with ways to save tax and here at Medics’ Money one of the common questions we get asked from self-employed Consultants GPs and Locums is “Should I start a limited company to pay less tax” Our advice? Everyones situation is different and you should […]

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NHS Pension tax problem – do I need an accountant or IFA?

Do I need an accountant or IFA to deal with NHS pension problems?  It’s the time of year when those little letters from NHS pensions are landing on doctors’ doormats. If you receive a letter, it probably says you exceeded the pensions annual allowance in the 2018/19 tax year, and it’s an indication that you […]

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NHS pension alternative options – ISA, VCT and childrens pensions

With the seemingly ever-reducing lifetime and annual pension allowances, there has never been a more important time for doctors to look at alternative ways to save for retirement outside of the NHS Pension Scheme. Many of us are looking down the barrel of our ‘normal retirement age’ being 67. A chilling thought. One that drops […]

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Tax returns and self assessment for doctors. What financial records should you keep? How do you pay your tax bill?

We asked David Elliot, Tax Director from specialist medical accountants BW Medical Ltd to tell us what financial records to keep and how to pay any tax bills. What records do I need to keep for my Tax return? It is vital to keep records in the event that HMRC may open an enquiry into your […]

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NHS Pension statement and annual allowance tax charge

The Annual Allowance Maze  You will have read numerous articles about the challenges posed by the Annual Allowance and specifically the introduction in the 2016/17 tax-year of tapering of this allowance.  As a reminder, the allowance can fall as low as £10,000 for Consultants and GPs with Threshold Income over £110,000 – this income includes […]

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Locums beware – if it sounds too good to be true….

Locums beware, if it sounds too good to be true…… Tax avoidance or tax evasion?! Working through an agency for Locum work is a path many new Doctors take, but there are a few questions that should be asked if you think the agency employing you might be using a “loan scheme” or “disguised renumeration […]

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Financial advisers for doctors

When it comes to setting yourself up for a healthy financial future, working with a financial adviser might be your best bet. Most doctors and other medical professionals are too busy being experts on medicine to take on financial planning on their own, so why not partner with financial specialists who know and understand the […]

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