Medics Money podcast

Medics Money

The Medics‘ Money Podcast helps doctors, dentists and other professionals make better financial decisions. Hosted By Dr Tommy Perkins and Dr Ed Cantelo, who is not only a doctor but also a Chartered Accountant and Tax adviser.

  1. 10h ago

    Ep 336: Budgeting, Investing & Surviving Your New Rotation

    Get your free guide here: https://medicsmoney.co.uk/free-guide/ Starting a new rotation, or FY1, is exciting, overwhelming, new payslips, and filled with a whole lot of new questions. In this episode, freshly qualified Dr. Sanay Goyal sits down with chartered accountant (and doctor!) Cyra from Medics' Money to break down exactly what every new FY1 needs to know before hitting the wards. From budgeting your first "grown-up" payslip and building an emergency fund, to understanding ISAs, Lifetime ISAs, and how to make your money work as hard as you do — this is the financial survival guide every new doctor needs as they rotate into their first placements. Whether you're heading into your very first rotation or just trying to get your finances sorted before day one, this episode is packed with practical tips to set you up for success. In this episode: Budgeting tips for your first NHS payslipBuilding an emergency fund before you start investingA breakdown of Cash ISAs, Stocks & Shares ISAs, and Lifetime ISAsWhy saving habits matter most as you head into new rotations Congratulations to all the new FY1s starting this year — welcome to the profession! Want the latest financial tips for doctors and exclusive invites? Join 71,000 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/ Want to find out more about our other courses? www.medicsmoney.co.uk/courses 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.

  2. 1d ago

    Ep 335: Why is buying/selling my house taking so long??

    This week, Cyra (a chartered accountant and doctor) interviews Donna Butler, a technical support solicitor at Talbots Law, about why buying and selling property is so slow and stressful. Donna outlines common transactions (sales, purchases, remortgages, transfers of equity, buy-to-lets) and explains the behind-the-scenes parties solicitors deal with. She defines core property searches (local authority, water and drainage, environmental) and optional searches (e.g., mining, agricultural), and distinguishes searches from inquiries raised on contract papers, title, forms, and guarantees. Donna explains how solicitors contextualize results, when indemnity insurance is used or unsuitable (e.g., agricultural occupancy restrictions), and that solicitors act for both buyer and lender. She clarifies exchange vs completion, deposits, fund movements, vacant possession, post-completion steps (stamp duty return, Land Registry, management company notices), common causes of chain collapse, and advises early instruction, quick ID/source-of-funds responses, preparation of documents, and not chasing solicitors daily. 00:00 Welcome and guest intro 01:22 What conveyancers handle 02:42 Mover vs solicitor view 04:55 Property searches explained 08:47 Interpreting search results 11:26 Listed homes and detective work 13:19 Management companies and fees 15:40 Inquiries vs searches 17:42 Indemnity insurance basics 20:56 Mortgage offers and lender panels 24:28 Exchange vs completion 26:39 Exchange Day Reality 27:30 Packing and Planning 28:25 Deposits and Fund Flow 31:32 Completion Day Rules 33:03 After Completion Paperwork 34:54 Speeding Up Your Sale 36:51 Red Tape and ID Checks 38:41 Why Chains Collapse 41:29 Gazumping and Gazundering 44:12 Chasing Solicitors Myth 46:52 Top Tips Recap 49:03 Final Thanks and Wrap Want the latest financial tips for doctors and exclusive invites? Join 71,000 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/ Want to find out more about our other courses? www.medicsmoney.co.uk/courses 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.

  3. Jul 21

    Ep 334: From bad to worse? GP contract update

    Cyra (a doctor and chartered accountant) hosts GP Dr Steve Taylor and specialist medical adviser Andy Pow to discuss UK general practice finances. They describe long-term underfunding, noting average practice income rose from £152 to £169 per patient since 2015 but would be ~£209 if it had tracked CPI, alongside rising workload and patients per GP (about 2,000 to 2,300). They explain circular funding changes, staffing pay pressures, the imposed contract, and concerns about advice-and-guidance replacing referrals without extra resource. Andy outlines how the Carr-Hill (global sum) weighting can mean some practices are paid for fewer patients (e.g., 83%), with a review pending that could redistribute money without new investment. They warn of practice closures, rural access issues, private providers buying contracts, low morale (99% contract rejection), and argue for additional funding, autonomy, and proper consultation on reforms. 00:00 Welcome and Guests 02:04 Underfunding Explained 05:05 Contract Uplift Reality 09:04 Car Hill Formula Basics 13:21 Funding Streams and Workload 14:39 GP Workforce Paradox 17:02 Partnership Pressures 20:14 Trust and Investment Case 23:22 Closures and Private Providers 27:09 Morale and Central Impositions 30:25 Contract Positives 33:04 Final Thoughts and Thanks Want the latest financial tips for doctors and exclusive invites? Join 71,000 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/ Want to find out more about our other courses? www.medicsmoney.co.uk/courses 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. DISCLAIMER: This channel is for education purposes only and does not constitute financial advice and tax allowances and rates are subject to change.

  4. Jul 14

    Ep 333: The GP Contract in Scotland...

    This episode (originally from the GP Practice Finance Course) features Scottish experts Dawn Laird and Colin Malone from Forvis Mazars explaining key elements of the Scottish GP contract and practice finance. They outline NHS Health Board income streams shown on monthly statements, including global sum (the largest), enhanced services, reimbursements, and deductions for seniority and superannuation. They describe how the Scottish workload formula values patients (especially by age, plus uplifts for new registrations and care homes) and note trends of rolling income into global sum, plus Scottish Government plans for £148m recurring funding by 2028–29 focused on workforce, locum cover reimbursement from day one, expense reimbursement, cloud-based telephony, and health inequalities. They review major costs (staffing and premises), practice structures (partnerships, LLPs, limited companies and superannuation implications), premises loans and grants, superannuation processes and opting out considerations, seniority rules, and pension administration via SPPA Engage, McCloud remedy statements, benefit statement timing, and retirement options. 00:00 Welcome and Course Intro 00:47 Meet the Experts 02:04 NHS Income Streams Explained 04:06 Global Sum and Workload Formula 06:51 New Funding and Contract Changes 11:05 Key Costs Staff and Premises 14:45 Practice Structures Partnership LLP Ltd 21:58 Premises Loans and Grants 26:40 Superannuation Basics and Planning 35:44 Seniority Rules and Session Changes 37:13 SPPA Portal and McLeod Updates 42:04 Retirement Options Partial and Return 46:04 Wrap Up and Q&A

  5. Jul 7

    Ep 332: Can you protect your house from the local authority?!

    Find a Solicitor here: https://medicsmoney.co.uk/medical-solicitor/ Cyra hosts Trish Venables, a solicitor at Talbots Law, to explain asset protection as maximising assets preserved for descendants and shielding them from risks such as divorce, care home fees, and means-tested benefits rules. Trish describes discretionary trusts set up in life or via a will, where beneficiaries have no absolute entitlement, supported by private letters of wishes, helping reduce exposure in divorce and allowing disabled beneficiaries to receive support without losing benefits. She outlines practicalities, including trustee selection, Trust Registration Service registration, and inheritance tax (IHT) implications such as a 20% lifetime entry charge above the £325,000 threshold and the seven-year rule. She warns that putting a home into a lifetime trust while continuing to live there can be challenged as deprivation of assets and a gift with reservation; instead, a will-based life interest trust over a severed 50% share may ring-fence value from care assessments. They discuss gifting from surplus income, and Trish notes NHS defined benefit pensions likely face no immediate IHT change, unlike some defined contribution schemes, pending legislation. 00:00 Welcome and Guest Intro 01:03 What Asset Protection Means 02:23 Trusts for Divorce and Benefits 04:19 How Discretionary Trusts Work 05:45 Setting Up Trusts and IHT 08:23 Care Fees and Home Trust Pitfalls 10:46 Will Planning Life Interest Trusts 12:08 Surplus Income Gifting Strategy 14:16 NHS Pensions and IHT Changes 19:11 Costs and Choosing Trustees 22:13 Final Thanks and Wrap Up Want the latest financial tips for doctors and exclusive invites? Join 71,000 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/ Want to find out more about our other courses? www.medicsmoney.co.uk/courses 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.

  6. Jun 30

    Ep 331: Do you have this common NHS Pension problem...? (and what to do)

    On this episode, Cyra is joined by GP Dr. Steve Taylor and specialist medical accountant Andy Pow to discuss Steve’s difficult experience getting his NHS pension sorted ahead of semi-retirement at 60 under the older scheme. Steve discovered missing years and incomplete details in his pension record after requesting the data held on him, leading to a year of back-and-forth to correct errors, plus complications from the McCloud remedy and an £11,000 adjustment. He also faced delays and confusion in the application process (AW8), including being told he applied too early by three days and receiving little clarity on payment amounts or timing. Andy explains how errors and gaps are common, advises checking records early via My NHS Pension and PCSE Online, and stresses keeping annual statements, returns, P60s, and March payslips. 00:00 Welcome and Setup 00:41 Meet Steve and Andy 02:04 Missing Pension Years 05:06 Applying and Silence 06:29 McCloud Remedy Mess 07:49 Start Checking Early 11:20 How to Check Records 13:47 What Documents to Keep 16:49 Estimating Your Pension 19:12 Wrap Up and Resources Want the latest financial tips for doctors and exclusive invites? Join 71,000 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/ Want to find out more about our other courses? www.medicsmoney.co.uk/courses 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.

  7. Jun 16

    Ep 329: Digital Tax Revolution: Don't get left behind!

    Andy Pow hosts this week's podcast with Forvis Mazars healthcare accountants Dawn Laird and Lee Simmonett to explain Making Tax Digital (MTD) for income tax, described as the biggest change since the 1990s and arriving in 2026, with around three-quarters of affected taxpayers not registered. MTD currently applies mainly to self-employed clinicians such as GP locums (and some consultants with self-employed private practice) and to property income; it does not directly affect partnerships or limited companies. The trigger is cumulative income over £50,000 (before expenses), including combined self-employment and rental income, with thresholds falling to £30,000 then £20,000. Recipients must register separately (not auto-enrolled). Quarterly submissions start with the first due 7 August, plus a final declaration; tax payment dates remain January and July. Spreadsheets require bridging software; digital tools like Xero are recommended. Penalties begin next year: one point per missed quarterly submission, £200 at four points, lasting 24 months. 00:00 MTD Shockwave 2026 01:23 Who Must Comply 02:37 Income Thresholds Explained 05:15 Registering With HMRC 06:35 Quarterly Deadlines 07:10 Software Vs Spreadsheets 08:53 Final Declaration Basics 11:40 Penalties And Compliance 16:10 Rental Income Complications 20:12 New Businesses And Voluntary 21:45 Top Tips To Prepare 23:57 Accountant Support Options 26:51 Final Wrap Up Want the latest financial tips for doctors and exclusive invites? Join 71,000 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/ Want to find out more about our other courses? www.medicsmoney.co.uk/courses 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.

About

The Medics‘ Money Podcast helps doctors, dentists and other professionals make better financial decisions. Hosted By Dr Tommy Perkins and Dr Ed Cantelo, who is not only a doctor but also a Chartered Accountant and Tax adviser.

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