Episodes
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In this episode of the Medics Money podcast, Dr. Cyra Mackintosh, a doctor and chartered accountant, discusses with Andy Pow, a medical specialist accountant, the differences between GP partnerships, limited companies, and LLPs. They delve into the pros and cons of each structure, including liability concerns, tax implications, and how they affect the financial operations of GP practices. The episode aims to provide up-and-coming GPs with fundamental knowledge to navigate the business aspects of GP practice effectively.
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00:00 Welcome to the Medics Money Podcast00:50 Introduction to Andy Pow01:57 Understanding GP Practice Structures03:39 Pros and Cons of GP Partnerships05:14 Limited Companies in the GP Space07:03 Risks and Considerations for Limited Companies11:07 Tax Implications of Limited Companies22:57 Exploring Limited Liability Partnerships (LLPs)27:16 Final Thoughts and Advice -
Tommy takes us through not what investments he owns, but 5 questions any doctor can ask before starting investing to get the right mindset secured!
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Tommy and Andy take you through everything you've need to know and do if you have, or haven't yet, received a brown envelope in the post...
McCloud explained https://www.medicsmoney.co.uk/what-does-the-mccloud-judgement-mean-for-my-nhs-pension/
Find a Medics’ Money approved accountant to help https://www.medicsmoney.co.uk/medical-accountant/
HMRC triage tool (watch YouTube before using) https://www.gov.uk/guidance/calculate-your-public-service-pension-adjustment
Mastering NHS Pension Adjustments: Expert Guidance and Essential StepsThis episode provides a comprehensive guide to navigating the complexities of NHS pension adjustments in light of the McCloud remedy. Host Tommy, along with specialist Andy Pow, delve into the background and implications of recent pension changes, offering essential tips for recalculating annual allowance tax charges and understanding eligibility for compensation. They explain the use of triage tools, the submission process for revised tax data, and the importance of meeting deadlines to avoid penalties. The discussion also highlights difficulties NHS staff face in obtaining accurate pension data, especially in Scotland, and the necessity of seeking professional financial advice. Listeners are encouraged to verify their pension records, understand tax implications, and use resources like the Medics Money website for expert guidance. Practical steps for managing pension-related disclosures and avoiding common pitfalls are provided. -
Tori from Honey Barrett Chartered Accountants takes us through limited companies for doctors today.
AI generated summary: Tori Fergusson
In this insightful episode, we dive into tax-efficient ways to extract money from a limited company and navigate HMRC compliance checks with Tori Fergusson from Honey Barrett Specialist Medical Accountants. We discuss directors' loans, employing spouses, avoiding tax investigations, and much more. Tune in to empower yourself with essential financial knowledge! Introduction & Listener Questions Welcoming Tori Fergusson Why Honey Barrett? Expert Discussion: Limited Companies Tax-Efficient Ways to Extract Money Compliance Interactions with HMRC Handling Information Notices Real-Life Case Studies Conclusion & Contact Information
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Tommy and Ed dive into a Q&A session featuring queries from doctors at the recent Royal College of Obstetrics and Gynaecology National Trainees Conference. Topics covered include investing in children's Junior ISAs, the impact of pay errors on NHS pensions, the global diversification of the S&P 500, and the complexities of National Insurance for multi-employer doctors.
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Want to improve your finances fast? Then come on our course
https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/
GP partner looking to improve your practice/ Then come on our course
https://www.medicsmoney.co.uk/gp-partnership-programme/
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Overcoming Challenges as a GP Partner ft. Dr. Rebecca Keogh
Join Dr. Tommy Perkins, Dr. Ed Cantelo, and Dr. Rebecca Keogh on the Medics' Money Podcast as they delve into the realities and challenges of being a GP partner running a practice. Dr. Keogh shares her journey through a challenging situation when her practice manager unexpectedly left, and how she navigated the crisis with the aid of the MedicsMoney GP partnership course. She discusses the importance of community support and professional help in handling the administrative and financial aspects of running a practice. Learn from her experience and gain insights into maintaining morale, managing finances, and adapting to unexpected changes in a healthcare setting. This episode is essential for healthcare professionals seeking to improve their practice management skills.
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Want to improve your finances fast? Then come on our course
https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/
GP partner looking to improve your practice/ Then come on our course
https://www.medicsmoney.co.uk/gp-partnership-programme/
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00:00 Introduction to the Challenges of Being a GP Partner
01:26 Meet Dr. Rebecca Keogh: Overcoming Practice Challenges
02:16 The MedicsMoney GP Partnership Course Impact
02:50 Facing Unexpected Challenges: Practice Manager Departure
04:11 Navigating Financial and HR Responsibilities
16:56 Recruitment and HR Solutions
24:05 Reflecting on the Journey and Future Outlook
27:29 Conclusion and Final Thoughts
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Predicting the 2024 Budget: Insights for Medics and ProfessionalsIn this episode of the MedicsMoney podcast, Dr. Tommy Perkins and Dr. Ed Cantelo discuss the potential changes in the upcoming budget by Labour Chancellor Rachel Reeves. They delve into the implications of a £22 billion black hole on the economy, explore possible tax adjustments, and debate the future of capital gains tax, pension tax relief, and inheritance tax. The episode also includes insights into effective financial planning for doctors, emphasizing the importance of early action on ISAs and private pensions. This podcast is aimed at helping medical professionals navigate potential financial changes and make informed decisions.
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Want to improve your finances fast? Then come on our course
https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/
GP partner looking to improve your practice/ Then come on our course
https://www.medicsmoney.co.uk/gp-partnership-programme/
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00:00 Introduction to the Upcoming Budget00:21 Meet the Hosts and Their Summer Adventures02:27 Discussing the Labour Government's 22 Billion Pound Black Hole04:06 Current High Tax Burden and Predictions09:36 Potential Changes in Capital Gains Tax17:40 Speculations on Pension Tax Relief24:21 Inheritance Tax and Other Speculations33:28 Final Thoughts and Financial Advice42:25 Conclusion and How to Stay Updated -
Tommy is joined by Rhoda from the Financial Wellbeing Course to explain how she revolutionised her finances in just 8 weeks? https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/
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Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/
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Want to improve your finances fast? Then come on our course
https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/
GP partner looking to improve your practice/ Then come on our course
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This week we're deep diving into a question we get asked all the time: I have an NHS Pension, but should I invest in a private one too?
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AI Solutions for Doctors with Dr. Don Pimenta. Join Tommy on the MedicsMoney podcast as they welcome back Dr. Don Pimenta from Tortus AI. They discuss the transformative potential of AI in the medical field. Dr. Pimenta demonstrates how Tortus AI technology can streamline administrative tasks for doctors, particularly noting its impact on documentation and workflow efficiency. They also delve into the complexities of implementing AI solutions within the NHS, ensuring data security, and the future of AI in medicine.
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00:00 Welcome Back to MedicsMoney Podcast
01:26 The PPE Journey During the Pandemic
04:14 Innovative Solutions and Collaborations
06:22 Introduction to AI and LLMs
07:01 Demo of Tortus AI for Doctors
16:27 Recording Setup and Initial Impressions
17:05 How the AI System Works
20:51 Privacy and Security Measures
23:44 Challenges of Innovating in the NHS
31:35 Future of AI in Healthcare
36:51 Conclusion and Final Thoughts
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Part two of the Medics' Money MBA!
https://www.medicsmoney.co.uk/mba/
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Head over to medicsmoney.co.uk/property to register your interest in Property information today!
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Rob and Vivek Join Cyra from Medics Money as she hosts an informative discussion with Vivek and Rob, co-chairs of the BMA UK Junior Doctors Committee. Dive into the details of the junior doctors' campaign for pay restoration, strike actions, the intricate negotiations with the government, and the DDRB’s role in pay recommendations.
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TIMESTAMPS:
00:00 Introduction and Host Welcome
00:51 Meet the Guests: Vivek and Rob
01:52 Breaking Down the Pay Offer
03:03 Impact of Strike Actions and Negotiations
06:31 Comparing Old and New Government Talks
10:25 Future of Pay Restoration and Union Strategy
20:58 Voting and Member Participation
35:47 Final Thoughts and Call to Action
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In this episode, Tommy and Ed discuss the challenges and opportunities related to early retirement for NHS professionals. Joined by financial expert Andy Pow, they delve into the complexities of the NHS pension schemes (1995, 2008, and 2015) and strategies for planning early retirement. Topics covered include the benefits of staying in the NHS pension scheme, the impact of early retirement factors, and various additional pension options.
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00:00 Introduction to NHS Pension Changes01:21 Meet the Expert: Andy Powell02:25 Understanding the NHS Pension Scheme03:28 Retirement Age and Scheme Changes06:40 Early Retirement Factors and Planning10:30 Using Spreadsheets for Pension Planning21:08 Options for Topping Up Your Pension25:04 Alternative Investment Options29:57 The Importance of Starting Early34:44 Final Thoughts and Course Information
Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/
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Cyra and Matthew from MSDTU take you through some things you may have forgotten/missed about ISAs.
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Music credit: MetzMusic on YouTube.
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Medics Money MBA Part 1
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In this episode, Tommy is joined by special guest Sanay Goyal to explore the world of business through the lens of the Blue Light Card. They discuss the financial success of Blue Light Card, a 50 million pound a year business, and delve into its operations, profitability, and potential growth. The episode covers other business concepts such as cash flow, revenue, gross profit, and vertical integration, illustrating how understanding these concepts can help professionals in the healthcare space make informed financial decisions.
00:00 Introduction to Medics Money MBA01:13 Introducing Private Practice 3.001:36 Meet Sanay02:32 Exploring Business Models03:26 Understanding Companies House03:57 Breaking Down the Blue Light Card05:24 Financial Insights and Profit Margins18:41 Understanding Profit Margins20:03 The Power of Network Effects20:32 Exploring the Blue Light Card Business Model24:57 Gymshark's Negative Cash Cycle Explained29:51 Potential Growth and Risks for Blue Light Card37:51 Conclusion and Call to Action
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Robbie, one of our listeners, joins Tommy today to talk about everything he's learned from Medics' Money and his own financial plan.
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Music credit: MetzMusic on YouTube.
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Tommy and Ed were lucky enough to be invited onto the Century Plan Podcast recently with Sarah Steele and Dennis Hall.
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Check out the Century Plan Podcast here --> https://yellowtail.co.uk/the-century-plan-podcast-human-behaviour-and-financial-planning/
Music credit: MetzMusic on YouTube.
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Sign up for our upcoming GP Partnership Course here: http://www.medicsmoney.co.uk/gpcourse
Join us in this insightful episode where we chat with Dr. Hannah Robbins, a GP partner who shares how she revolutionized her practice by utilizing effective systems and processes. She discusses reducing her daily administrative workload, claiming £18,000 in extra income without additional work, and applying the Team Sky marginal gains approach to improve practice operations. Learn about her journey from anesthetist to GP partner, leveraging her side hustles, and the significance of networking, finance management, and embracing change for career growth.
00:00 Introduction to Today's Podcast
01:47 Meet Dr. Hannah Robbins
02:20 Journey to Becoming a GP Partner
05:02 Innovative Systems and Processes
07:25 Impact of MedicsMoney Course
08:34 Financial Insights and Community Benefits
15:13 The Power of Networking and Mentorship
18:16 Advice for New GP Registrars
20:04 Final Thoughts and Wrap-Up
Want to stay up to date with the latest financial information for doctors?
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