Author: moneywisedoctor

We frequently get asked about pensions for locum doctors working with a limited company structure outside of the NHS Pension Scheme. As a former salaried NHS GP who left the certainty of a salaried NHS job with an NHS pension two years ago, I understand the complexities and concerns of navigating this issue. With so many options available, it can be easy to feel overwhelmed. If terms like SIPP, SSAS, and other private pension plans seem confusing, or if you want to learn more, you’re in the right place. In this article, we’ll break down the various pension options for…

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Berkshire Hathaway Annual Shareholders Meeting 2024 I’ve just returned from the exhilarating Berkshire Hathaway Annual Shareholders Meeting in Omaha. Imagine thousands of value investors gathered in one place—it felt like Coachella or Glastonbury for those passionate about investing! The event was not only educational but profoundly inspiring. It offered a live opportunity to observe Warren Buffett, the ‘Sage of Omaha,’ in action. Although Charlie Munger was sadly missed, Buffett was joined by his top lieutenants, Ajit Jain and Greg Abel, which added to the depth of discussions. Warren Buffett is revered not just for his unrivalled investment track record over…

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📅 Introduction to the NHS Pension Scheme The NHS pension scheme has been described as one of the most generous pension schemes in the country, so why did 75,000 NHS staff leave the pension scheme just last tax year? A pension scheme that has been described as so generous that finance experts advise that for those in the private sector to buy a pension with similar benefits, they would have to pay almost three times as much. If you’re considering leaving the NHS pension scheme or wondering if it’s worth staying, this article is for you. This article will delve…

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Back by Popular Demand! We are thrilled to announce the return of Moneywise Doctor AMA: Unlocking Financial Intelligence for Medics following the overwhelmingly positive reception to our previous session, which was 500% oversubscribed. This event is meticulously tailored for healthcare professionals who aim to elevate their financial understanding and strategically navigate their personal and professional finances. Why Attend This Workshop? The financial landscape for medics is uniquely complex, intertwined with distinct challenges and opportunities. Our workshop is crafted to demystify these complexities, offering you actionable insights and knowledge to enhance your financial acumen. Whether you’re a seasoned practitioner or a…

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Many GPs and Consultants will get caught in the 60% tax trap. This 10-Point Checklist can help you avoid this Unfortunately, doctors fall into this costly trap without even realizing it. By April 5, midnight, the chance to fix this for the tax year will be gone – at least for this tax year Falling into the 60% trap could mean you pay a lot more tax than you need to, affecting your take-home pay and costing you money that could have been used for investing for retirement. Take Dr Tim (name changed), for example, Dr. Tim a NHS GP.…

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Buying your first home as an NHS doctor, nurse, dentist, or other NHS professional can feel overwhelming. I know from my own experience.  Also, you may be unsure where to start if you are doing your first remortgage. I know firsthand how unnerving it can feel because you don’t want to get any steps wrong. You may often be flooded with questions like  Where do I begin? How much do I need for a deposit? Can I use a lifetime ISA? Which mortgage is right for me? Should I use a bank’s mortgage advisor? Worried about credit scores?  Getting even…

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Are you prepared for the financial impact of the Chancellor’s latest budget changes on you as a doctor, dentist, or NHS professional? Let’s dissect the reforms together and uncover how they could shape our financial future. https://youtu.be/8G3jG6gxst4 Chancellor’s Budget : National Insurance Cuts and Tax Changes: The Chancellor announced a 2% reduction in National Insurance contributions, which offers a welcomed boost to take-home pay. Whether you’re an employee or self-employed, this adjustment translates to more money in your pocket. However, frozen tax thresholds pose considerations for higher earners, highlighting the delicate balance between increased income and stagnant tax brackets. Child…

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Navigating financial advice for doctors can be tricky, as it may appear free but lack in quality, and worse still, it could just be a smoke screen for financial salespeople disguised as financial advisors. That’s why we established MoneyWise Doctor: to offer valuable guidance and support doctors in making informed financial decisions. Happy Anniversary! What a whirlwind year it has been since we embarked on this journey! 2 years ago, I left the safety of my salaried doctor job, seeking more family time, freedom, and flexibility Despite already having side hustles that paid me, I found myself drawn to doing…

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Introduction: For locum doctors managing their practices through limited companies, staying informed about changes in UK company law is essential to ensuring compliance and smooth operations. In this guide, we’ll explore the recent updates from Companies House and HM Revenue & Customs (HMRC) that may impact locum doctors and provide insights into navigating these changes effectively. Companies House Recent Updates From March 4th, 2024, HMRC is implementing new regulations to enhance transparency and accountability for companies across the UK. These updates include: 1. New Rules for Registered Office Addresses: Companies must now use a genuine physical address as their registered…

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As a doctor, delving into the world of content creation can be both exciting and daunting. You pour your heart and soul into creating valuable content, yet many doctors find themselves struggling to make a significant income from their efforts. But why is that? In my journey over the past few years, I’ve had countless conversations with fellow doctors who create incredible content online, boasting large followings and engaging audiences. However, despite their popularity, most of them are not reaping substantial financial rewards. Let’s delve into why this is the case. Consider this scenario: platforms like YouTube set stringent requirements…

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