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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.
Episodes
Tuesday Aug 26, 2025
Tuesday Aug 26, 2025
In this podcast episode, Tommy and Richard Heap from Medics’ Money and Abacus dive into 31 common questions about income protection and insurance that doctors frequently ask. This detailed discussion covers what income protection is, reasons to have it, and how to select the right policy for an optimal price. They discuss crucial topics including different cover types like critical illness, own occupation, deferment periods, and the implications of different coverage. The episode also addresses the importance of independent financial advice over restricted advice, and the impact of inflation on policies. Additionally, listeners learn the relevance of reviewing policies regularly, how to adjust covers as circumstances change, and the tax implications of payouts. The duo provides valuable insights and personal anecdotes, stressing the need for tailored financial protection for medical professionals.
00:00 Introduction to Income Protection and Insurance
00:32 Meet the Expert: Richard Heap
04:09 The Importance of Income Protection
09:40 Understanding Own Occupation Cover
11:23 Wealth Protection, Creation, and Preservation
14:50 Income Protection vs. Critical Illness
16:37 Navigating Sick Pay and Deferred Periods
21:16 Choosing the Right Financial Advisor
23:51 Independent vs. Restricted Advisors
26:13 Determining the Right Amount of Protection
29:46 Understanding Variations in Payouts
30:38 Tax-Free Payouts and Life Cover
31:21 Defining Incapacity in Policies
33:50 The Importance of Deferment Periods
36:32 Mental Health and Preexisting Conditions
39:51 Review Periods and Premium Adjustments
44:18 Critical Illness Definitions and Payouts
52:46 Mortgage Protection Options
59:37 Final Thoughts and Contact Information
Tuesday Aug 19, 2025
Tuesday Aug 19, 2025
This podcast provides an in-depth explanation of the NHS pension scheme, featuring insights from Andy Pow, a specialist medical accountant with 30 years of experience. Topics discussed include the tax efficiency of NHS pensions, the differences between the 1995, 2008, and 2015 sections of the scheme, retirement age variations, and comparisons between NHS and private pensions. The video also covers additional benefits such as death in service and ill-health retirement benefits. Essential yearly checks for maintaining an accurate pension record are highlighted, alongside practical examples and detailed calculations.
00:00 Introduction to NHS Pension Queries
01:07 Understanding the Basics of Pensions
01:52 Tax Efficiency of NHS Pensions
02:49 Employer Contributions and Tax Bands
04:33 Differences Between NHS and Private Pensions
05:35 Sections of the NHS Pension Scheme
09:29 Additional Benefits of NHS Pensions
11:31 Calculating Your NHS Pension
16:22 Importance of Regular Pension Checks
20:18 Conclusion and Further Resources
Tuesday Aug 12, 2025
Tuesday Aug 12, 2025
Extra resources:
https://www.medicsmoney.co.uk/
https://www.medicsmoney.co.uk/free-guide/
https://www.medicsmoney.co.uk/is-your-doctors-tax-code-correct/
https://www.medicsmoney.co.uk/what-medical-school-didnt-teach-us/
In this episode, we welcome new FY1 doctors starting their first roles in the UK and break down the complexities of the NHS payslip. Join Dr. Ed Cantelo, a GP, chartered accountant, and tax advisor, along with Dr. Cyra Mackintosh, also a doctor and accountant, as they explore the various elements of a payslip, offer insights on tax codes, and share personal anecdotes from their early medical careers. This comprehensive guide aims to help new and established doctors understand their compensation better, manage professional expenses, and claim tax relief efficiently. Tune in for practical advice and real-life examples from healthcare professionals who have navigated the NHS payslip system.
00:00 Welcome New FY1 Doctors!
01:29 Meet the Hosts: Ed and Cyra
02:49 Navigating Your First Payslip
04:07 Understanding NHS Pay Structure
04:38 Breaking Down the Payslip Components
07:01 Tax Codes and National Insurance Explained
16:21 NHS Pension Insights
24:19 Claiming Tax Relief on Professional Expenses
25:24 Understanding the Tax Year
26:09 Setting Up a Personal Tax Account
27:43 Making Your Tax Relief Claim
28:48 Common Tax Issues and Solutions
31:52 Emergency Tax Codes Explained
44:18 Resources for Checking Payslips
47:23 Conclusion and Final Tips
Tuesday Aug 05, 2025
Tuesday Aug 05, 2025
Use code 'FIGSUK' at wearfigs.com for 15% your order.
In this episode of the Medics' Money podcast, Dr. Tony Goldstone, a radiologist and pensions expert, and Andy Pow, a medical specialist accountant, join the discussion to delve into the complexities of NHS pensions. They cover topics such as the transition from traditional pensions to defined benefit schemes, the impact of the tapered annual allowance, and major changes following the McCloud Remedy. The guests highlight the administrative challenges and mismanagement issues faced by many doctors and emphasize the importance of staying informed about pension entitlements. They also offer practical advice for doctors on navigating their pension schemes effectively.
00:00 Welcome and Introductions
01:17 Tony's Journey from Radiologist to Pension Expert
01:47 Understanding the Pension Crisis
03:22 The Brown Envelope Shock
04:51 Developing Pension Tools and Political Advocacy
11:17 Taxation and Pension Growth Explained
15:52 The Impact of Tapered Annual Allowance
19:31 Recent Changes and Future Challenges
28:46 The Importance of Staying in the NHS Pension Scheme
30:14 Private vs NHS Pensions: A Comparison
31:18 Understanding the Career Average Scheme
31:53 Current Issues with NHS Pensions
32:12 The McCloud Remedy Explained
39:20 Challenges in Pension Administration
53:08 Advice for Doctors on Managing Pensions
56:58 Final Thoughts and Resources
Tuesday Jul 29, 2025
Tuesday Jul 29, 2025
In this episode, Cyra from Medics' Money interviews Emma, the founder of Bee Money Savvy. Emma shares her journey of starting a money-saving blog inspired by her parents' financial struggles and her own experiences living on a part-time income. She discusses essential money-saving tips, budgeting tools, and the benefits of diversifying income streams. Emma also highlights the importance of convenience and consistency in building good financial habits and reveals her personal goal for 2025: to spend more on herself after years of stringent saving. Tune in for practical advice on managing finances better and leveraging tools to maximise savings.
00:00 Introduction and Guest Introduction
00:22 Emma's Journey into Money Blogging
04:03 Mindset and Habits for Financial Success
05:30 Saving Strategies and Tools
08:25 Favourite Budgeting Tools and Techniques
11:40 Money Saving Apps and Cashback Tips 1
9:00 Diversifying Income Streams
24:02 Building a Website for Income
27:56 Financial Goals for 2025 30:50 Conclusion and Final Thoughts
Thursday Jul 24, 2025
Thursday Jul 24, 2025
In this episode, the Medics' Money team discusses pressing issues facing resident doctors, including the potential strike for pay restoration, the implications of student loan forgiveness, and the controversial proposal to swap pension benefits for immediate pay. The conversation also touches on the Economic Crime and Transparency Bill, which will affect how limited companies file their accounts, and the importance of financial education in light of the current economic climate.
takeaways
- Resident doctors are considering striking due to pay issues.
- Student loan forgiveness is seen as a potential solution but raises questions about fairness.
- Pension swapping proposals may not address the core issues of pay restoration.
- Generational differences in medical training and financial burdens are significant.
- The Economic Crime and Transparency Bill will increase financial transparency for doctors.
- Cash ISAs are losing value due to inflation, prompting calls for investment education.
- Financial education is lacking in schools, leading to poor financial decisions.
- Doctors feel undervalued compared to previous generations.
- The current economic climate is affecting recruitment and retention in the NHS.
- Investment is generally more beneficial than holding cash in the bank.
Chapters
00:00
Introduction to Resident Doctors' Financial Concerns
01:05
Student Loan Forgiveness vs. Pay Restoration
07:00
Pension Swapping: A Controversial Proposal
11:40
Generational Perspectives on Strikes
16:52
Economic Crime and Transparency Bill
26:25
The Debate on Cash ISAs and Investment Education
Tuesday Jul 22, 2025
Tuesday Jul 22, 2025
Contact Dennis here: https://www.medicsmoney.co.uk/accountant/yellowtail-financial-planning/
In this episode of the Medics' Money Podcast, Dennis Hall from the Century Plan Podcast and Yellowtail Financial Planning joins the show to discuss financial planning for retirement beyond pensions. Dennis shares his journey from the Royal Marines to founding Yellowtail Financial Planning, emphasising the importance of developing a comprehensive financial plan. The discussion covers common financial mistakes, the necessity of having a clear retirement agenda, and how financial habits can significantly impact long-term financial independence. Dennis also talks about the psychological aspects of financial planning, and how understanding one's personal objectives can lead to better financial decisions. The episode aims to provide listeners, specifically medical professionals, with insights and actionable steps to secure a financially independent future.
00:00 Introduction to Retirement Planning
00:45 Meet Dennis Hall: Financial Expert
01:24 The Evolution of Financial Planning
02:26 Pensions and Retirement Strategies
06:04 Financial Mistakes and Missed Opportunities
09:17 The Importance of Personal Financial Goals
11:52 Frameworks for Retirement Planning
18:47 The Emotional Side of Financial Planning
24:16 Advice for Younger Professionals
26:58 The Importance of Active Financial Planning
27:35 The Cost of Inaction and High Fees
29:16 The Rush of Last-Minute Investments
29:42 Tailored Financial Advice for Medics
30:16 The Pitfalls of Uncoordinated Portfolios
30:55 The Simplicity of Effective Investing
31:20 The Influence of Online Financial Advice
31:39 The Dangers of Unregulated Investments
32:33 Procrastination in Financial Planning
35:11 Addressing Financial Blind Spots
37:53 Unexpected Life Events and Financial Planning
38:46 Over-Insuring in the Medical Profession
40:23 Engaging with Your Finances
44:01 The Value of Long-Term Planning
46:37 Final Thoughts and Contact Information
Tuesday Jul 15, 2025
Tuesday Jul 15, 2025
Resources to help:
https://youtu.be/ZHSBcGyycMI?si=vkQDr5FRb9O8JmAE
https://youtu.be/9Q3O34IapOE?si=2vMbNifmaACFaRgj
https://youtu.be/AngBbipPGCM?si=bFUPyJgLXM3YySqZ
Reforming the NHS Pension System: A Manifesto for Change
In this episode, the hosts discuss the current issues plaguing the NHS pension system, particularly for General Practitioners (GPs). They detail the problems with missing contributions, incorrect paperwork, and bureaucracy that have caused many to lose faith in the scheme. The discussion is joined by Andy Powell, an independent medical accountant and NHS pensions expert. Together, they propose a manifesto outlining several reforms, including producing forms earlier, abolishing the GP Solo system, automating data entry, regular updates between departments, and simplifying the annualization process. They also touch upon the necessity for a one-off investment to streamline the system. Additionally, they provide resources and courses for GPs to better navigate the current pension system.
00:00 Introduction to the GP Pension Crisis
00:21 Presenting the Manifesto for Change
00:52 Meet the Expert: Andy Pow
01:08 Current State of GP Pension Records
01:43 The Annual Return Process
02:12 Challenges with PCSE and Systemic Issues
03:09 Complexity of Pension Forms
05:19 Proposed Solutions: Early Form Availability
05:39 Abolishing GP Solo
06:43 Automating the Pension System
08:33 Regular Updates Between PCSE and NHSBSA
09:48 The Issue of Annualization
12:50 Investing in System Improvements
15:03 Resources to Navigate the System
16:34 Final Thoughts and Additional Suggestions
17:34 Conclusion and Call to Action
Tuesday Jul 08, 2025
Tuesday Jul 08, 2025
Navigating Maternity, Paternity, and Shared Parental Leave for Medics In this episode of the Medics' Money podcast, Cyra and Matthew delve into the complexities of family financial planning specific to healthcare professionals. They discuss various types of leave available for working parents in the medical field, including maternity, paternity, and shared parental leave. Cyra, a doctor and chartered accountant, offers an in-depth explanation of entitlements, occupational versus statutory leave, and the nuances of shared parental leave. The episode is a guide for medics to understand their rights and plan financially for family life. Topics include risk assessments, rights to pay rises, and annual leave accrual during parental leave.
00:00 Introduction to Financial Family Planning
00:24 Meet Cyra: Doctor and Chartered Accountant
01:55 Understanding Occupational Rights During Pregnancy
06:45 Navigating Maternity Leave
14:41 Statutory Maternity Leave and Pay
17:25 Understanding Maternity Allowance
18:00 Maternity Allowance for Self-Employed Individuals
19:42 Maximising Your Maternity Allowance
20:43 Maternity Pay for Salaried GPs
21:40 Recap of Maternity Pay Tiers
23:15 Introduction to Paternity Leave
24:25 Eligibility and Details of Paternity Leave
26:31 Adoption Leave Explained
28:10 Shared Parental Leave: An Overview
30:59 Maximising Shared Parental Leave Benefits 3
6:38 Conclusion and Next Steps
Tuesday Jul 01, 2025
Tuesday Jul 01, 2025
In this episode of the Medics' Money podcast, Dr. Tommy Perkins talks with Dr. Hannah Allen, the Chief Medical Officer for Heidi, about her journey from clinical practice to health tech. Dr. Allen shares her experiences with using AI in healthcare, particularly the Heidi platform, which assists doctors by automating consultation notes and referral letters, thus saving time and improving efficiency. She discusses the benefits and challenges of integrating AI in medical practice, including accuracy and data privacy concerns. The conversation also explores the future of AI in healthcare and offers practical advice for clinicians looking to transition into health tech roles. Listeners are encouraged to try Heidi for free and provide feedback to improve the platform.
00:00 Introduction to Dr. Hannah Allen's Journey
01:26 Welcome to the Medics Money Podcast
01:48 From Doctor to Chief Medical Officer
02:09 Early Career and Initial Challenges
03:44 Venturing into Health Tech
05:19 Founding Tinto: A Digital Health Startup
08:12 Joining Heidi and Initial Impressions
10:13 The Impact of AI Scribes in Healthcare
11:43 How Heidi Enhances Medical Practice
17:43 Addressing Common Concerns About AI in Healthcare
27:38 Future of AI in Healthcare
34:03 Advice for Aspiring Health Tech Professionals
39:16 Conclusion and Final Thoughts