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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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.
Ed is joined by Cyra and Andy to tackle three financial topics for medics: the government's new "Your First Home" scheme and what first-time buyers need to know, HMRC's letters targeting doctors with consultancy income — what to do if you get one — and the surprisingly complex world of free childcare and funded hours. Plus, a little-known NICU parental leave entitlement most parents miss.
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.
Terms and Conditions apply. Capital at risk. You must remain invested for 12 months to retain the welcome bonus. One Bonus per client. These are affiliate links and Medics Money may get a commission at no cost to you if you go onto open an account.
Terms and Conditions apply. Capital at risk. You must remain invested for 12 months to retain the welcome bonus. One Bonus per client. These are affiliate links and Medics Money may get a commission at no cost to you if you go onto open an account.
This week we welcome back GP partner Dr. Nabeel Arshad, founder of to discuss urgent list-size losses from an “aggressive list clean” by PCSE, with the BMA estimating 300,000 patients removed and £40m in funding lost. Arshad explains FP69 flags and the three-month window to verify patients, noting many removals are erroneous and can drive staffing and profit pressures. He urges practices to run FP69 searches in EMIS/SystemOne, track list trends, and stop treating list size as passive. He outlines strategies to grow lists through marketing, optimizing estates capacity (his practice grew from 10,000 to 20,000 patients in the same building), attracting digitally literate demographics, managing out-of-area registrations without home visits, and reducing registration friction via fast online onboarding. He recommends using the site’s free growth report and describes exclusive-area working and a money-back guarantee.
Ep 341: Maximise Your Earnings: Essential Tax Tips for Doctors
Season 1 · Episode 374
Tuesday, September 8, 2026 • Duration 20:35
FREE guide from Medics' Money: https://medicsmoney.co.uk/free-guide/
Find out if you can claim tax relief with this list: https://www.gov.uk/government/publications/professional-bodies-approved-for-tax-relief-list-3
Sanay (incoming F1) and Cyra (doctor and chartered accountant) explain how doctors can get money back via HMRC tax relief and NHS reimbursements. Cyra advises tracking professional expenses in a spreadsheet across the tax year (6 April–5 April) and applying online at year-end, noting HMRC may adjust your tax code. Eligible tax-relief items include GMC, Royal College and BMA fees (including exams but not revision courses), some recognized memberships, subsequent stethoscopes, plus a flat £80 NHS doctor work expense; question banks aren’t eligible. They contrast this with employer-funded study budgets (e.g., ALS), which generally aren’t tax-relievable. They also outline relocation expenses up to £10,000 across training, common caps, the need for pre-approval and evidence, tips on comparable mover quotes, and the importance of understanding excess mileage policies.
00:00 Welcome and Series Intro
00:51 Episode Focus Reimbursements
01:31 Meet Saira the Expert
02:10 Tax Relief Basics HMRC
04:00 What You Can Claim
05:16 Evidence and Flat Rate
06:12 Study Budget vs Tax Relief
07:42 Memberships from Med School
08:40 Relocation Expenses Explained
11:08 Relocation Application Pitfalls
13:06 Mover Quotes Pro Tip
14:25 Excess Mileage and Final Takeaways
15:59 Wrap Up and Next Episode
This episode is sponsored by InvestEngine:
Terms and Conditions apply. Capital at risk. You must remain invested for 12 months to retain the welcome bonus. One Bonus per client. These are affiliate links and Medics Money may get a commission at no cost to you if you go onto open an account.
Current money issues for doctors: the £100k tax trap, cash drag, and the NHS pension surplus
A Medic's Money MDT episode with Tommy Perkins, Dr Cyra Asher, Andy Pow, and Ed. The team breaks down three live financial stories affecting doctors right now: the £100,000 tax trap, the huge amount of cash sitting in low interest accounts, and the NHS pension scheme's reported surplus. It is practical, opinionated, and focused on what these headlines mean for clinicians in real life.
Key topics
In this episode, Ed explains how the £100,000 tax trap works and why income above that level can effectively face a 60% tax rate in England, or 67.5% in Scotland, because of the tapering personal allowance.
The team discusses how frozen thresholds have pulled far more people into the trap over time, with the threshold now affecting a much larger share of earners than when it was introduced.
Cyra and Andy talk through the knock on effects for doctors, including tax free childcare, childcare hours in England, and child benefit, all of which can disappear at different income points.
Practical mitigation ideas are covered, including monitoring annual earnings, additional pension contributions, gift aid, and claiming professional expenses properly.
Ed and Andy emphasize that many doctors still have not claimed expenses back, despite a Medics Money guide being widely downloaded and potentially saving substantial tax overall.
The discussion moves to working less as a legitimate strategy, with Cyra noting that reducing hours does not always reduce take home pay as much as people fear.
Tommy raises the option of private work and limited companies outside the NHS, while Andy cautions that company structures need proper advice and compliance.
The second topic looks at the £1.1 trillion held in cash and easy access savings, where average returns are far below inflation, meaning real value is being eroded.
Tommy argues that keeping large sums in cash feels safe but often loses value over time, and he contrasts that with the long term growth potential of broad market investing.
Cyra adds the millennial perspective, explaining how financial crisis, recession, and pandemic experiences make many younger savers deeply risk averse.
The final discussion focuses on the NHS pension scheme's reported £7.38 billion surplus and the planned reduction in employer contribution rates in England and Wales from 23.7% to 15.5%.
Timestamps
Ep 340: TRUST ME, I'm an expert in IHT
Season 1 · Episode 372
Tuesday, September 1, 2026 • Duration 35:00
In this episode, Cyra sits down with Shivali, a senior private client lawyer at Talbots specialising in wills, estates, trusts, and tax, for a deep dive into inheritance tax (IHT). They cover the basics — how IHT is calculated and the 40% rate — then move into practical strategies: lifetime gifts (exempt gifts, annual exemptions, gifts out of income), chargeable lifetime transfers, and potentially exempt transfers (the seven-year rule). Shivali also breaks down available reliefs like the nil rate band and residence nil rate band, explains how trusts work and when they make sense, clears up common misconceptions about IHT and control over trust assets, and shares why getting a lasting power of attorney sorted early is so important. A practical, must-listen guide for anyone thinking about protecting their estate and loved ones.
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.
Ep 339: These tax tips can save Doctors £THOUSANDS in tax
Season 1 · Episode 371
Tuesday, August 25, 2026 • Duration 25:12
You could save £thousands with our free guide - https://medicsmoney.co.uk/free-guide/
In this episode, Ed GP, chartered accountant and tax advisor) and Andy Pow (specialist medical accountant with 30+ years advising doctors) break down everything employed NHS doctors need to know about claiming tax relief on their work expenses — including the latest changes following the BMA–government agreement.
What's covered:
Which expenses qualify for tax relief: GMC fees, BMA membership, medical defence/indemnity, Royal College fees, NHS pension contributions, and eligible travel
The HMRC "wholly, exclusively and necessarily" test — and why it rules out CPD, conferences, and courses like ALS/ATLS
How much you could get back: up to 40% of qualifying expenses if you're a higher-rate taxpayer
Claiming for up to 4 previous tax years — you can go back to April 2022
New for English resident doctors: Exam fees reimbursed from April 2026; Royal College membership and portfolio fees from April 2027 — and what this means for your tax claim
How to make a claim via your HMRC Personal Tax Account (and the new step you can't miss to actually receive your refund)
When you need to file a Self Assessment return instead
Download the Medics' Money Doctor's Tax Rebate Guide (30,000+ downloads) — link above.
Ep 338: NHS loses Thousands of Doctors abroad — Asterix health is bringing them back
Season 1 · Episode 370
Tuesday, August 18, 2026 • Duration 29:26
Check Aserix out here: https://asterix.health/
Tommy is joined by Julian, co-founder of Astrix Health, a startup tackling the NHS GP shortage by bringing GMC-registered doctors working abroad back into the UK primary care workforce — remotely.
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.
Ep 337: NHS Pension for New (and current) Doctors: The £7 Billion Question
Season 1 · Episode 369
Tuesday, August 11, 2026 • Duration 26:57
Join Medics' Money with a free guide here: https://medicsmoney.co.uk/free-guide/
In part two of the Medics' Money New Doctors' Finance series, Dr. Ed Cantelo sits down with specialist medical accountant Andy Pow to break down the NHS pension.
Topics covered:
What the NHS pension is and how the 2015 defined benefit scheme works
How contributions are calculated (tiered rates, tax relief)
Why the pension isn't invested — how the scheme is funded
Where to check your pension record (Total Reward Statement) and what documents to keep (P60s, P45s, payslips)
Family and ill-health protections built into the scheme
The risks of opting out
Retirement age, early/late retirement, and partial retirement options
Where to find more resources (medicsmoney.co.uk, YouTube)
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.
Show notes:
Tommy interviews specialist medical accountant Steve Nichols (Nichols & Co, London) about how doctors can use limited companies for legitimate tax planning. Nichols explains the key advantage is flexibility over who gets paid, when, and how (dividends, salaries, director’s loans, liquidation, and pension contributions), and clarifies differences between shareholders, directors, and employees, including using alphabet shares to pay dividends to spouses or adult children. He notes limited companies aren’t always better due to costs and admin, especially for single high-earning sole traders who spend all income, and says suitability is bespoke. They discuss using companies and pensions to manage the £100,000 tax-free childcare cliff edge and the £200,000 pension taper threshold, “money box” companies using members’ voluntary liquidation to swap dividend income tax for capital gains tax, family investment companies (e.g., property), director’s loan accounts, and employing family members at commercial rates. Nichols also offers PDFs on allowable expenses, meals, and M&S vouchers, and shares contact details.
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.
The team debates what should happen with that surplus, from improving NHS pay and services to reducing employee contributions or fixing pension administration.
Tommy strongly pushes for a better pensions portal and clearer statements, arguing that the current NHS pension admin and forecasting tools are far too opaque.
Andy explains that projected pension figures need caution because pay, hours, inflation, and retirement timing can all shift substantially before benefits are taken.
The episode ends with a wider critique of annual allowance tax charges, with the group arguing that the current system is overly complex and punitive.
00:00 - Welcome back to the MDT style podcast and today's three live money stories
02:07 - How the £100,000 tax trap works and why it keeps growing
03:31 - Frozen thresholds and why more earners are getting caught
04:21 - Childcare cliff edges, child benefit, and other hidden losses
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.
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.
