Medics Money podcast26 Mar 2024

Ep 205: Last Minute Tax Hacks to Save £’000s before the 5th April

In this episode, Tommy and Ed detail strategies to save significant amounts on taxes before the end of the 2023 to 2024 tax year on April 5, 2024. It emphasizes the urgency of taking action before the deadline to claim various tax reliefs and deductions. The discussion includes a wide range of topics such as claiming tax rebates on allowable employment expenses from previous years, understanding adjusted net income, leveraging tax-free childcare, capital gains tax, and making the most of ISA and pension contributions. Additionally, we highlight how to navigate the so-called 'tax traps' for high earners, the importance of utilising ISA allowances, and planning for inheritance tax.

00:00 Introduction: Maximising Tax Savings for Healthcare Professionals

00:18 Why You Need to Act Before April 5th, 2024

00:51 Getting to Know the Experts

01:43 Basic Tax Saving Tips: Claiming Rebates and Utilising Allowances

03:46 Navigating High-Income Tax Traps and Adjusted Net Income

13:29 Maximising ISA Allowances for Tax-Free Savings

19:56 Capital Gains and Dividend Allowances: Strategies for the Current Tax Year

23:05 Utilising Inheritance Tax Annual Exemption

24:33 Conclusion: Sharing Knowledge and Upcoming Courses

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