Ep 284: Welcome new FY1s! Now do this.

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

Want the latest financial tips for doctors and exclusive invites? Join 64,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/ Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com 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/ Follow us on Instagram Follow us on Twitter Disclaimer: 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.

Mentioned in this episode:

**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.** Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast