Great video as always! One key measure that wasn't mentioned though was salary sacrifice! I'm in this exact situation, but I've found the best solution for me is to use the cycle to work scheme. I avoid the tax trap and get a fancy new bike! Really worth considering (noting that it reduces pensionable pay)
Great tip! We were trying to keep it short and sweet and explaining the impact of salary sacrifice on the NHS pension would have made a LONG video. Totally acceptable to sacrifice pension later for shiney bikes now though (not advice😂) - N+1 rule ALWAYS applies. What you riding?
It all depends on your personal circumstances and definitely encourage you to dyor/consult an expert but in some situations eg loss of Tax free childcare or Annual Allowance pensions charge its entirely possible that doing £1 more of extra work could mean paying an effective rate of tax >£1 so more work = less take home pay! Bonkers.
Great video and well informative
All medical professionals need to see it
Thanks for subscribing. Glad it was useful.
Great video as always! One key measure that wasn't mentioned though was salary sacrifice! I'm in this exact situation, but I've found the best solution for me is to use the cycle to work scheme. I avoid the tax trap and get a fancy new bike! Really worth considering (noting that it reduces pensionable pay)
Great tip! We were trying to keep it short and sweet and explaining the impact of salary sacrifice on the NHS pension would have made a LONG video. Totally acceptable to sacrifice pension later for shiney bikes now though (not advice😂) - N+1 rule ALWAYS applies. What you riding?
Can we have link for medics money accountant to get advice. Thanks
www.medicsmoney.co.uk/
Are you saying doing more work mean less take home pay than if the extra work wasn’t done or you are saying you pay more tax but still take home more?
It all depends on your personal circumstances and definitely encourage you to dyor/consult an expert but in some situations eg loss of Tax free childcare or Annual Allowance pensions charge its entirely possible that doing £1 more of extra work could mean paying an effective rate of tax >£1 so more work = less take home pay! Bonkers.
Need to fix Ed's Webcam - focus and pan switching to his right arm when he moves it. Great video otherwise.
The Medics’ Money CFO has the most budget webcam 😂
Is the £60000 & £80000 child benefit thresholds gross or net?