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

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Tax Saving Tips for Healthcare Professionals Before April 5, 2024
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 advice on 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, the we highlight how to navigate the so-called 'tax traps' for high earners, the importance of utilizing ISA allowances, and planning for inheritance tax.
00:00 Introduction: Maximizing 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 Utilizing Allowances
03:46 Navigating High-Income Tax Traps and Adjusted Net Income
13:29 Maximizing ISA Allowances for Tax-Free Savings
19:56 Capital Gains and Dividend Allowances: Strategies for the Current Tax Year
23:05 Utilizing Inheritance Tax Annual Exemption
24:33 Conclusion: Sharing Knowledge and Upcoming Courses
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DISCLAIMER:
This channel is for education purposes only and does not constitute financial advice and tax allowances and rates are subject to change.

Опубликовано:

24 июл 2024

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Комментарии : 18

@moustafamortada 3 месяца назад

Just perfect! How I never came across this channel! Never too late

@MedicsMoney 3 месяца назад

👍

@thepropertysurgeon 3 месяца назад

Another great video. Thankyou guys. Another possible tax relief income would be an annual allowance of £7500 lodger allowance if you have a lodger staying at your own residence.

@MedicsMoney 3 месяца назад

Absolutely

@grimdave 4 месяца назад

Thanks for an excellent video as always. My question is: Are you able to retrospectively put money into a private pension after the tax year has ended to reduce your adjusted net income for that year? GP partners often don't get their accounts finalised until 6months after the end of the tax year, so it is not possible to know exactly how much money to put into a pension to reduce the adjusted net income below £100k. Any tips regarding this? Thanks

@MedicsMoney 3 месяца назад

It is possible but difficult for GP partners for all the reasons you mention. Will do a video on it

@Nobody-rkm 4 месяца назад

Thank you great video. I am nhs doctor.Can you please make video to show how to calculate remaining pension allowance after normal monthly contribution and growth. I always struggled to find out how much I have contributed through my job and how much I can contribute in to my SIPP account.

@MedicsMoney 4 месяца назад

See the other reply 👍

@alijawad2042 4 месяца назад

Perfect 😊

@f.m.h176 4 месяца назад

This might be a silly question, but if I have an NHS pension (which is maxed for contributions for the year) and a SIPP, how do I figure out how much money I can put into the SIPP without going over the total amount I can put into a pension during one tax year (thus incurring punitive charges)? Any advice or direction to a video you've already done to explain this would be great. Thank you and keep up the hard work! 😁 [I realise an IFA could likely work this out properly, but considering we're so close to the end of the tax year and there is no time to get a professional involved, is there any quick and dirty method to work out roughly how much you could put into the SIPP before 5th April? 😉]

@MedicsMoney 4 месяца назад

You’re right- an IFA that understands the NHS pension is what you need www.medicsmoney.co.uk/medics-money-approved/ 😉 But if you’re going “quick and dirty” 😂you need to know that your annual allowance for 2023-24 is £60,000 (assuming you’re not tapered?) To avoid exceeding the £60,000 allowance the GROWTH (not contributions) in NHS Pension plus the total CONTRIBUTIONS (don’t forget tax relief) into your SIPP need to be

@f.m.h176 4 месяца назад

@@MedicsMoney Ace! Thanks. 😉

@martincohn3448 4 месяца назад

Thank you for the video! very interesting as usual. Just two questions: - What are the consequences of submitting a tax rebate after the 5th of April? I am aware that you can claim up to 4 years, but if you claimed the 3 years before and you can't get to the deadline is there an issue? - Do LISA's interest generate interest? i.e. if I have 1000 pounds today, 1250 next year, would I have 1500 or 1562.5 the following year?

@MedicsMoney 3 месяца назад

As long as you don’t miss the hard deadline to claim rebates then you’re ok. But sooner you claim = sooner you get money back from HMRC into your account. Interest in LISA compounds in the normal way. The government 25% is usually paid 4-6 weeks later automatically.

@laurad2136 4 месяца назад

Can I ask what you think about paying more pension with nhs.. is this a good move to lower your taxable income?

@satttyyyy6902 4 месяца назад

Good question, would be interesting to know the answer too.

@MedicsMoney 3 месяца назад

It can be depending on your situation. Additional NHS Pensions contributions v Private pension then the pros of NHS is guaranteed inflation proof income for as long as you live in retirement but in some respects less flexible than private pension. Can also be a pita to make additional nhs contributions v private which is easy. But make sure you understand annual allowance before making additional contributions.

@azaz1324 4 месяца назад

Excellent video! Can I ask 2 questions: 1. Can I open an SIPP at the same time whilst I have ongoing salary sacrifice from my NHS pension? 2. I appreciate whilst contribution to SIPP would allow claim back of income tax adding to any sum I put in, it would not reduce my NI liability. I'm not entirely clear if contribution to SIPP in any way reduce my student loan repayment liability? Thank you for your time and the wonderful contents.