Thanks for sharing this video. Apologies, I believe your 60% tax figure is not correct. Actual tax you pay to UK government (HMRC) is more then 60%. True tax value which UK government extracts is 60% (Income tax) + 13.8% Employers NI (this is another name for Income Tax) + 2 % (Employees NI (this is another name for Income Tax). Hence the true value of direct employment tax , extracted from employees is close to 74%. This 74% is what you can call as TDS (Tax deducted at Source), which you never see in your bank account as its directly deducted before your pay hits your bank account. On top of this you pay VAT at 20%, Council tax, TV tax (if you have TV), Road Tax (if you have Car) etc. etc. Actual marginal Tax as decent worker pays is more then 84%. I hope this helps to understand why UK is going down the hill at this rapid pace. UK is strong believer in equality, unfortunately British leaders can not make everyone rich, so only other option left is to make everyone poor. Final outcome everyone is more or less, equal. Welcome to the Great life in Great Britain.
Thanks for the information. I think it will be useful if you could add the details regarding other taxes like NI, Council tax, VAT, Road tax,...etc. That will give some idea, what actually a common persons tax contribution to the govt who's an corporate employee.
Another way to escape this trap is both partners earning upto 100000 per year. Together family income less than 200000 and still not in 60percent tax trap.. another point to remember about pension plans is it can be reimbursed for three previous years income tax years...and limited company would reduce taxes for assets and making family members as shareholders..
I live in the UK born and bread. How does setting up a limited company help offset the tax? If you're a PAYE employee you salary will be taxed accordingly. Intrigued to know your strategy
It does not help with your salary related tax savings. However if there is an alternative income source( most doctors have private practice )outside salary then it goes to the limited company.usually they will only withdraw a small salary or pay a salary to non earning family members.I don't know the exact details as I have never done this myself. We have specialist medical accountants for managing this process.
Sir,If I pass the plab exam and start my nhs career from foundation year 2.Then will I have to give any kind of exam to enter core training and speciality training?
Hi doctor im currently awaiting my neet pg result and looking at the rank trends im expecting vranches like ophthalmology ENT psychiatry and anesthesia I wanted to know if mrcp holds value only for medicine branch pg students or branch doesn't matter
Not really my friend.. don’t know what you have till you loose it.. people earning that much do spend similar amount of time in those jobs. Yes you get the weekend off but I’m sure that too is usually occupied with work related stuff… with great earnings come great responsibility no matter what country you are. Take it from someone who left India 20 years ago and now regret leaving Indian passport. Desh ki mitti aur freedom something else. Now I’m na ghar ka or ghat ka neither fully accepted in uk as a Brit nor fully accepted in india as an Indian. System is a trap .. pound value will keep you here in rat race but quality of life has really plummeted in uk lately.
Just wondering, is it not worth investing in emerging market like India rather than UK or SMO 500 where average growth is 11% yearly. I understand long term capital gain but still money will grow much faster. I don’t thin it makes much sense to invest in pensions as the growth is slow and the money is only available after 68 years.
The returns that is needed to match pension benefits(inflation linked income for rest of the life) will be much higher than 11-12% CAGR. The NHS pension pot will never run out of money
@@SumanPaulDoc thanks but if we think to work till late 60’s it’s fine but if want to retire early, it might not work. I had given a long thought on it and decided to stop putting money in NHS pension but yes, I wasn’t on 100k salary. Reflecting back on the decision, I think I am much better off and it gave me the power of liquidity.
Sir i want to know if being an MD BIOCHEMISTRY RESIDENT, will cracking MRCP be any help for my private or corporate practice in india? Please guide me through this.
Why not come to US, family physicians or even dentists make way over USD 300k, specialists easily cross USD 500K, surgeons easily cross USD 1mil. Right profession wrong country......UK. You can hire your own fulltime nanny then.
@@zcnaipowered7407 Whats the problem with paying taxes.......in terms of earning potential we are not even talking in the same league here. UK £100k = $140 k thats not even close to $500k what specailists make in year in US. This is just Mid-West estimate. If my earning potential is trippled or quadrupled I will gladly pay more taxes. As the vlogger mentioned, I believe problem is switiching country is like embarking on journey of certifications and starting from scratch.
EVERYTHING LOOKS ROSY FROM OUTSIDE BUT WHEN IT COMES TO NUMBER CRUNCHING .............Its NOT worth coz my family lives in US ...number won't tell real picture and I work in AUSTRALIA as Doctor; Australia was amazing pre covid period was like a gold mine but NOT any more
It’s enough for a decent life but after 50% tax and £24k in rent you have £26k for living and hopefully saving. It is enough, but we are talking about a doctor here who has studied for many years at great personal expense. I live in Singapore and when I walk through the doctors’ car park at a public hospital the worst car you are going to see is a Porsche 911.
