Q&A with Andy Pow! (NHS payslips, taxes, pensions & more)
Вставка
- Опубліковано 28 лип 2024
- We're back again with another episode answering your questions!
Links mentioned:
BMA Pensionable service guide for secondary care doctors: www.bma.org.uk/pay-and-contra...
Our NHS pensions guide:
www.medicsmoney.co.uk/nhs-pen...
DISCLAIMER:
This channel is for education purposes only and does not constitute financial advice and tax allowances and rates are subject to change.
Hi, thanks for this video, I am a subscriber and do find your videos helpful. I am an IMG and really wish that finances were part of a mandatory course during medical school wherever we are trained! Or, even from high school, that would be so useful!
I have also not been able to access my TRS ever and noted that PCSE had still not updated my records and found missing Employee Contribution estimates missing for certain tax years whilst during my GP placements (during GP training) on my PCSE Pensions account. Furthermore, my Service years on the new myNHSPensions account was inaccurate and I was missing my first 11 months of service years in the NHS.
I have already contacted NHSBA/pensions and PCSE and sought advice on both and am sorting it out. However, in your experience, all these missing contribution amounts, can they be accounted for? Its a constant worry that despite contributing since I joined/started working in the NHS in 2016, these are missing and I fear that the pension estimates will be inaccurate at the time when I will actually need them? I have also raised it with my medical accountant (which I found via Medics Money!) but really curious to know your views on it!
Thanks!
Thank you for the video, always good. How do you calculate the potential growth for those in the 2015 pension? Cheers
Really helpful.thanks for the video
Glad it was helpful!
Love your stuff! I am doing an FY3 working across several trusts as a bank employee. I have one trust which I work mostly for which my cumulative tax code is. Should I make sure the other trusts I work with occasionally I have set as emergency tax to stop a big tax bill at the end of the year? And do I need to submit a self assessment tax code as well?
Hi there, thanks for the question and sorry for the delay! It would be worth having a code such as D0 when it comes to working for those other trusts (as you say, not the main trust you work with) as then they can take off tax as you go along and spare a tax bill later (or more likely HMRC altering your main tax code to get the tax back). You need to tell HMRC however, rather than the trusts as legally they have to do whatever HMRC tell them. If you are purely an employee it is unlikely that HMRC will want you to do a self assessment tax return. You can find more information here: www.medicsmoney.co.uk/is-your-doctors-tax-code-correct/
Hi thanks for this video. Regarding tax free childcare and the 100k threshold at which this is lost, do nhs pension contributions help to reduce the adjusted net income?
Hello, thanks for the question. Adjusted net income starts with your taxable income and as your NHS pension reduces your taxable income, it is accounted for in reducing your adjusted net income. Further information on adjusted net income can be found here: www.medicsmoney.co.uk/your-marginal-tax-rate/