Great video! While I agree with most of it, I'm not sure about surviving on only £1.50 per day. You mentioned the mental health aspect, and I think cutting out small luxuries like a good meal or coffee could be tough, especially with a demanding schedule like a junior doctor's. Saving for the future is important, but so is enjoying the present. Maybe we don't need to spend £6-9 every day, but finding a balance between saving and treating ourselves is key. Pushing back travels and fun activities just to max out an ISA can lead to burnout. Absolutely, let's save for the future, but not at the expense of our current well-being. Maybe allocating some funds specifically for those getaways and stress relievers can help maintain a healthy balance between the demanding medical profession and financial goals.
💯 the example is simply to illustrate that small amounts of unconscious spending really add up. As you say it’s about conscious spending on things you like and enjoy - which probably isn’t hospital food😉
Can you tell us why is it that the HMRC rejected as a work expenses the medical conferences we attend even one’s done by the royal college despite this being exclusive and necessary for your work so we all keep up to date, so we can be successful in your CPD submissions with royal college and also appraisal and then gmc Revalidation. ( trainees will get to this when CCT!). Thank you.
Hello, thanks for the question. The reason they give, which we agree is unfair, is that any expense incurred has to be incurred in the performance of employment duties (unless specifically allowed). They argue that during the medical conferences we are not working as doctors so they are not allowable expenses. And if they don't get you on that they also argue that the expenses are not "necessarily" incurred because medical conferences make us better doctors but "are not necessary" for our jobs. We definitely agree this is not fair and not appropriate but HMRC make it as hard as possible! You can find more information here: www.medicsmoney.co.uk/what-can-doctors-claim-tax-back-on/
Great video! While I agree with most of it, I'm not sure about surviving on only £1.50 per day. You mentioned the mental health aspect, and I think cutting out small luxuries like a good meal or coffee could be tough, especially with a demanding schedule like a junior doctor's.
Saving for the future is important, but so is enjoying the present. Maybe we don't need to spend £6-9 every day, but finding a balance between saving and treating ourselves is key. Pushing back travels and fun activities just to max out an ISA can lead to burnout.
Absolutely, let's save for the future, but not at the expense of our current well-being. Maybe allocating some funds specifically for those getaways and stress relievers can help maintain a healthy balance between the demanding medical profession and financial goals.
💯 the example is simply to illustrate that small amounts of unconscious spending really add up. As you say it’s about conscious spending on things you like and enjoy - which probably isn’t hospital food😉
Can you tell us why is it that the HMRC rejected as a work expenses the medical conferences we attend even one’s done by the royal college despite this being exclusive and necessary for your work so we all keep up to date, so we can be successful in your CPD submissions with royal college and also appraisal and then gmc Revalidation. ( trainees will get to this when CCT!). Thank you.
Hello, thanks for the question. The reason they give, which we agree is unfair, is that any expense incurred has to be incurred in the performance of employment duties (unless specifically allowed). They argue that during the medical conferences we are not working as doctors so they are not allowable expenses. And if they don't get you on that they also argue that the expenses are not "necessarily" incurred because medical conferences make us better doctors but "are not necessary" for our jobs. We definitely agree this is not fair and not appropriate but HMRC make it as hard as possible!
You can find more information here: www.medicsmoney.co.uk/what-can-doctors-claim-tax-back-on/
My total rewards statement hasn't been updated since 31/03/2022. How can I request a current update? Thank you
We've made a video to answer your question here
th-cam.com/video/LlGH8kxRSV8/w-d-xo.htmlsi=QHeTHbloBrq9XbMR
Hope it helps
Mine since 2021! How can we change it?