On this episode, Cyra is joined by GP Dr. Steve Taylor and specialist medical accountant Andy Pow to discuss Steve’s difficult experience getting his NHS pension sorted ahead of semi-retirement at 60 under the older scheme. Steve discovered missing years and incomplete details in his pension record after requesting the data held on him, leading to a year of back-and-forth to correct errors, plus complications from the McCloud remedy and an £11,000 adjustment. He also faced delays and confusion in the application process (AW8), including being told he applied too early by three days and receiving little clarity on payment amounts or timing. Andy explains how errors and gaps are common, advises checking records early via My NHS Pension and PCSE Online, and stresses keeping annual statements, returns, P60s, and March payslips.

00:00 Welcome and Setup

00:41 Meet Steve and Andy

02:04 Missing Pension Years

05:06 Applying and Silence

06:29 McCloud Remedy Mess

07:49 Start Checking Early

11:20 How to Check Records

13:47 What Documents to Keep

16:49 Estimating Your Pension

19:12 Wrap Up and Resources

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Disclaimer:

The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

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In this very special episode, we have exciting news.

Andy Pow hosts this week's podcast with Forvis Mazars healthcare accountants Dawn Laird and Lee Simmonett to explain Making Tax Digital (MTD) for income tax, described as the biggest change since the 1990s and arriving in 2026, with around three-quarters of affected taxpayers not registered. MTD currently applies mainly to self-employed clinicians such as GP locums (and some consultants with self-employed private practice) and to property income; it does not directly affect partnerships or limited companies. The trigger is cumulative income over £50,000 (before expenses), including combined self-employment and rental income, with thresholds falling to £30,000 then £20,000. Recipients must register separately (not auto-enrolled). Quarterly submissions start with the first due 7 August, plus a final declaration; tax payment dates remain January and July. Spreadsheets require bridging software; digital tools like Xero are recommended. Penalties begin next year: one point per missed quarterly submission, £200 at four points, lasting 24 months.

00:00 MTD Shockwave 2026

01:23 Who Must Comply

02:37 Income Thresholds Explained

05:15 Registering With HMRC

06:35 Quarterly Deadlines

07:10 Software Vs Spreadsheets

08:53 Final Declaration Basics

11:40 Penalties And Compliance

16:10 Rental Income Complications

20:12 New Businesses And Voluntary

21:45 Top Tips To Prepare

23:57 Accountant Support Options

26:51 Final Wrap Up

Want the latest financial tips for doctors and exclusive invites? Join 71,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/

Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com

Want to improve your finances fast? Then come on our course

https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/

Want to find out more about our other courses?

www.medicsmoney.co.uk/courses

Follow us on Instagram

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Disclaimer:

The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.