Ep 315: Tax Year End Special - Don't Lose Out!

6 snips

Mar 10, 2026

Andy Power, specialist medical accountant who advises healthcare professionals on tax and pensions. He walks through 10 year-end tax considerations. Short, practical prompts on claiming old rebates, managing adjusted net income near £100k, ISA and Junior ISA limits, pension allowance traps, dividend timing before April 2026, capital gains and inheritance gifting, and preparing for Making Tax Digital.

Ask episode

AI Snips

Chapters

Transcript

Episode notes

ADVICE

Claim 2021–22 Employment Expense Rebate

Claim missed employment expense tax rebates for 2021–22 before 6 April 2026.
Use the Medics Money step-by-step guide on their website to submit allowable employment expense claims quickly.

INSIGHT

Adjusted Net Income Triggers Personal Allowance Taper

Adjusted net income determines whether your personal allowance is tapered away above £100,000 creating an effective 60% marginal tax rate in England.
Pension contributions and Gift Aid reduce adjusted net income and can keep you below the taper threshold.

ADVICE

Use Your ISA And Junior ISA Allowances

Maximise ISA allowances before 5 April 2026 by using up to £20,000 per person and consider a £4,000 Lifetime ISA if eligible.
Open Junior ISAs to invest up to £9,000 per child per year; LISA must be set up before age 40 to get government bonus.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

PocketSmith is proud to sponsor this episode of Medics Money. If you want clarity and confidence in managing your money, plus 50% off your first two months of PocketSmith, head to: https://www.pocketsmith.com/medics-money/

Ed (a salaried GP, chartered accountant and tax advisor) and Andy (specialist medical accountant) outline 10 pre–tax-year-end considerations for healthcare professionals before 5 April 2026: claim missed employment-expense tax rebates for 2021–22 before the deadline; monitor adjusted net income around £100,000 to avoid personal allowance taper and childcare impacts, using pension contributions or Gift Aid where relevant; maximise ISA allowances (£20,000, including up to £4,000 Lifetime ISA, with cash ISA limits for under-65s changing from April 2027) and consider Junior ISAs (£9,000); transfer income-producing assets to a spouse/civil partner to use lower tax bands; use the £3,000 CGT allowance if selling assets; watch NHS pension annual allowance and tapered annual allowance issues near £200,000; consider inheritance tax gifting exemptions (£3,000 per year, plus prior year); plan limited-company dividends before dividend tax rates rise on 6 April 2026; and prepare for Making Tax Digital from 6 April 2026 for qualifying self-employed or rental income over £50,000.

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

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.