In this episode of the Medics’ Money podcast, hosts Ed and Matthew provide a comprehensive guide on essential tax planning strategies to consider before the end of the 2024-2025 tax year on April 5, 2025. They cover six crucial topics, including claiming tax rebates for professional expenses from prior tax years, maximizing ISA allowances, understanding and mitigating marginal tax rate traps, exploring asset transfers to lower-taxed spouses, and staying aware of potential pension annual allowance issues. The episode aims to help healthcare professionals avoid missing out on valuable tax-saving opportunities and offers actionable tips to optimize financial planning.
00:00 Introduction and Overview
00:58 Meet Ed: Your Tax Guide
02:12 Claim Your Tax Rebates
06:00 Maximizing Your ISA Allowance
11:54 Understanding Marginal Tax Rates
14:57 Transferring Assets to Lower Tax Spouses
17:27 Pension Contributions and Annual Allowance
19:21 Final Thoughts and Recap
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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.
