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Medics’ Money is a doctor led organisation that helps doctors find the best specialist medical accountants and independent financial advisers in the country, verified by us with reviews from doctors. Medics’ Money is run by Tommy Perkins, a GP, and Ed Cantelo, who is not only a GP trainee but also a chartered accountant and chartered tax advisor with nine years’ experience at PricewaterhouseCoopers LLP London.
With doctors’ wages falling by up to 30 per cent in 10 years, according to the BMA’s own research, combined with the pensions issue for senior doctors, the rising cost of training for junior doctors and the loss of free accommodation; we decided to use our unique skillset to help mitigate the impact of declining incomes and rising tax bills on our colleagues. Our site is totally free to use and we empower our colleagues in several ways.
Firstly, we help you find a medical specialist accountant or independent financial adviser from our nationwide network of 24 specialist firms. They have been handpicked and verified by us and with reviews from doctors like you. They are experts in NHS pensions, GP finances, locum finances and a wide variety of taxation issues. We noticed non-specialist advisers were more likely to give our colleagues incorrect advice. Doctors’ financial needs can be complex, and this needs a specialist adviser, such as those on Medics’ Money.
Secondly, we provide free financial CPD from the best specialist advisers in the country. Our blog covers everything from working out if you are affected by the NHS pensions tax issue to how to understand your payslip or get a mortgage. We also provide unique, free guides to make it as easy as possible to claim a tax rebate online for free. This can reduce the costs of, among other things, GMC and royal college fees and examination expenses by up to 40 per cent.
For some time, we had been helping our doctor colleagues with their finances. From this several themes emerged – as mentioned above, doctors found it difficult to know where to find the specialist advice they needed. As Ed is both a doctor and a chartered accountant, we were able to use this unique skillset to develop our free tax rebate guides (tested and refined extensively with the help of our colleagues) and verify the best specialist advisers in the country.
We launched in January 2019 and since then over 37,000 people have visited our site, over 7,000 have downloaded a tax guide or subscribed to our blog and our network of advisers has grown from 3 to 24. Our network stretches from Scotland to Cornwall and is expanding all the time.
So what have we learned?
If you have an idea that is innovative, free to use and helps doctors, then other doctors are extremely supportive. We don’t have a big budget or lots of business experience, yet we have managed to build a product that is used by thousands of doctors every month and our colleagues tell us they really value.
We are very grateful to the support of the BMA, Royal College of GPs, Royal College of Obstetricians and Gynaecologists, Royal College of Surgeons, Royal Medical Benevolent Fund and anyone else who has told their colleagues about us or written to us with an idea to improve our site. We couldn’t have done any of this with the support of our colleagues.
We are constantly expanding and improving what we offer doctors and looking to work with anyone who will help us in our mission to empower all our colleagues to make better financial decisions. If you think you can help us please get in touch.
Tommy Perkins runs Medics’ Money with Ed Cantelo
I agree that we should help doctors with finances.