Start the year with a financial health check
Legal & Medical Investments
by William Champion-Pritchett
3w ago
Are you guilty of ‘financial drift’ by not taking stock of your financial position? Hopefully not if you are using Legal & Medical services. Earning money is hard and keeping hold of it is even harder, so we need to make sure what we earn is working efficiently. Start each year by giving your money matters a financial health check with our five simple, quick and achievable tips on how to save money and help you achieve financial wins. 1. Make use of tax shelters Most will feel you pay more than enough tax. You have little or no choice in the matter. However, the HMRC are not prescriptive w ..read more
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Why you need our free, secure budgeting tool
Legal & Medical Investments
by Amber Woodrow
1M ago
Keeping on top of your outgoings can feel like a job in itself. As I was wisely told once, “It’s not your income that makes you rich, it’s your spending habits.” With this in mind, we’ve launched our new budget management tool (Open Banking), to help organise, budget and monitor your spending – all through our existing free secure client portal. And the best bit is most of the organising is done for you as it’s automated. It’s free and simple Just by linking your bank accounts to our free Legal & Medical portal open banking will organise and track spending giving you all the data you need ..read more
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5 often-forgotten festive financial tips for medics
Legal & Medical Investments
by Jos Major
2M ago
Are you an avid ‘how many sleeps until Christmas’ type? Or a ‘bah humbug’ scrooge? Either way, Christmas is nearly upon us and if the frantic frenzy surrounding Black Friday and Cyber Monday hasn’t already exhausted you, the nation’s clogged-up roads and shopping malls in the run-up to Christmas certainly will!  Christmas shoppers of all ages are desperately trying to get everything done in time and within this year’s cost of living crisis-induced tight budgets. Martin Lewis, the Money Saving Expert, has rightly been speaking about the burden of unnecessary gift-giving and how this joyous ..read more
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Good news for first-time home buyers
Legal & Medical Investments
by William Champion-Pritchett
2M ago
Many doctors and dentists may believe your dreams of buying your first home are slipping out of reach due to much uncertainty surrounding the mortgage market and the economy. Please don’t despair – we have ideas and strategies guaranteed to calm your concerns and show that high street lenders are still willing to lend to first-time buyers, setting you firmly on your journey up the property ladder. Following the infamous mini-budget back in September and the subsequent hike in interest rates, there has been a significant slowdown in demand for house purchases, particularly among first-time buye ..read more
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5 ways budgeting could improve your life
Legal & Medical Investments
by Kirsty McGaun
3M ago
Knowing your financial incomings and outgoings is essential for budgeting. This may seem like the simplest of tasks, but you’ll be surprised how many doctors and dentists look at me sheepishly when I ask them to run me through their outgoings. Some clients can recite their direct debits with the accuracy of a well-schooled 10-year-old, however, the polar opposite is pretty common. Yes, I know it feels like a dull way to spend your time but believe me this simple task will bring you far greater benefits than you may imagine.  To help you budget, Legal & Medical now offers all clients a ..read more
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Update on NHS pension rule changes: Annual allowance inflation revaluation
Legal & Medical Investments
by Kirsty McGaun
3M ago
Finally, we have some good news about your NHS pension scheme and annual allowance, as the government is expected to amend NHS pension rules. On the 22nd of September, the then secretary of state for Health & Social Care, Therese Coffey, announced the government’s ‘plan for patients policy paper’, which set out to tackle some pressing issues facing the NHS today. Namely, the annual allowance misalignment of CPI figures. The most eye-catching of which was ‘correcting pension rules regarding inflation’. The annual allowance is aimed at taxing growth in excess of inflation. Currently, inflat ..read more
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Investment market update: October 2022
Legal & Medical Investments
by Malcolm Norris
4M ago
The investment market seems to be the gift that keeps giving – in the unwelcome surprise stakes. Malcolm Norris, from our investment committee, explains why it has been a challenging time for all, with 2022 proving to be a tumultuous time for investments with the latest asset class to hit the headlines being government Bonds and Gilts. How did we get here? Looking back over the last couple of years, we had the covid pandemic in early 2020 when stock markets sold off heavily – but temporarily. Yet by the end of 2020, into 2021, the markets, for the most part, had recovered to their pre-Covid l ..read more
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You’ve received an HMRC annual allowance statement – what do you do now?
Legal & Medical Investments
by Jill Eccleshall
4M ago
We all dread receiving the brown envelope with an HMRC logo, no more so than our higher earning NHS doctors this year! With the September 2022 CPI figures confirmed at at 10.1%*, concerns raised in our June article “How inflation will affect your annual allowance” are becoming a harsh reality for many doctors. There is however, a tiny glimmer of hope for NHS pension members. Amongst the raft of recent unpopular government announcements, our current Health Secretary, Therese Coffey, announced a package of measures to improve patient care and reduce the exodus of doctors from the NHS. One announ ..read more
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Mortgage rates are rising – what can you do?
Legal & Medical Investments
by Vincenzo Rosellina
4M ago
It’s not surprising many homeowners are concerned about the future affordability of their mortgage. We haven’t seen interest rates this high for many years, in fact, not this century!  Did you know there may be a way we can help you avoid a mortgage rate increase at the end of your current fixed rate? What’s happening with mortgage rates? The forecast is for the base mortgage rate to go to 5.5% before the end of this year, meaning we could see 2-year mortgage rates starting from 6.5%1, up from an average of 2.34% in December 20212, and 1.76% in December 20203 during the stamp duty ho ..read more
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Get your children onto the property ladder without 2nd property taxes
Legal & Medical Investments
by Vincenzo Rosellina
5M ago
As the summer draws to a close many will have turned their minds to packing children off to university or are contemplating how long those who already graduated will be back home after returning at the end of their degrees. With high rents in university towns, it may be worth considering getting your child on the property ladder early, rather than paying off someone else’s mortgage. If you are worried about 2nd property taxes, then we may have a solution. Taxes are not the only problem, there’s the added worry your children will never be able to afford a home of their own! Also, secretly you ..read more
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