Ndubuisi 'Andy' EgwimMoney Coach for Medics|Ex-NHS GP|21+ Yrs Investor| Founder, MoneyWiseDoctor.com|Helping Medics Avoid Big Money Mistakes

Are You in the 60% Tax Trap? Doctors, Listen Up!

21 Nov 2024 · 1 min

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Ndubuisi 'Andy' Egwim warns that many doctors and healthcare professionals make costly tax mistakes, often without realising their situation. He gives an anecdote about a UK consultant radiologist who discovered she had been pushed into a "60% tax trap" after losing her tax-free/basic personal allowance, resulting in a much higher effective tax rate than average.

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One big area I see doctors and healthcare professionals make mistakes is when it comes to taxes, a lot of times we have absolutely no clue. I was speaking with a consultant radiologist yesterday in a private session and she only found out that she was in this 60% tax trap. She had been pushed into an area where she's being taxed far more than an average person, basically in the uk, because she's lost her tax free allowance, basic allowance. So this is just one example.