Dr. Ndubuisi Egwim warns doctors and dentists about costly tax mistakes in the final weeks of the year. He flags misused ISAs, a 60% tax trap, missed limited company expenses, and inheritance tax risks. He offers a free tax efficiency scorecard to check your position.
Doctors and dentists, here's something most of us don't even realize until it's too late. You could be overpaying taxes, thousands in taxes, without even knowing it. And in just 2 weeks, the tax year ends, and it could be too late to fix because that window closes. Maybe you're not using your ISAs properly— your Lifetime ISA, Cash ISA, Stock and Shares ISA. You're not using it in the right combination. Or maybe you've fallen into the 60% tax trap without even knowing about it. Or you're missing legitimate limited company expenses that could reduce your tax bill. And these are the mistakes that are very common Doctors make every single tax year, or you might be risking avoidable inheritance tax because your life insurance and assets are not structured properly. Unfortunately, no one is coming to come fix this for us. No one is coming to fix this for you as a doctor, nor your employer, not HMRC. And even accountants can miss these things if they don't specialize in doctors' finances. Look, you have to take charge of your own financial future. If we've never met, I'm Dr. Andy Egwim. I'm the author of The Moneywise Doctor. And over the past 3 years, we've helped thousands of doctors make smarter financial decisions and avoid costly mistakes from my website, themoneywisedoctor.com. If you'd like to check your tax leaks before the tax year ends, you can take the doctor tax efficiency scorecard. It's totally for free. It takes about 3 minutes, and it shows you whether you might be missing tax allowances or leaking thousands in taxes without knowing it. Look, if you want to get it, just comment score and I'll send it to you, or click the link to check it out. Let's not leave money on the table this tax year. 2 more weeks to go and that window closes.
