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Okay. Hi, everyone. And welcome to our webinar today. Remind oblique on pace, lips and tax. I'm sorry. You know, it's a slightly warring topic. We've tried to make the presentation a little bit quick, but it is really important. And it's actually something that's not well toward medical schools. No one really teach it to even when you start your job. So hopefully this will be helpful for you. Um, so my name's John Be I'm currently, um, access access it. Joe on we've got a cashier is Well, it's an end of crack and Reg, Um, just before we get started, I just want to point out that this talk is mainly based at if one's on. It is mainly based in for those in England, the PE and Scotland and whales, and the tax system does work slightly differently. But we do have details about this on our Web sites. If you want to check out on there or you might of us any questions, that's fine. Um, so before we get started, just a quick shout out to our sponsors on nd you. So I know you guys have all started your new jobs. Now, just to make sure that you do have an M. D. U or Indemnity subscription because your student or mobile have expired and especially before you start your actual jobs, it's really important that you have this and it's a legal requirement. So make sure you got that sort of face what we're going to cover today. So we're going to look at How is your pace? Sets up on this is director maybe towards most junior doctors, but specifically F ones. What can you expect to get this year? How is it calculated what, How much you could have taken off the tax and other deductions on by any? We're just gonna end a little bit on how to clean tax relief so personally, just a quick overview of PE in the image. Just so you're normally paid monthly, and this is usually the last Thursday of the month. It can vary from trust to trust, but this is normal. And if you have any questions about this, just ask a payroll department. Your pace lips are normally available nowadays, online on the system called HPR on day should all be there. Make sure that once you get your pace lips that you actually do, download them and save them in a safe place. Because I actually found out after I left my last job that they get rid of your You pee her access after you've left and you don't have access to your pace lips to just make sure that you do download thumb. I think some trust you still have paper copies, but this is rare on if they do, obviously just filed them away and keep them in a safe place on the Taxotere. Runs from eight Pool to April on. At the end of this, you'll get a piece 60. So you need to save this piece 60 years well on. There are some implications for your first year of work because you obviously started in August rather than equal. But we'll go through all of this as we get through the presentation. Oh, and I forgot to say, If you guys, do you have any questions just posted in the Facebook comments and we'll make sure to look at them on. I've always the, uh, weaponize recorded. Okay, So before we get to more complicated things, what the basic terms you need to know about your pay. So first your growth pace. So this is the total money that you learned before any deductions. So it's normally what they hold your own rules. Kind. Yeah, but yeah, on this, what you get in your book, your basic pay. So this is kind of worked out by using either your grade or a noodle point, which would Then we'll go through in a minute. And this is the basic money that you learn for 40 hour week. Now, normally as F ones or is any doctor, you work more than 40 hours a week if you include all your own calls and everything, but this is then calculates, and we'll go into that as well. But that's what your based pain tails deductions. So deductions that would come off a common things such as income tax, national insurance, the NHS pension if you have a student loan than your student loan on others. So others things like that you got your parking permit taken off from their contributions to the mess. Things like that and then your net pay violently is you take her own pace that this is actually what goes in your pocket So this is your growth pay minus your deductions, and that's we can calculate. And that's what you to basal. You're learning. They're all kind of spending on. So how is your pain? Calculates. It's a little bit complicated, but we'll go through it so early, and this is really important to make sure being paid appropriately. It's quite common that just a few 100 lbs a year old there you can be, um, the paid or overpaid. So first of all your basic players, like we said, this is for a 40 hour week on this is based on the nodal point. So that's as you progress in your careers, the point that you go on for how many years worked in the NHS on your great, so as an f y in the year 2021 22. So that should say, in England your nodal 220.1 and your basic salary is 28,808 pounds with a year. But this isn't actually what you make because you normally work more than 40 hours. So your additional hours so but every hour you work beyond your 40 hours. You got 1 40 So, for example, if you woke to work a 42 hour week on average, so this is obviously based on the average taking into account your on cautious. Then you get paid to 40th more than your salary, your basic salary night pace. So but every hour you work between nine pm and seven AM and just include, but finish in, Uh, A. Yeah, see that 27% enhancement on those out. If you were to work like in abdomen average three hours a night a week, you get a 37% enhancement on those hours and finally, the weekend allowance. So this is a This is basically there's a system. So however many weekends you work, you get a percentage extra of your. Basically, this is all available. Either remind the pick from any chest website, but for example, if you were to work one in two weekends, you get 10% extra on your basic player. If you were one of eight weekends, 3% extra on those different things that go up one and three weekends 1 60 tens of all depends on that. But this is again an average on this gets added to your basic pay to come up with your gross pay, so I know it's a little bit complicated, but I hope that made sense. So how does this over just a little example? So you say you work a 43 hours on average a week, with an average of seven hours overnight at a frequency of one in four weekends. You're a little pale. Will be your basic pay times 43/40 because you're working 43 hours of it, not 40 plus an extra 37% on the seven hours you work overnight on, plus an extra 5% on your basic pay for the weekends. So you can use this to calculate its bit tricky to calculate. Exactly. But on average, kind of what you learn. So your deductions, so see you in loans. This will be in. You begin repayment a proxy. I do it for your first. You do. You actually were infections taken off movie. However, if you've done another degree before medicine, then you may have it taken off. But it depends on when you finish and when he started, and if there's any specific concerns, you should talk to either student loan company. Your payroll hate you, Marcy. Your pension contribution. So this depends on how much money you're making from your NHS job. However, for most active ones and most junior doctors, it's typically 9.3% of your basically in your national insurance. So this is a fixed amount, depending on how much you are. So currently, anything up to 95 1 drink pounds. You're on 0%. Anything up to 50,000? You're p 12%. So you're probably only be on that list. Of course you're lucky. And me here over 50,000 one warning point, I have to tell you, is not to base your entire year finances on your first month's salary. This is because first of all, student loans don't start coming out until April, so you'll have more deductions from then. Also, because you start the taxi or in August in April. Sorry, but you're starting in August. You actually probably won't pay tax until March, and that means that you won't be paying much tax in the beginning. But suddenly you'll be paying a lot more, and that can hurt also, depending on your rotation, on how many weekends and night ships. You doing your weigh you again massively varied on this was obtained from rotation to rotation. So just keep that in mind and don't want to spend your money or base your ran it or any other loans you may take out on your one month salary that you get it. The beginning, so little point of our income tax. Sadly, it's a bit a bit of a boring topic again, something. It's really important. Government is, of course, taking the money. So it's important. You know how much they're taking on that, you know, be over, taxed on. If you are being undertaxed, they'll make sure to take a problem. Years like in the future. So a certain proportion of your income is untaxed. I think this is slightly old and the values might change slightly. Actually, no. I think this is another updated value. So 12,570 lbs of your income, some tax. This is also why you don't get paid. You don't pay any taxes till you make above this amount. So the the beginning you may not pay as much taxes you will later in the year. This is your personal allowance, and this is the same for everyone. So everyone who earns up to that amount, it does not pay any income tax beyond this. And up to 50,000, you will pay 20% on any money. Um, so any money you in between 1,212,570 lbs to 50,000, and most of you will cough course common. That kind of pain bracket abuse on 50,000, you pay 40% tax, but again, unlikely that I want you to make that much money Saturday. Now, a common era that happens. And this has happened to me multiple times is that you're put on the ink on an incorrect tax code. This means that you normally end up overpaying quite a bit of tax and it could be any Well, you should be paying 20% and you end up paying 40% so coming of massive difference. And this the tax code is basically on your pace of on. It defines how much tax free income you get and how much tax eBay. So normally your tax codes, unless you know you've obviously got all the financial things going on most people. The tax Kurds should end in an L to make sure ends I/O. Then your tax free allowance will be the Valium before that's of, in this case, 12, 57 times 10. So your tax reliance in this case or the one that you won't pay any taxes will be 12,570. Now, most of you guys will start on this. But as you progress, this tax code can change on. We'll go through, take claiming tax back. But basically any tax back you clear you don't pay tax on. So that could also increase the value. But anywhere around that sort of value we're looking at main thing I wanted to point out to everyone is to look out for emergency tax codes to these are normally an X w Y r a m. One. And this means you're over paying tax. And it means basically the government wasn't sure where to put you on, so they just put you on an emergency tax code. If this happens, you know, they used to hate drama. See, online account with is really easy to set up, takes all of about 10 minutes. Well, you can just call them with your number and say that, um, this is the problem on this is what I should be making. And then they will correct it for you next month. Okay? And you will get the money back, but it's just a hassle. So it's better to just make sure on the right one from the beginning. A quick point when you do local sheriff's well gets a little bit complicated. And normally you're on a be our tax code or basic great tax code. And this means you're normally paying about 20% tax on that. So when you do your load come ships those pace, let's maybe slightly different. But that's because of how it works. But we're talking about your, you know, your normal monthly basis that Okay, so I thought we would just see if this is available on the B. M. A website. But this is basically what you're ah, basic pace that will look like So you have your assignment number up here. This is your payroll numbers. If you were to call payroll with an inquiry, this is the number you should use. Um, fluid. Name your location, your department, your job. Title of that should be pretty self explanatory. Your pay scale description. Berries. What grade? You're up again. I wouldn't take this is a what it like how much I should be getting paid. It's the stuff underneath, Really? Your salary and wages Normally your basic pay until you need to check that you're on the right basically, before anything else. Is that it? Then you have a wheeze dates, which doesn't really matter so much your standard hours. Now, this is important. So this is your average number of hours. You work a week. So like we were discussing before. If you work more than 40 hours, you will get certain percentage more than your basic paper on, then your entire number and your tax. Good. Now, this is really important to check this on every place. If you get it can change even halfway through the years. It just make sure you keep an eye on it, make sure it doesn't change. Then you get what you're actually getting paid. So it's always labels like both here to your basic pay, additional pay, additional hours, night duty, weekend, and then it says how much you earn the route to them, so it's actually really easy to calculate. Are you being paid the right amount? I wouldn't worry about the other things. The Boston They don't really apply to you guys at this point. Then they said the pain that is due and what rate you're up. It's not on here, but there's normally another section that just says your deductions. It will say pension deductions this much And I deductions this much income tax this much. So it's really important that you check that as well. And also things like I said before, like mess contributions there sometimes taken out of your place yet parking to just check that is all. Okay, but this is what basically selection look like, and these are all things that you should check on it. So, like I said, the beginning of this presentation, we're gonna look claiming tax. Really. Now, this is really important because I didn't I didn't really think about this for the first year of my job on you. Actually, the money that you can claim back actually really adds up on at the end of the day, any money you can get back. It's great for you. And also it's no actually that difficult. It sounds like it's a lot of work, but it's really minimal work, especially in our cases. We're not claiming crazy amounts of money that normally quite simple. So what does claiming tax relief mean? It means that anything that has been paid by you for your job that is essential to your job hasn't been repaid to you by your employer. You can claim that you don't pay any taxes on that. So that 20% tax that you normally pay you won't pay it on this. You can actually back date this Brock to four years. If you've forgotten a year, you can actually go back. But it's best to keep on top of it and do it yearly, and it's also only to pay tax in the year. So if you take a year out, for example, and you haven't paid any tax, you obviously can't Kreme fees or anything back on that. Yeah, so hope. That's making sense so far. So what can you clear now? What I recommend is looking at the hate to Marci outside. They have a whole list of things you can claim and things you can't do it, but this is basic for any kind of junior doctor. What you can do your professional fees, this visa, your GNC fees. So make sure you clean those back in your first year. I know they're not a lot, but as the time goes on, they do become a little bit pricier. Any subscriptions? You have some things like the B m A M d u. Um, like any society is that you join any kind of rural colleges anything like that, that you can claim money back one that other things. So if you're traveling for courses of conferences, clothing, there's a set allowance that you can claim back for clothing for uniform, any tools. So if you buy a kind of you know anything you need for work. So like a stethoscope, for example, you can claim money back on that. Also, other things. You can claim money back on kind of anything to do with your jokes, that anything that it's essential and you need such a. If you do an exam, you can claim money back for that exam. So if you do look up further qualification thing. You can claim money back from the exam that you've done on. Then if you join a society from that, you can claim money back on that as well. And even though it's only 20% it does add up quite a bit. You'll see on the next slide. So, like I said, if you're earning up to 50,000, that you get 20% tax back on things. So 20% of dust, the basic ones that GNC, B, M, A, M, D. U and membership exams you actually already gaining about 200 lbs a year honestly only takes about 10 minutes to do on online website. It's no work at all, and you get this money back also. It puts you in a really good place to keep doing this for the rest of your career. On the more money you make on the more exams you do, the more subscriptions you need. A little money really, really starts to add up. So how to claim the easiest way to do is online. There is a paper for Ms Well, we prefer that it's easy. You just need to pay sit on your possible on There's the government website a link there. But if you just Google that even kind of cleaning tax, really, it explains, it really clearly expense what you can claim, what you can't claim, and they also have to go about. So I know that was really breathe. But hopefully you guys have some questions to ask me. But the take home messages are always keep a copy off your pace lips and your pee sixties. Like I said, I didn't realize, and you can lose all over Elektronik coffees, so just keep make sure you haven't backed up regularly paid. Check your pace. It's with your work schedule. So no, only check your pace. It's every month. Was this essential? But also, when you change irritations and your work schedule is change, sometimes they forget to put you on the new work schedule. But you need to make sure that you if you're doing the hours, you should be paid for them. Look out for in correct that's could. This is really common. We see this all the time, and it's if you do get something for a tax quote, all you need to do is call. Like I said, hate to Marci. A lot sold out for you. Check your deductions to know what you're paying out. Sometimes you do end up paying out holding. You think once you've added up all those things, it's quite a bit on. Even though your monthly salary might seem like a lot before. After you take the deductions out, it's meant you have to make sure that you're living within your means. And so before you even start work should think, What am I going to be paying when you're taking it out on? Like I said, student loans is a big one that it's no actually a lot. It's only about 25 lbs a month, but it does add up as you look to the future and make sure you claim tax relief. Really simple nose of people have got to do, uh, but cause any money is good. Okay, Perfect. There any questions at all? I think I I should looking at the chat. I Thank you so much, Doctor Shot. That was absolutely wonderful. Talk on we put up the feedback Linkous. Well, so please have your it's really important to us that we constantly update these sessions. Make them absolutely the best we can to please give us plenty. Plenty of feedback. So I thought that was an absolute great talk. It covered a little ky bits of information in terms of things that you guys will need to know is that one's very keen on any questions that you got. And so we'll do is we'll take a moment to save you. Send us any questions. In the meantime, I just want to bring your attention. Teo. The fact that we have entire webinar series, um, on finance, which, if you were interested in this talk, you will be very much interested in that. That's every Tuesday to nine PM run by Doctor Sai Rash. Oh, who is on accountant as well as an F one and say she gives this unique in sight until a lot of the basic financial topics on. But between this session and all of the sessions she's been giving, I have learned in incredible amount. So if I am constantly early, trust me, it's gonna be a 1/4 session for you guys as well. Um, except we've got a question on opinion on opting out of the European working time directive. Okay, Very good question. Um, correct me if I'm wrong, but I think you basically do have to sign out of the European working on there. So yes, they trust will often ask you if you'd like, um, opt out of the European working time directive and because essentially, they want that opportunity to give you more hours. Um, potentially be a locum on for you, Teo. For them to be able to ask you to do those extra hours, my recommendation would be so if you opt out, you can always that opt back in afterwards. And also vice faster your rotor. It should be in a situation where it's compliant with the European working time director because it should be compliant with the new 2016 contract. With that in mind, you shouldn't need to opt out of the European working time directive. So most often what we say is don't opt out. And in the future of the situation, because of all the protections that the European working time directive office you and in the future, if you do need to opt out, it's so quick, topped out literally just a form that you have to sign that you may as well do it up at the time that you need, for example, if you were a local thing into a situation where you are overworking those hours. But really, you want those protective mechanisms that are in place, so I wouldn't opt out unless you need top down and just following on. From what I said, we did have a webinar. A few weeks ago, we went through a device called that we went through the new contract and what hours you're allowed to work on. As long as you're kind of compliant with those hours and you don't feel that you're being burnt out, then you should be okay on those like our processing are compliant with those regulations. So you shouldn't in most cases, especially an F one, you should be fine as you get a bit further in your career. Often you kind of do end up suck coming out of it, but I think to start with, it's best to keep it in the accident. So that's all the questions so far away. Do is we'll give it another minute or two to see if anybody else wants to ask another question. Um, in the meantime, please, please, once again do fill in our feedback. If you were joining us on YouTube, a Zyrtec or Ding, then the feedback link is, as always, in the description, so you can always get that certificate for attending. So I've got another question, which is on how do I go about actually calculated my accurate pay using my rotor. Okay, so what you do is you should get, um when you get your rotor, you should be able to see how many hours on average you're working on. This should actually be written your, um when I showed your pace that it should be written on there because they'll work at the average for you, calculating your own calls and everything, and that number is actually normally right. If you think it may be slightly off, the best thing to do is to call payroll and tell them to have another look at your rotor. Once you have that, and you know how many weekends you're working and how many nine it ships get doing. It's a little bit tricky. I know it's quite complicated to work it all out. If you look at your pace that it's actually broken down quite well for you. It says. Your basic pays this. Then this is additional hours. You've done this many additional hours times by This makes this so as long as on your pace. Lithium Ishan allow hours on the night. Shifts are the correct number. You will be being paid the right amount, and that's normally sometimes easier than sitting at the beginning of your job. Beginning of your rotation, calculating all if you are paid the wrong amount. One on you. Bring it up to payrolls. Attention, they will. But do you think that you're heard? Just It may take a few months, so I wouldn't worry about it massively. And it's not normally, but incredibly off. It's a normal, like 100 lbs here or there, but there is really nicely broken down. Once you get your first place, learn it does show it really well, so you can use that to make sure that it's the album is that you're actually doing. If that makes sense, lovely. And just in case you wanted a calculator toe work, how, exactly? What you can do is plug a little of your road into the calculator, and it will actually tell you the answer of exactly how much money you earn power per month, etcetera. What I've done is I pasted the link has a response to your question, but just so that anybody who's that who's listening in it's junior doctor finance dot coda. You take four slash pay dash calculator, so if you go on that, then it basically works. Everything out for you on that link is also available in the website. Eso Nikita, you've written a question saying, Can you still do locum shifts? If you opt in to the European working time directive? Of course you can. The reason that you can is basically the European working hard directive only stops you going beyond and the hours recommended by the European working hard erect. And so, on average of 48. For the most part, the average that we do is about 43 44. So you concertante locum several hours a week, Teo to several ships a week without exceeding that average without having talked about Onda. Next question is, are there any financial advisor's or agencies that you that you use or would recommend eso I personally don't use any. But I do kind of keep a good track with my finances and make sure it's good. And it's good to just take a few hours every month to just make sure you're on top of everything on kind of everything is okay because you don't want to fall back on these things. Um, I'm not sure. How much do you know any financial advice? I think that the best thing actually would be to listen to like our cash was saying, I find that stalks on Tuesday. Cassara actually does bring in quite a few financial advice and things, and that's probably a good one to listen to. That would be I would 100% agree. I think all of the information advice that you need Cyrus was a wonderful job of presenting all the information, but I guess it depends on what kind of financial advice you need. If it's simply a my doing anything wrong, how do I came back? Tax is my pay, okay, something's happening that's wrong. I need a little bit of help. The BMA is more than enough. You don't need a separate financial agency. Particular cause how expensive there. So in that place, I would recommend joining the B m A. Um if you need more help than that, then you can pretty much approach anyone on. There are specific financial society, IHS a financial services that are offered on the BMA is affiliated with one called Chase the there, which a lot of doctors use. I've never used it myself. So I don't know before I would recommend them having never used them because I just don't know them well enough on then Wesleyan there is well, we will give you advice. Have been support that they are their main place is income. Sure, in so basically income insurance to ensure that if you fall sick, then you continue. Teo, you fall sick for a long period of time. That way the NHS sick pay elapses. Then you're still covered from that perspective. So, um then the next question that we got is if your start date was earlier A before August. How does that affect your tax and student finance? Okay, so I think I may be slightly off. I think that you student buying, um, still starts from eight books. I think it starts from the beginning of the Taxotere. I think your income tax will be slight. I said from March again, you're stopping will be slightly earlier because it's up to the point where you're going to be paying about how much was 12,500 something, so yours will probably be slightly earlier. Now, to be honest, the way the tax system works, everyone kind of start a different amount of always amounts to the same. But I know like when I was comparing tax little pace up sorry with my colleagues who are saying pays me everything does very, very slightly, but the end of the year it doesn't equal out. But I think you're probably start paying in contacts a little bit earlier than the people who start in August, too. Um, but in the end, you'll end up probably paying the same based on your salary. Exactly. So that's exactly it. So you start paying your student Binah NSA the start of the financial year. So wherever you start, you start in April. If you if you start in July, you start in. Um, if you start in September, he starting August. Whatever the case, it starts in the next moment, you get taped outside of that. The second question is exactly what we said, which is, uh, that you kind of pay a program after amount of tax. And so the way that works is you. Your your personal allowance is 12,570. Instead of that being split across 12 months, it's split across eight months or five months or six months, depending. When you start work on go, your personal allowance each month is just higher because it's less across less months. Let's have a look. If there's any more questions, I think just coming out. Look, look, I was just gonna say little point, but if you are a little bit unsure, it's worth discussing with your colleagues and people in the same thing, even though everyone thinks slightly very, I think not foreign F one. But when you start kind of other jobs as kind of more kind of staff grade level jobs, make sure that you are getting paid kind of what you call the extra. Also getting paid. It obviously depends on how many years you been on the in the NHS and things, but it is something to just look out for because, um, you could be massive, you being on the pace. It just look out for exactly. And if there's any top tips from from all of this, it's the moment you get your first paste. Compare it with all your other F ones because if you are on the same road that you should be paid pretty much the same on. I think that that's how I personally when I have lots of issues in F one where I was paid in, correctly found out a Z well, as this year when my F ones were paid incorrectly. That's how they found out. So I think that you literally happen a long on the head, jammy there, that that is the most important point. And was there anything else that you wanted to add? I think there are no more questions. Uh, no. I think that's it, I think just on top of the webinars that after she's already mentioned the finance Webinars, if you guys have a look on the mind, works like this, loads of articles off these kind of things. This has been a bit of a run through kind of whistlestop tour on pay intact because it can be a very boring topic. But there's loads of articles, actually, the bottom of the articles loads of useful links so linked to the B m a hate your mask, the government website on exactly the right places to go to to find that ALS information is Obviously we can't tell you everything but every personal circumstance. But all the information is there. Got the links on the website in case you need them. Her vet. So thank you so so much Doctor Sharp for an amazing talk. We have lots of people message on the comments in other places to say that very much appreciated. The talk very much appreciated your answers. The questions on accession is on is coming on next Tuesday and then we've got another session. Eso that that session on Tuesday is basically top tips for why one about how it works and the most important part is a massive Q and A section for you to ask every single question that you've ever had about one. So we're very much looking forward to that session, which is the day before you guys officially start is that one? So rather than on a Wednesday, it is on a Tuesday Because we wanted it before you start. Lovely. That is everything. Thank you so much And have a lovely evening.