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Are you a dentist looking to grow your wealth? You can connect with Anick here: https://www.viderefinancial.com/contact
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Financial planning takes on new dimensions with each tax year, and 2025 brings significant changes dentists need to understand. Financial planner Anik Sharma from Vider Financial Planning joins us to unpack investment vehicles available to dental professionals and crucial updates affecting your financial strategy.
The conversation kicks off with a fundamental yet often overlooked principle: financial organization eliminates the annual scramble before tax deadlines. Beyond reducing stress, this approach delivers measurable benefits – contributing to investments at the tax year's start rather than its end could generate an additional £60,000 over 30 years through compound growth.
Anik walks through the key investment accounts dentists should consider, starting with ISAs. Recent rule changes now allow contributions to multiple stocks and shares ISAs within a single tax year (while maintaining the £20,000 annual limit). We explore misconceptions about platform diversification and the Financial Services Compensation Scheme, clarifying that the £85,000 protection applies to banking licenses rather than individual institutions.
For pensions, we delve into tax relief benefits while highlighting complexities for high earners. The most significant upcoming change arrives in April 2027, when pensions will potentially fall within inheritance tax scope – though final implementation details remain pending. NHS pension scheme members face additional complications with the ongoing McLeod remedy affecting annual allowance calculations and private pension planning.
Limited company owners have additional considerations when deciding whether to invest through corporate structures or extract funds for personal investment. This leads to the fundamental question: how should dentists allocate investments across different accounts?
The answer lies in comprehensive cashflow planning – mapping your current position to your desired future before determining the optimal investment strategy. This approach ensures your portfolio powers your life plan rather than existing as an end itself.
Looking to optimize your financial strategy for the new tax year? Subscribe for more insights on building financial resilience that supports both your dental practice and personal aspirations.
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Disclaimer: All content on this channel is for education purposes only and does not constitute an investment recommendation or individual financial advice. For that, you should speak to a regulated, independent professional. The value of investments and the income from them can go down as well as up, so you may get back less than you invest. The views expressed on this channel may no longer be current. The information provided is not a personal recommendation for any particular investment. Tax treatment depends on individual circumstances and all tax rules may change in the future. If you are unsure about the suitability of an investment, you should speak to a regulated, independent professional. Investment figures quoted refer to simulated past performance and that past performance is not a reliable indicator of future results/performance.
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