When you work as a doctor, you usually have a very busy schedule which makes it hard for you to focus on other things than your job. Even so, it is important you take out time from your busy timetable to take care of your finance in order to be secured in your future after your retirement.

So, how do you control and secure your financial life? The solution is to prepare a sound financial planning and work according to it.

• Being a doctor, you are automatically entitled to some pension benefits including retirement and ill health retirement. That is why you need to be updated on your pension benefits to ensure your lifestyle after retirement becomes a pleasant one.

• Whether you are junior doctor or hospital doctor or consultant, investments can be great source for securing your future. So, whenever you choose the investment plans, make sure to diversify your investments across all the sectors to protect them.

• As the Inheritance Tax (IHT) is a tax due on the value of a deceased person’s estate that is higher than the Nil Rate Band (£325,000 for the tax year 2014/15), you should plan ahead for inheritance tax to avoid sharing any wealth with the taxman unnecessarily.

• Since your capital gains tax allowance is not used much, use it whenever you can because it is double your income tax allowance.

• Confirm your pension accrual on an annual basis. This is because the rules that came into effect in April 2014 have increased the risk for you to face a larger tax bill based on your pension rights or the rate you had accrued your pension.

• Health insurances are very important part of your financial planning. This option helps you to financially secure yourself from any risks of long term illnesses. Hence, you should regularly check if your insurances are working properly according to your conditions or not. If you find out that they are not doing the job at the claiming stage, you will not be able to do anything.

By planning your finance, you will be able to enjoy your life at present and be secured in the future.

In the meanwhile, if you think you need a professional help to prepare a financial planning, you can contact our accountants at 020 7060 9556.