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The 80% Tax Trap Where Extra Work Doesn’t Pay More

Are you often left wondering about your paycheck after doing overtime work? Dr. Tommy Perkins and Dr. Ed Cantelo, both seasoned GPs and tax enthusiasts, dive into understanding the aftermath of overtime, taxes, and net income. Using real-life scenarios, they demonstrate how your hard-earned money winds up after tax and other deductions, urging their viewers – doctors, dentists, and other medical professionals, to make informed financial decisions. The duo also explores the unfavorable 'tax trap' at higher incomes and suggests ways to alleviate its effects. 00:00 Introduction to Overtime Pay and Tax Deductions 00:41 Understanding the Impact of Overtime on Your Paycheck 00:55 Real Life Scenario: Paying for House Painting 01:21 Breaking Down the Costs and Earnings 01:37 Tax Implications for Different Income Levels 02:14 The Impact of Additional Income on Your Taxes 04:59 The Reality of Earning Extra Money 08:15 The Financial Implications of Earning £100,000 09:22 Understanding the Marginal Tax Rate 13:15 How to Alleviate High Tax Rates 17:05 How to Take Action Want to stay up to date with the latest financial information for doctors?Join 40,000 doctors receiving free financial CPD via email by downloading our free ebook here: https://www.medicsmoney.co.uk/ebook/ Follow us on Twitter / medicsmoney Follow us on Instagram / medicsmoney Like us on Facebook: / medicsmoney DISCLAIMER: This channel is for education purposes only and does not constitute financial advice and tax allowances and rates are subject to change.