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Money Maximising Advisors Ltd.

Financial Plan for Doctors & Consultants

Bring Your Income, Wealth & Family Finances Into One Clear Plan

Your hospital income, private practice and locum earnings can all work differently. We bring them together to help you make clearer financial decisions for today and the future.

Discuss Your Priorities With an Adviser
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We help you connect
  • Pensions
  • Tax planning
  • Cash flow
  • Mortgages
  • Investments
  • Family protection

THE QUESTIONS THAT MATTER

A plan built around your life in medicine

At MM Advisors, we help doctors and consultants connect their pensions, tax planning, cash flow, mortgages, investments and family protection. We consider your spouse or partner’s circumstances too, whether they work in the public sector, help run your practice or care for your family at home.

We help you answer the questions that matter:

“How much can we comfortably spend?”
“What should stay in the practice?”
“Are we using the available pension reliefs?”
“Can we afford a new home?”
“Could I reduce my hours?”
“How can we provide for our children without compromising our own future?”
Your financial plan

What a good financial plan should give you

Whether you are starting locum work, building a practice, balancing public and private work or approaching retirement, the starting point is the same: understand what you want your money to do for you.

  1. A clear picture of your household and practice finances, including debts, assets, pensions and tax commitments.
  2. A monthly system for spending, saving, investing and setting aside tax.
  3. Cash flow forecasts for the years ahead, with different work and retirement scenarios.
  4. Coordinated pension, mortgage and investment recommendations with clear priorities.
  5. A family protection and inheritance plan, with an action list and an agreed review schedule.

TAX & PENSIONS

Make your income work more efficiently

Tax planning across public and private earnings

We review how your salary, private fees, locum work and company income contribute to your household finances. Working with your accountant where appropriate, we help assess the balance between personal income, pension funding, business reserves and longer-term investment.

The aim is to use available reliefs correctly and make decisions based on what you keep after tax, costs and future commitments. We also consider the effect of residence, domicile and overseas assets where these are relevant to your family.

Coordinate pensions across all your roles

€115,000aggregate earnings cap, in total, not per income source

A public sector pension, an AVC and a private pension should form part of one retirement strategy. Personal pension tax relief is subject to age-related limits and an aggregate earnings cap, currently €115,000 a year.

Having several income sources does not give you a separate €115,000 allowance for each. Existing employee pension contributions and the income source to which a contribution relates must be included in the assessment.

Company employer pension contributions follow different rules. For employer PRSA contributions, the current annual limit before an employee benefit-in-kind charge arises is 100% of the employee's emoluments from that employer. The appropriate contribution also depends on affordability, scheme rules, company deductibility and your total pension position.

STRUCTURING YOUR WORK

Sole trader, umbrella company or your own limited company

The right structure depends on the nature of the engagement, expected income, costs, administration and your plans. We help you understand the financial implications and coordinate with your accountant on the appropriate structure.

Option 01

Sole trader

Where genuinely self-employed, private profits are assessed personally. Plan for tax payments, business costs and pension contributions.

Option 02

PAYE umbrella company

A provider usually manages invoicing and payroll for the engagement. Review fees, employment terms, expenses and pension arrangements.

Option 03

Director umbrella company

Some providers offer director arrangements. These have different responsibilities and potentially different PRSI treatment; the actual arrangement must be checked.

Option 04

Your own limited company

Offers greater control over business finances and pension planning, alongside accounts, payroll, filing and director responsibilities.

!
Worth knowing

A company is not automatically the most tax-efficient option. Doctors' professional service companies may face a surcharge on certain undistributed profits, and investment income can create further tax costs. Company money is separate from personal money, and salary or dividends taken out can be taxable. The actual working relationship, rather than the label “locum”, determines employment status.

YOUR FAMILY

Include your spouse and family in the plan

01

When your spouse is not working

We consider household tax credits and assessment options where available, the financial value of caring responsibilities, pension gaps, access to savings and protection for both partners. A non-earning spouse should be included in decisions about the family's future. Personal pension relief normally requires qualifying earnings; unused pension allowances cannot simply be transferred between spouses.

02

When your spouse works in your practice

Practice management, administration, bookkeeping support and patient coordination may be genuine roles for a spouse. Where the work is needed, we can help assess how appropriate remuneration and pension funding fit the household plan, with the payroll and tax arrangements agreed with your accountant.

03

When your spouse also works in the public sector

We review both pension schemes, AVC opportunities, retirement ages and survivor benefits. One partner may wish to retire earlier while the other continues working. A combined forecast shows whether that is affordable and how savings could bridge the gap between their retirement dates.

04

Employing children or other family members

Family members can contribute to a practice, but employment must reflect real business needs. A salary should be paid for genuine work at a commercial rate appropriate to the duties, experience and hours. Keep role descriptions, records of work and payment evidence, and operate payroll correctly. Age restrictions, employment law and family-employment PRSI rules must also be checked.

We help assess the effect on household finances and possible pension provision. Paying a relative is not an automatic route to tax-free income, and their other earnings can affect the outcome.

05

A shared plan with clear ownership

We identify which assets belong to each partner, which are jointly owned and which belong to the business. We consider how each person could access money if the other became ill or died, and coordinate with your solicitor on wills, ownership and enduring powers of attorney where appropriate.

Plan for Your Family and Your Practice

CASH FLOW

Automate the everyday finances

A strong plan turns irregular earnings into an organised system. We help design a practical account structure and transfer schedule that fits your bank’s facilities. You retain control of your accounts and authorise the transfers.

Give each account a clear purpose

1Practice

Practice operating account

Receives business income and pays business costs. Limited company funds remain in the company's name.

Business tax reserve

Holds an amount based on your accountant's estimates for corporation tax, payroll and other relevant liabilities.

2Household

Household income account

Receives net salary and other properly paid personal income, including your spouse's income where agreed.

Bills and spending accounts

Separate essential payments from day-to-day discretionary spending.

3Savings & goals

Emergency and planned expenses savings

Provide for illness, quieter months, annual costs, education and home projects.

Pension and investment payments

Fund agreed long-term goals after essential commitments and reserves are covered.

Set transfers around your actual cash flow

We help establish regular transfers after payday, monthly pension or investment contributions and a schedule for reviewing surplus cash. For variable private or locum income, use a sustainable baseline and reassess extra contributions when income is received. Tax reserves should be recalculated as earnings change.

The amount transferred is based on your finances. A standard percentage of receipts will not suit every doctor, and money needed for tax, a house deposit or short-term expenses should remain accessible.

Forecast the decisions ahead

We build a cash flow forecast from your income, spending, loans, business commitments and pension information. We then explore how the picture changes if you buy a home, expand the practice, take parental leave, reduce locum work or retire earlier.

The forecast includes tax, inflation, investment charges and different return assumptions. We test lower income, higher expenses and weaker investment performance so you can see where extra reserves or a change of plan may be needed. Projections are estimates and will be updated as your circumstances change.

Know what you can afford to save and spend

Your plan should identify a sustainable household spending level, how much to retain in the business and what can be directed towards pensions or investments. This helps you make decisions without relying only on the balance in your bank account.

RETIREMENT & MORTGAGES

Plan your retirement and your mortgage together

Understand your public sector benefits

We review your scheme membership, joining date, pensionable service or accrued benefits, pensionable pay and available benefit statements. Older public sector schemes and the Single Public Service Pension Scheme can produce very different outcomes.

Using the information available, we estimate retirement income and lump sums, then identify where AVCs, private pensions or accessible investments could help. We also consider your spouse's benefits, survivor entitlements and the interaction of all pension arrangements with applicable lifetime limits.

Create the option to work less

Stopping public work and accessing a pension are separate decisions. Where eligible, cost-neutral early retirement provides earlier payment with actuarial reductions to pension benefits. We compare that with leaving benefits preserved until the appropriate age and funding the intervening years from other resources.

An investment portfolio outside pensions may help fund a period of reduced work, but pension and AVC access rules must be checked before relying on them. We can model continuing private practice after leaving a public role, subject to your employment contract and professional obligations.

Mortgage advice that reflects your earnings

A doctor's income may include public salary, allowances, private profits, locum earnings and company remuneration. Lenders differ in how they assess these sources. We help prepare the evidence and compare available mortgage options for your circumstances.

  • Buying your first home or moving to a larger family home.
  • Reviewing an existing mortgage or a rate coming to an end.
  • Assessing mortgage overpayments alongside pension and investment funding.
  • Exploring practice premises or property finance where appropriate and available.

For company owners, turnover or retained profits do not automatically count as personal borrowing income. Lenders apply their own criteria and may require accounts, tax returns and an established earnings record. We consider the mortgage payment alongside family spending and your desired retirement date.

Discuss Your Retirement and Mortgage Goals

INVESTMENTS & PROTECTION

Invest and protect the wealth you build

Invest with a purpose

We match each investment goal to its time horizon, liquidity needs and your willingness and ability to accept losses. Short-term reserves, education costs and long-term retirement wealth may need different approaches.

We assess suitable investment funds and, where available through an appropriate arrangement, share or ETF exposure. We consider diversification, charges and the Irish tax treatment of each investment and ownership structure. Company investments require a separate assessment of business needs, taxation and future extraction costs.

Sharia compliant investment planning

If your faith informs your investment decisions, tell us at the outset. We can explore suitable Sharia compliant options, subject to availability through the relevant provider or platform, and assess how they fit your broader financial plan.

Sharia screened equity funds and ETFs typically apply business activity exclusions and financial ratio screens. We review the fund's stated methodology and oversight, diversification, charges, currency exposure and Irish tax implications. We also discuss any purification requirements with reference to the provider's guidance and your preferred religious adviser.

Availability within a pension differs by provider. Sharia compliance does not guarantee returns or make an investment low risk. Investment screening also does not establish that a conventional bank account, mortgage or insurance policy meets your religious requirements; these need separate consideration.

Plan for gifts and inheritance

Your home, practice interests, investments and other assets may create Capital Acquisitions Tax — CAT — liabilities for your children or other beneficiaries. We help estimate the exposure and consider a gifting and inheritance strategy alongside your own financial security.

€3,000current small gift exemption, per giver, per recipient, per calendar year

The current small gift exemption allows each person to give up to €3,000 to any recipient in a calendar year without CAT. Two parents could therefore each give €3,000 to a child, totalling €6,000 a year, where each gift is genuinely made by that parent. Exempt gifts do not use the recipient's group threshold. Other gifts and inheritances are assessed under the relevant relationship group, with earlier taxable benefits taken into account.

We can explore qualifying Section 72 life assurance to help fund an inheritance tax liability, subject to policy conditions, cost and suitability. We coordinate with your solicitor and tax adviser on wills, business succession and proposed transfers. Gifting property or shares can also trigger other taxes; gifting should not compromise your own financial independence.

Protect your family and practice

We review life cover, mortgage protection, specified illness and income protection against existing employer benefits, sick pay and household commitments.

We also consider the effect of an illness on private practice revenue. Appropriate cover depends on your health, occupation, policy terms and underwriting.

ILLUSTRATIVE EXAMPLE

See how a joined up plan could work

Illustrative example

An illustrative consultant household

Public consultant postPrivate practice (Ltd)Spouse part-time in practiceTwo childrenMortgageSavings & AVC

A consultant has a public sector position and runs a private practice through a limited company. Their spouse works part-time in the practice. They have two children, a mortgage, savings and an AVC. They would like to reduce public work in their late fifties while continuing some private work.

Their company balance looks healthy, but they are unsure how much is available after tax and practice commitments. They also want to fund their children's education and explore Sharia compliant investing.

The plan

Their financial plan could include

  • Confirming both partners' income, ownership of assets and the genuine practice role performed by the spouse.
  • Separating business reserves and tax commitments from money that can be properly paid to the household.
  • Reviewing public pension benefits, AVC capacity and appropriate company employer pension funding.
  • Building a monthly system for bills, annual expenses, savings and affordable investment contributions.
  • Comparing mortgage overpayments with pension and investment funding after allowing for tax, charges and access.
  • Forecasting reduced public work at different ages, including pension reductions and any funding gap.
  • Assessing suitable Sharia screened investment options and checking provider availability.
  • Reviewing protection, wills and a sustainable gifting strategy for the children.

This is an example of the planning process, not a recommendation for a particular family. The amounts and actions depend on verified information and individual advice.

FROM WHERE YOU ARE TO WHERE YOU WANT TO BE

How we help you put the plan into action

  1. 01
    Understand

    Understand your priorities

    We discuss your career, family, practice and what you want to achieve.

  2. 02
    Gather

    Bring the information together

    We review earnings, expenditure, pensions, debts, assets and existing policies.

  3. 03
    Plan

    Build and explain your plan

    We show the forecasts, options, priorities and costs, with a clear action list.

  4. 04
    Implement

    Coordinate implementation

    We help arrange suitable financial products within our service scope and work with your accountant, solicitor and pension administrator where needed.

  5. 05
    Review

    Agree the review schedule

    We establish how the plan will be revisited as your career, family and financial circumstances change.

Before proceeding, we explain the scope of the service and any applicable planning fees, product charges or commission arrangements.

Book Your Financial Planning Consultation

FREQUENTLY ASKED QUESTIONS (FAQs)

Before you build a plan, you may be wondering…

A few of the questions that often come up with Doctors & Consultants.

Potentially, yes. They must be assessed together. Personal contribution relief, employer contribution rules, scheme benefit limits and lifetime pension limits can all affect the appropriate funding level.

That depends on the engagement and your circumstances. We compare the financial implications with your accountant, including administration, employment status, pension opportunities, extraction tax and possible surcharges. An umbrella company may suit some engagements; others may suit direct employment or genuine self-employment.

It may change the household tax position where your spouse performs genuine work for commercial pay. The result depends on both partners' other income, credits, PRSI and pension arrangements. A salary cannot simply be allocated to someone who does no work.

Yes. We consider both partners' security, access to money, protection needs and future retirement income. Caring responsibilities and career breaks belong in the financial plan.

We can model the options and the income required. Eligibility, pension access ages, early retirement reductions and available savings determine whether a proposed date is affordable.

We can explore available Sharia compliant investment options and their suitability. Availability differs across investment and pension providers, and your preferred religious standards should form part of the discussion.

The review should establish whether existing arrangements still serve your goals. Retaining, changing or replacing them should follow an assessment of benefits, charges and any consequences of a switch.

MORE HELPFUL GUIDES & ADVICE

Guides for Financial Planning for Doctors & Consultants

CLIENT TESTIMONIALS

What Our Clients Say

Take the next step

Bring your income, pensions, practice and family finances into one clear plan.

Tell us what you would like to achieve, and we will discuss how MM Advisors can help.

Money Maximising Advisors Limited is regulated by the Central Bank of Ireland – C154250

General information only. Tax treatment depends on individual circumstances and may change. Investment values can fall as well as rise, and you may get back less than you invest. Pension access restrictions apply. Mortgage approval is subject to lender criteria and affordability. Product availability and eligibility vary.

Book Your Financial Planning Consultation
Take the next step

Bring your income, pensions, practice and family finances into one clear plan.

Tell us what you would like to achieve, and we will discuss How MM Advisors can help.

Book Your Financial Planning Consultation

Money Maximising Advisors Limited is regulated by the Central Bank of Ireland – C154250

General information only. Tax treatment depends on individual circumstances and may change. Investment values can fall as well as rise, and you may get back less than you invest. Pension access restrictions apply. Mortgage approval is subject to lender criteria and affordability. Product availability and eligibility vary.