However, this will not affect an employee's salary deposit into a bank account. If the employer is a registered VAT vendor, the VAT paid on bank charges can be claimed as an input credit. I would like to deposit this money into a 32 day call account, but I fear the interest earned will cause me to pay tax. When I retire I will also get an income from my retirement annuity fund. It is not possible to convert your retirement annuity to an endowment policy, but you could make it paid-up if you choose to.
Financial planning requires direct contact between a competent financial planner and the client.
I encourage you to contact a planner to receive specific advice. I am 57 and my husband 59. We will be paying off our bond in the next eight years. I intend to let the flat and use the money to make the bond repayments. In time to come, we'll sell the house and live in the flat.