Savings for tax

Q: I am about to start working as a locum. I will need to save up to a third of my monthly income to pay for the whopping tax sum due after about a year of becoming self-employed. My dilemma is between saving in ISAs and going for a better mortgage deal or putting the money into an offset mortgage account and linking my saving accounts to it. I have a flexible mortgage at 3.5 per cent interest and am confident that my wife and I can save £22,400 per year - the full ISA limit of £10,200 each. But should we put that in ISAs or in a bank savings account linked to a new offset mortgage account?

by Kevin Quinn

Sign in to continue

Sign in

Trouble signing in?

Reset password: Click here

Email: support@medeconomics.co.uk

Call: 020 8267 8121

Register
for a Free Trial

  • 30 day trial (no access to GP fees database)
  • Expert financial guidance to help your practice.

Register

Subscribe
from £385 /pa

  • Full site access
  • Access to the GP Fees Database (only available with subscription)
  • Subscriber exclusive content
  • Exclusive bulletins

Choose a Package

[DAYS_LEFT] days left of your Medeconomics free trial

Subscribe now

Your free trial has expired

Subscribe now to access Medeconomics

"I did not have to think twice about subscribing to Medeconomics... I find this website the only place I can find an up to date and accurate database of fees"

Pratice Manager, Canterbury