With over 24 million people in the UK tying the knot, did you know you might be due a tax rebate possibly of over a £1000?
It's claimed via the Marriage Tax Allowance, and currently, two million British married couples are not claiming when they could be. It's a tax refund and depends on how much you earn.
So, if one person in the relationship earns under £12,570 a year — say, if you're a stay-at-home parent or just working part-time a few days a week, you would likely tick this box. The other person needs to pay the 20 per cent basic rate of tax: they need to have an income between £12,570 to £50,270 a year. In Scotland, it is £12,570 and £43,662.
When you transfer some of your Personal Allowance to your husband, wife or civil partner, you might have to pay more tax yourself, but you could still pay less as a couple.
You can backdate claim till 5 April 2020 if eligible for Marriage Allowance. And, with a reduction of up to £252 tax savings per year, you may end up with a total of over £1,000 tax rebate!
Use the government benefits calculator to see how much you are owed: www.tax.service.gov.uk/marriage-allowance-application/benefit-calculator/
If you are successful, the government will send you a cheque or bank transfer the cash roughly six weeks after your claim is eligible.
Looking for more ways to save money this year? Chat with us today to see how we can help.
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