Did you know – you could be missing out on receiving a marriage allowance?
Not everyone is aware of the government’s Marriage Allowance so make sure you are not missing out
- Marriage Allowance lets you transfer £1,100 of your Personal Allowance to your husband, wife or civil partner - if they earn more than you.
- This reduces their tax by up to £220 in the tax year (6 April to 5 April the next year).
- To benefit as a couple, you (as the lower earner) must have an income of £11,000 or less. You can calculate how much tax you’ll pay as a couple.
- If you were eligible for Marriage Allowance in the 2015 to 2016 tax year, you can backdate your claim to 6 April 2015 and reduce the tax paid by up to £432.
[source: HMRC https://www.gov.uk/marriage-allowance/how-to-apply]
Who can apply
You can get Marriage Allowance if all of the following apply:
- you’re married or in a civil partnership
- you don’t earn anything or your income is under £11,000
- your partner’s income is between £11,001 and £43,000
You can still apply for Marriage Allowance if you or your partner:
- are currently receiving a pension
- live abroad - as long as you get a Personal Allowance.
OBK Tax offers a range of services to self-employed individuals, providing additional income and rebates by making them more tax-efficient with maximised take-home pay.
Visit our website: https://www.obk-llp.com or call us today on: 01252 704 030