Hands up if you have heard talk of Marriage Allowance? 🙋🏽♀️
Not exactly a reason to say ‘I do’ but definitely a little gem of a tax rules that could put a smile on your face and a few extra quid in your pocket! 💍💰
Picture this: You and your partner, hand in hand, navigating the world of tax and finance together… So romantic, isn’t it? 🧐
Well, Marriage Allowance is one of those perks that might just sweeten the deal. 🤝💼
So, what exactly is Marriage Allowance?
Marriage Allowance is one of those often overlooked tax perks, but it only applies for certain people in very specific circumstances…
I suppose you could say it’s like a love letter from HMRC, allowing you to transfer a slice of your personal allowance to your spouse or civil partner.
So what does that actually mean in reality?
Well, you could potentially save up to £252 a year on your tax bill.
Sounds like a win-win, doesn’t it? 💑💷
How exactly does Marriage Allowance Work?
So long as one of you earns less than the personal allowance threshold (£12,570 for the tax year 2023/24), and the other is a basic rate taxpayer, you could be eligible to transfer 10% of your personal allowance to your partner.
That’s like sharing the tax burden and lightening the load for both of you. ⚖️💡
But wait, there’s more! This isn’t just for the here and now. You can backdate your claim for up to four years, so it could be worth a whopping £1,008 to you in the first year that you claim!!!
It’s like finding money down the back of the sofa, only better! 💰🛋️
So, what’s the catch?
Well, like any good love story, there are a few conditions…
Both of you must have been born on or after April 6, 1935, and be ‘officially’ married or in a civil partnership. 💕🎩👰
But fear not, lovebirds, the application process is a piece of cake. 🍰
Just a few clicks online or a quick call to HMRC, and you could be on your way to unlocking those extra pounds in your pocket.📞💻
Just be careful… about who you trust!!
No, not about who you choose to marry – we will trust you use your own sound judgement there! 💖
Be care, about applying via a third party! The are unfortunately a whole lot of unscrupulous characters out there just waiting to scam innocent individuals out of their Marriage Allowance entitlement! 🤯😡
✔️ You should ONLY apply via the Gov.uk website here: https://www.gov.uk/apply-marriage-allowance
✔️ Or via your self assessment tax return!
If you think you might be eligible for Marriage Allowance, and you need some help or advice on this matter, then please don’t hesitate to contact us.
The IN Team will be happy to help! 🎉💌🔍
So, there you have it – Marriage Allowance, a little-known perk that could make a big difference.
Like finding your one true love all over again?? Maybe…
But why wait? Take the plunge and see if you and your partner could be saying “I do” to tax savings today! 💰💒✨
📸 Ali Ford
