Married Couples Could Be OWED More than a £1,000 from HMRC
In the News
MARRIED couples across the country are being urged to sign up to a tax break which could see more than £1,000 paid into their bank accounts by the government.
Married couples and those in civil partnerships are currently eligible to claim a 'Marriage Allowance' worth £250 per year from HM Revenue and Customs (HMRC).
The allowance, which is designed to give eligible couples a helping hand and reduces the amount of tax couple's pay, is currently being used by around more than 3 million people across the country.
Here’s a useful guide and test for eligibility from Which?
We did this. It basically transfers some of your tax allowance to your partner, so their tax allowance goes up, meaning they pay less tax and your tax allowance goes down. It is worthwhile doing as it has saved us money but watch out as you might end up having to pay some extra tax, because your allowance has lowered, you won't have paid enough tax so will owe them. I owed them £85, so we ended up saving £150 instead of £235.
I'm not saying don't do it, just be aware that you might not save as much in the first year as it recalculates your tax allowance.
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