We offer a range of high quality accounting, financial and business services in and around Milton Keynes.

Couples urged to claim free tax break

04 Jul 2018

HMRC is urging eligible married couples and civil partners to claim a free tax break worth up to £238 per year, as official data suggests that more than a million couples are ‘missing out’.

According to the data, nearly three million couples have claimed the Marriage Allowance to date. The allowance enables spouses to transfer a fixed amount of their personal allowance (PA) to their partner.

The Marriage Allowance is available to married couples and civil partners where one partner pays tax at the basic rate and the lower earner has an income of £11,850 or less. Where a couple is eligible, one partner is permitted to transfer 10% of their PA to the other (£1,190 for the 2018/19 tax year). Where one partner does not use all of their PA, the benefit will be up to £238 – equating to 20% of £1,190.

HMRC stated that a new online application process has made applying for the Marriage Allowance easier, and that eligible couples could receive backdated claims of up to £662, given as a lump sum.

Since March 2018, more than 300,000 couples have reportedly signed up for the allowance.

Mel Stride, Financial Secretary to the Treasury, commented: ‘This is a really important tax relief and reflects the social importance of marriages and civil partnerships.

‘I’d urge those that haven’t yet managed to claim to do so right away – it’s quick and easy to apply.’

As your accountants, we can help to ensure that you are making the most of any tax allowances or reliefs that are available to you. For advice and assistance, please contact us.

Register

Why not register to receive our monthly newswire? This is packed full of essential business news and handy tax tips to help save you money.

Learn more

Tax Calendar

Our handy tax calendar provides an overview of the key tax dates for your diary.

Learn more

Calculators

B2B’s interactive tax calculators can be used to calculate VAT due, the taxable benefits on your company car and how much your savings are worth.

Learn more

Home | About us | Contact us | Logon | Register | Accessibility | Disclaimer | Help | Site map |

© 2024 B2B Business Advisors Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Chartered Tax Adviser

Registered in England, Company Registration number – 7906656. Registered Office – 58b High Street, Stony Stratford, Milton Keynes, MK11 1AQ. Registered with the Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.