Don’t miss out on £220!
HMRC has put out a reminder about a tax break that three quarters of eligible recipient haven’t claimed yet.
The transferable marriage allowance came into action back in April 2015. The allowance allows couples (who are married or in a civil partnership), where one person pays no tax because their income is less than the personal allowance of £11,000, to transfer £1,100 of personal allowance to the tax paying partner.
The tax break, which amounts to a benefit of £220, applies in all sorts of situations; where one person works part-time, has taken early retirement or is simply taking a career break for instance.
Even better HMRC will allow couples haven’t claimed the allowance to backdate their claim to the previous tax year, and receive a payment of up to £432.
You can apply today for the transferrable marriage allowance at the HMRC with just your National Insurance numbers and one of a range of acceptable forms of ID.
If you have any questions about the tax allowance or its impact on your tax affairs talk to Lewis Smith & Co. today.
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