Marriage allowance can you cash in?

HOME

⟩

3rd April 2020

The marriage allowance allows you to transfer £1,250 of your unused personal allowance to your husband, wife or civil partner in a given tax year.

In order to qualify the one receiving the transfer must not be a higher rate tax payer and the lower earner must have income below their personal tax free allowance of £12,500.

This transfer can reduce your tax bill by up to £250 in a tax year.

You can backdate your claim 4 years therefore if you have not claimed then 5 April 2020 is the deadline for going back.

You can apply online at https://www.gov.uk/apply-marriage-allowance.

Other items in Blogs

Megan Turner

4th June 2020 Charity Commission: Reporting on matters of material significance

The Charity Commission released updated guidelines in April 2020 for auditors and independent examiners. This was based around the statutory duty to report to the charity regulators in the UK on matters of material significance. The three main changes in this updated guidance are as follows: confirmation that difficulties in carrying out an audit…

Steven Denton

1st June 2020 HMRC Furlough Claim Update 29th May 2020

From 1st July, whilst still appreciating the benefits of the Furlough Scheme, employers will be able to benefit from the option of bringing employees back to work on a part time basis. This is one month earlier than had previously been announced. Whilst working, employers will be required to pay their employees at their…

Paul Jefferson

22nd May 2020 Dividend update

It is common practice for director/shareholders to be paid a modest salary through PAYE and pay the balance of their remuneration in dividends. This of course is perfectly permissible if the company has profits available to distribute to shareholders and there is no breach of directors’ duty. Unfortunately, the dramatic effect that the Coronavirus is…

Lisa Smith

19th May 2020 Covid-19 –Statutory Sick Pay Rebate Scheme

The Government have announced that the Statutory Sick Pay Rebate Scheme, which will enable employers with fewer than 250 employees to claim Coronavirus-related Statutory Sick Pay will launch online on 26 May 2020. Employers are eligible to use the scheme if: they’re claiming for an employee who’s eligible for sick pay due to…

Nick Edgley

19th May 2020 Company cars and fuel during COVID-19

If you are an employee with a company car, and maybe fuel provided, it is worthwhile considering giving up the car, or fuel, during the current pandemic if you are working from home or furloughed. A company car benefit in kind (BIK) is a set amount based on the list price and emissions regardless…

Ian Piper

18th May 2020 Covid-19: Companies House dissolutions now put on hold

Like many Government departments, Companies House have relaxed various compliance requirements to support businesses to get through this Covid-19 period. In their latest announcement, they are making the following temporary changes to their strike off policies: Voluntary (Form DS01 submitted) Strike Off Applications – Process halted after notice published in London Gazette. Automatic Dissolutions…

MENU

Blog Entry

Marriage allowance can you cash in?