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

Lisa Smith

10th August 2020 Covid-19 – VAT complexity of Eat Out to Help Out Scheme

From 3 to 31 August 2020 businesses that offer a discount under the The Eat Out to Help Out Scheme are able to claim the discounted amount back from the Government. Whilst on the face of it you might expect VAT only to be payable on the discounted amount, in-fact VAT is payable…

Jodie Pheby

5th August 2020 DING DING – ROUND 2!

Claims for the second round of the Self Employed Income Support Scheme (SEISS) can be made from 17 August to 19 October. The online claims service is not available yet: HMRC are expected to release further information shortly. The second SEISS payment: Amounts to 70% (previously 80% for the first grant) of average monthly…

Jaimie King

31st July 2020 Accounting for Coronavirus Support

Due to the pandemic, many Companies and businesses are receiving support from the government in the form of grants, loans and reliefs. Most of these businesses would not have accounted for something like this previously. UK Accounting Standards have different accounting rules for these types of transactions. Based on the latest guidance available, we have…

Chris Kelly

31st July 2020 New grant for employing apprentices

A new scheme which will be launched next Monday, 3rd August to support non-levy paying businesses which recruit new apprentices aged 16-24. The scheme is called Recruit – Retain – Reward and is provided by the apprenticeship teams at Norfolk and Suffolk County Councils. It will pay the following: £1,000 to businesses taking…

Stephen Malkin

22nd July 2020 Government sets out draft agenda for a 21st century tax system

Today the government has set out its draft agenda for a 21st century tax system, they say these are the next steps in an ambitious plan to create a modernised digital tax system fit for the modern world. This is part of the Treasury’s long term tax digitisation plan, which is designed to increase…

Stephen Malkin

22nd July 2020 Are you MTD compliant?

Over the last week or two HMRC have begun getting in touch with small businesses across the UK who are not complying with Making Tax Digital (MTD) but are required by law to do so. These businesses need to take action now to avoid any potential penalties being levied. If you are a VAT…

MENU

Blog Entry

Marriage allowance can you cash in?