One million couples missing out on £900 tax break
HMRC says that , just in time for the summer holidays. But time is running out.
Around three million married and civil partnered couples have already claimed the Marriage Allowance, which is worth up to £238 per year.
Couples who have not claimed for the tax break yet can backdate their claim to boost their payment by up to £900 this year.
The Marriage Allowance was introduced in 2015. It benefits couples where one partner earns more than the other.
To qualify, the lower-earning partner must earn less than the £11,850 tax-free personal allowance threshold and the higher earner must earn between £11,851 and £46,350.
HMRC allows the lower earner to transfer up to £1,190 of their unused tax-free personal allowance to the higher earner.
Claiming your backdated sum is easy and once an application is complete, it is processed immediately.
The takes fewer than ten minutes to fill out and eligible couples will receive a backdated claim of up to £662 as a lump sum.
Couples can only claim backdated payments for up to four years, so this could be one of the last opportunities to claim the full amount that you are entitled to.
HMRC says that more than 300,000 couples have signed up for the tax break since March 2018.
Mel Stride MP, the Financial Secretary to the Treasury, said: “ It’s great news that so many couples are now benefitting from Marriage Allowance. This is a really important tax relief and reflects the social importance of marriages and civil partnerships.
“ And I’d urge those that haven’t yet managed to claim the money to do so right away – it’s quick and easy to apply. Just search online for Marriage Allowance and go to the GOV.UK site.”
Miles Grady, Director of said: “For contractors, improving tax efficiency through your accounts is always attractive. But these free tax breaks are easy to forget about. Make sure you are claiming for everything you are entitled to.”
Think you qualify? Claim your Marriage Allowance using the today.
For more information on how to improve your tax efficiency, speak to a member of the team. Call: 0800 121 6513.