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BRANAGANS
Accountancy Services Ltd
01709 327 215 | info@branagans.co.uk
January 2024 | Is it possible for you to improve your financial situation through the use of Marriage Allowance?
HMRC is urging married individuals or those in civil partnerships to explore the potential of increasing their annual income by up to £252. By claiming Marriage Allowance, couples can benefit from this financial boost. HMRC has introduced a Marriage Allowance Calculator to assist those uncertain about their eligibility in determining the potential entitlement.
Eligibility extends to couples where one partner is employed, and the other earns less than their personal allowance of £12,570. This includes scenarios such as retirement, caregiving responsibilities for children or elderly family members, inability to work due to long-
Around 68% of people in their 60s are either married or in Civil Partnerships, the Government said, and may not realise they can claim the Marriage Allowance if one of them has retired while the other is still working.
Charlie Bethel, Chief Officer, UK Men's Sheds, a charity which brings retired men together to meet at community workshops, said: "If you have retired and your partner is still working, you may not realise that you could apply for Marriage Allowance. As a charity that brings retired men together, we are urging our members throughout the UK to invest the 30 seconds of time it takes to find out if they can claim."
How does it work?
Marriage Allowance gives couples the chance to reduce their tax liabilities by allowing the lower or non-
If the couple is eligible for Marriage Allowance, then the lower or non-
Even better, if the couple has been eligible but hasn't previously claimed the Marriage Allowance, then they can backdate their claim for the previous four tax year and receive a lump-
How to find out if you're eligible
HMRC is currently promoting its Marriage Allowance Calculator, which will allow you to find out if you are eligible for the allowance or not.
Angela MacDonald, HMRC's Deputy Chief Executive and Second Permanent Secretary,?said: "The Marriage Allowance calculator helps couples to find out in seconds how much they stand to benefit. Check today and claim right away. It's a quick and easy process that's worth up to £252 a year."
To benefit from the tax relief, one partner must have income less than £12,570 and the higher earning partner's income must be between £12,571 and £50,270 or £43,662 in Scotland. HMRC has produced a YouTube video to explain who is eligible and how to apply called Marriage Allowance -
We can help you meet your obligations
Marriage Allowance is just one of the potential tax benefits you may qualify for; however, there could be additional opportunities. To ensure you are maximising your claims, please contact us, and we'll provide detailed information on what you need to know. Reach us on 01709 327 215 or via email at info@branagans.co.uk.
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