Uk news HMRC urges couples to check if they are due £1,242 tax back - for being together PremierLeague-News.Com

PremierLeague-News.Com - Married couples and those in civil partnerships may be missing out on an annual tax break of up to £252.

Uk news HMRC urges couples to check if they are due £1,242 tax back - for being together PremierLeague-News.Com

PremierLeague-News.Com - Married couples and those in civil partnerships may be missing out on an annual tax break of up to £252.

Uk news HMRC urges couples to check if they are due £1,242 tax back - for being together PremierLeague-News.Com
03 August 2022 - 09:45

PremierLeague-News.Com - Breaking Sport Transfer News ! Married couples and those in civil partnerships are being urged to say ‘I do’ to the Marriage Allowance. At the height of the wedding season, HM Revenue and Customs (HMRC) is reminding couples about the allowance, which allows married couples or people in civil partnerships to share their personal tax allowances. It can apply if one partner earns below the personal allowance threshold of £12,570 and the other is a basic rate taxpayer. Couples who have been married for years can still qualify. Eligible couples can transfer 10% of their tax-free allowance to their partner, reducing the tax they pay by up to £252 a year. They can apply at any time throughout the year and, if eligible, could backdate their claims by up to four previous tax years to receive a payment worth up to £1,242. People can claim directly through HMRC’s online portal on GOV.UK to ensure they receive 100% of the tax relief. Read More Related Articles DWP confirms date when 'most' people on Tax Credits will get £326 cost of living payment Read More Related Articles HMRC urges working families not to miss out on £500 tax-free boost to help cover costs this summer Backdated Marriage Allowance payments You can claim back up to four years’ worth of the tax boost. Below is each tax year and the value of the allowance: 2022/23 - £252 2021/22 - £252 2020/21 - £250 2019/20 - £250 2018/19 - £238 Marriage Allowance is one of a number of benefits and reliefs available to boost family finances at a time when many are concerned with the rising cost of living. Top Money Stories Today Tax Credits £326 payment date confirmed £400 energy bill discount payment dates Benefits for people nearing pension age Calls for flat-rate State Pension pay Angela MacDonald, HMRC’s Deputy Chief Executive and Second Permanent Secretary, said: “We want to ensure people are receiving vital financial support at a time when they need it most.

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.” More than two million couples currently benefit from the allowance. Even if couples don’t qualify for Marriage Allowance when they first get married, a change in circumstances years later could mean they become newly eligible. These include: One partner retiring and the other remaining in work A change in employment A reduction in working hours which means their earnings fall below their Personal Allowance Maternity, paternity, or shared parental leave Unpaid leave or a career break One partner studying or in education and not earning above their Personal Allowance Get the latest Record Money news Join the conversation on our Money Saving Scotland Facebook group for energy and money-saving tips, the latest benefits news, consumer help and advice on coping with the cost of living crisis. Sign up to our Record Money newsletter and get the top stories sent to your inbox every Tuesday, Thursday and Friday - sign up here. You can also follow us on Twitter @Recordmoney_ for regular updates throughout the day. HMRC also said that if a spouse or civil partner has died since April 5, 2018, the surviving person can still claim by contacting the Income Tax helpline - find out more here. Marriage Allowance claims are automatically renewed every year, however, couples should notify HMRC if their circumstances change. Find out more about Marriage Allowance on GOV.UK here. To keep up to date with the most-read money stories, subscribe to our newsletter which goes out three times each week - sign up here. READ NEXT New Winter Fuel Payment claim form could help more people get up to £600 Nine ways people can automatically qualify for the Blue Badge scheme DWP benefits could stop if you do not report a hospital stay £150 cost of living payment for people on disability benefits next month DWP could give people of State Pension age with back pain up to £92 each week

Source = PremierLeague-News.Com

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