Are you getting MARRIED this year?
This week one of my clients is getting married and asked me whether getting married had any tax benefits…and the answer....well yes they do!
👰🏻♀️Don’t miss out on allowances you’re entitled to, make the most of your them! If your partner/spouse is earning under the tax threshold (£12,570) they can transfer 10% of their tax free allowance to you which means you can transfer up to £1260, this then reduces their tax bill by up to £252 per tax year.
If you’re already married and didn’t know about this, don’t worry it can be backdated up to 4 years!
You can calculate how much tax you could save as a couple here.
Not only can you benefit from marriage allowance but you could benefit from other tax free options:
🎁 If you have generous family members and friends……
👨👩👧 Each parent (& step parent) can give up to £5,000 tax-free
👴 Each grandparent can give up to £2,500 tax-free
👯♀️ Relatives and friends can give up to £1,000 tax-free
📈If you are in business and your spouse is planning on working with you, it might be worth seeing if you could efficiently take money from your business.
💒Should the worst happen, being married or in a civil partnership has benefits when looking at inheritance tax as there is no tax to pay on lifetime gifts between spouses or civil partners as long as they live permanently in the UK.
Let me know if you are getting married this year or if you think you can benefit from any of these tips. I will be more than happy to guide you to make sure you get the most out of the tax free allowances available.