At the height of the wedding season, HMRC is reminding married couples and people in civil partnerships to sign up for the marriage allowance tax break
Marriage allowance allows married couples or people in civil partnerships, including those who have been together for many years, to share their personal tax allowances if one partner earns below the personal allowance threshold of £12,570, and the other is a basic rate taxpayer.
Eligible couples can transfer 10% of their tax-free allowance to their partner, which is £1,260 in 2022/23. It means couples can reduce the tax they pay by up to £252 a year. They can apply any time and, if eligible, could backdate their claims for up to four previous tax years to receive a payment of up to £1,242.
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.
Angela MacDonald, HMRC’s deputy chief executive, said: ‘We want to ensure people are receiving vital financial support at a time when they need it most. Married couples or those in a civil partnership could potentially receive tax relief worth up to £1,242, meaning extra cash in their pockets.
‘To find out if you are eligible and how to apply search ‘marriage allowance’ on gov.uk.’
More than two million couples currently benefit from marriage allowance, but there could be thousands more who are eligible to claim.
Even if couples do not 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; and
- one partner studying or in education and not earning above their personal allowance.
If a spouse or civil partner has died since 5 April 2018, the surviving person can still claim by contacting the income tax helpline.
Marriage allowance claims are automatically renewed every year. However, couples should notify HMRC if their circumstances change.
The Association of Taxation Technicians (ATT) has issued a last call for businesses looking to make use of the increased Annual Investment Allowance (AIA).
The AIA will be reduced from £1 million to £200,000 from 1 January 2021. Businesses that incur significant expenditure on plant and machinery before the end of this year are likely to get tax relief on the cost much earlier than if the purchase is made in 2021.
Jeremy Coker, President of the ATT, said:
‘The AIA rules can catch a business unawares. Many businesses will have deferred decisions about purchasing capital equipment this year because of the enormous uncertainties created by the pandemic. For any which are considering such purchases now, the scheduled ending of the temporary increase in the AIA in two months’ time introduces an unwelcome additional complexity.
‘Although the timing of a purchase may make no difference in the long run to the amount of expenditure which qualifies for tax relief, it can make an enormous difference to how quickly that relief is received and the contribution that the relief can make to the cashflow of a business.‘
Internet link: ATT
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