Britons could cut their tax bills by more than PS1,000, but many people are not taking advantage

It’s also based upon annual earnings. Couples with reduced earnings from furlough in 2020 and 2021, which means that they are eligible if their annual salary is lower than normal, may apply.

They will need to inform HMRC when they earn more than usual. If this happens, then they won’t be eligible.

The Marriage Allowance is worth PS252 for this year. However, the allowance can be redated backwards over four years so individuals can reduce their taxes by more than PS1,000.

The person with a lower income should ask for their allowance to be transferred to their spouse in order to apply. This tax relief is not available to higher earners.

You can submit your application online through the official Government website. This is a great way to apply online, as 100% of the Marriage Allowance to which an individual has the right to will reach their pockets.

Some people choose to take the action through specific Marriage Allowance companies, however experts like Money Saving Expert Martin Lewis have cautioned against it in the past. These organisations could get a cut of the revenue they receive.

Publited Fri, 10 Sep 2021 at 03:00:00 +0000

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