The marriage allowance allows you transfer £1,100 of your Personal Allowance to your husband, wife or civil partner – if they earn more than you.
This reduces their tax by up to £220 in the tax year (6 April to 5 April the next year).
In order to benefit as a couple, you (as the lower earner) must have an income of £11,000 or less.
If you are eligible for marriage allowance in the 2015/2016 tax year, you can backdate your claim to 6 April 2015 and reduce the tax paid by up to £432.
Who can apply?
You can get marriage allowance if all the following apply:
- You are married or in a civil partnership
- You don’t earn anything, or your income is under £11,000
- Your Partner’s income is between £11,001 and £43,000
You can also apply for marriage allowance if you or your partner:
- Are currently receiving a pension
- Live abroad – as long as you get a Personal Allowance
If you or your Partner were born before 6 April 1935, you might benefit more as a couple by applying for Married Couple’s Allowance instead.
If you would like to discuss this please get in touch.
Paula McIntosh, Administration
In today’s fast moving world we are all looking for ways to save time. The majority of us carry some kind of hand held device, whether it is a tablet or simply a mobile phone on which we can organise our day to day lives. We even provide our children with these devices to occupy them and give ourselves five minutes of peace and quiet!
Apps can be downloaded to hand held devices and are generally a cheap way to provide not only entertainment but also as a means to seek and manage information. Where our children are happy to play games and line the pockets of the game creators of ‘Flappy Birds’ and ‘Candy Crush,’ perhaps we as adults are looking for something a little more informative and useful.
I monitor and manage important deadline dates for the clients of Torr Waterfield and I find the Companies House App an extremely useful business tool. By searching for companies on this App I am able to instantly see information such as the following:
- Company number
- Date of incorporation
- Registered Office address, along with a link to view the location on a map
- The company accounts reference date
- The date the last set of submitted accounts were made up to
- The date the next set of accounts are due for submission
- The date the last submitted annual return (now known as a confirmation statement) was made up to
- The date the next annual return/ confirmation statement is due for submission
- Nature of the business
- Current and resigned company directors and secretaries and certain details about the company officers
- History of submitted documents
This App is available to everyone, so if you think your business may find this company search facility useful then you may be interested to know that it can be downloaded for free.
As mentioned by my colleague Calum Ainge in his June 2016 blog, entitled ‘Keep Up To Date And Download Our Free Tax App,’ the Torrwaterfield Tax App is also available free of charge and includes features such as key tax dates, tax tips, news, tax tables and it even has a tax calculator.
If you think that your business may benefit from the above Apps then all you need to do is either visit the App store or Google play and download your Apps for free.
Beth Judd, Accounts & Tax