Save £212 on Payable Tax
Recently HMRC have changed the rules of marriage allowance, which could potentially see you as a couple pay less tax. In this post we look at the specifics of the arrangement and how you can benefit from it.
Under the new marriage allowance rules, you can transfer £1,060 of your personal allowance to your wife or husband. Your personal allowance is the amount of money you earn before you have to pay tax.
For most people this is £10,600. Through transferring £1,060 of your allowance to your spouse, you will find as a couple you will pay £212 less tax a year.
The rules apply providing you were both born after 6th April 1935 and both you and your partner earn between £10,601 and £42,285 per year.
The Marriage Allowance See-Saw Effect
As it is a transfer, your own, or your spouse’s personal allowance will drop to £9,540. Nonetheless a tax saving can be made. To start the process with HMRC you‘ll need to know how much you earn in a year. Other income which is tax-free and savings interest under £5,000 should not be included.
If you were born before the 6th April 1935 you may still be able to make a tax saving by applying for the married couple’s allowance.
As part of wider wealth planning your £212 per year tax saving can be ploughed into other investments and pension schemes where it may take advantage of compound interest. This will be a significant boost for your finances, and help you plan for your future financial needs.
The nuts and bolts of financial planning however are best left to an expert who can make every penny of your investment count. They will also manage your investments ensuring that they fulfil their potential and yielding the best return.
The first step is to secure your £212 through paying less tax. Do not be lethargic about this, if someone handed you £212 for completing a few forms I imagine you would take it happily. It is the same here.
Then speak to me and use my award winning financial advice to make that £212 count. I have years of experience at handling insurances, investments, and pensions, and will ensure your £212 helps you to meet your financial goals, including paying for school fees and retirement planning.
Click here and complete the Call Back Service form to take advantage of £212 a year in ways you never thought possible.
Source: HMRC
For more information, please contact Michele Carby at Holborn Asset Management on +971 50 618 6463 and on e-mail at [email protected]
