📣 Attention all married couples! Did you know about the amazing benefits of the marriage allowance transfer?
If you and your spouse haven’t taken advantage of this yet, now is the perfect time to do so! The marriage allowance transfer is a tax benefit that allows one partner to transfer £1,260 of their unused personal allowance to their spouse.
Why is this important? By doing so, you could reduce your overall tax liability and you can actually backdate the claim for up to four years. It’s a simple way to maximize your household income and make your hard-earned money work smarter for you.
Here’s how it works: If one partner earns less than their personal allowance (currently £12,570 in the UK for tax year 2023/2024) and the other partner is a basic rate taxpayer, they can transfer up to 10% of their unused personal allowance to their spouse. This can result in a tax reduction of up to £252 per year!
You can apply for Marriage Allowance if the following apply:
To check if you’re eligible and learn how to apply for the marriage allowance transfer, visit HMRC. Don’t miss out on this fantastic opportunity to save money and boost your financial well-being!