More than One Million Married and Civil Partnered couples Failed in taking Advantage of the Marriage Allowance
Since the initiation of the marriage allowance by the HMRC, around three million married couples have benefited from the allowance. However, there still are a significant number of married couples that are yet to benefit from the marriage allowance.
The allowance allows an individual to transfer personal allowance of £1,190 to their civil partner, wife or husband only if their better half earns more than they earn for living. This helps in saving tax amount of £238 for the partner that earns more.
It seems that many couples don’t have enough awareness and information regarding the marriage allowance as every one in four couples eligible for the allowance failed in claiming the allowance. It is expected that around 4.2m couples could claim the marriage allowance next time around.
The partner earning less must either earn £11,850 or less and any couple can claim allowances relating to any previous tax year since April 5, 2015, in which the couple was eligible for the allowance.
HMRC has said that a significant number of couples (over a million civil partnered and married couples) are still eligible to claim tax break amounting to £238 per year and the allowance can be backdated to claim allowance up to £900.
The said allowance can be applied online by couples living in the UK and once the allowance application is submitted online then it’s immediately processed. Since March of this year, more than 300,000 couples in the UK have registered themselves for the marriage allowance.
- Big Four Firms Dominate the List of Cyber Security Recruiters
- Accountancy bodies Working Together Against Businesses Involved in Money Laundering
- Xero Reports Revenue Growth of 36% in the FY 2019
- FASB Provides Financial Institutions with Fair Value Option to Ease through the CECL Transition
- Kraft Heinz Reveals $181m in Accounting ‘Misstatements’
- KPMG Hit with a £6m over Audit of Lloyds Syndicate
- Property Dealer Banned over £5.6m Accounting Failure