If you are married or in a civil partnership, you could be due a tax break.
HMRC is encouraging married couples and people in civil partnerships across the UK to sign up for a tax break before the financial year ends April 5th, 2021.
Marriage allowance allows individual the chance to transfer part of their personal allowance to their spouses which could reduce tax up to £250.00 for a year.
For those who have never claimed this could mean a backdated payment of as much as £1,188
After the 6th of April 2021, couples will only be allowed to claim back to the 2017/2018 tax year.
Marriage Allowance lets people earning £12,500 or less transfer up to £1,250 provided their partner is a starter, basic, or intermediate taxpayer. For the sake of clarity, this means that higher rate taxpayers are not eligible.
HMRC are encouraging people to avoid the middleman, who may charge a fee, and receive a guaranteed 100 percent of the eligible entitlement. We, at The Financial Management Centre, don’t consider ourselves as middlemen, but someone who is there to support and make your life easier.
Those who have the TFMC app can do it directly from there by pressing the HMRC button and clicking on your gateway account.