Monthly Archives: March 2016

Taxi driver can claim Married Couples Allowance and save up to £212 tax

Save £212 tax – Do you as a taxi driver qualify?

Married couples and those in civil partnerships can now register for a tax break, which could help them save up to £212 a year.

 

From 6 April, more than four million married couples and 15,000 civil partners who earn less than the £10,600 income tax personal allowance for 2015/16 will be able to transfer £1,060 of their allowance to their spouse, so long as the recipient doesn’t pay higher rate (40%) or additional rate (45%) tax.

This also applies where a higher earner is self-employed and it means that together, a couple will pay less tax.

 

The plans were first announced by Prime Minister David Cameron in 2013 and published in the Budget 2014. But while they don’t come into force until 6 April, from today couples can register their interest online via the marriage allowance site.

Anyone registered will then be contacted by HM Revenue and Customs (HMRC) in April to ask whether they want to apply.

How it works

Marriage allowance lets you transfer £1060 of your personal allowance to your husband,wife or civil partner.

This reduces their tax bill by up to £212 in the tax year (6 April to 5 April the next year).

To benefit as a couple, you – as lower earner – need to have an income of £10.600 or less.

People can register at any point in the tax year and will still receive the full benefit of the allowance.

Follow this link and apply now.

https://www.gov.uk/marriage-allowance