We’ve heard about all the elements of a wedding that will cost you money but a wedding that can earn you money? There must be a catch right? Well, no actually, just a simple and very conservative decision to support the sanctity of marriage by offering a tax benefit to those who choose to tie the knot. The tax benefit is known as a marriage allowance.
So here’s the details …
One of you must be under the years threshold for paying tax. This is currently set at £11,500 in 2017/18. If one of you are earning less than this, you are a non tax payer. The government has said that if your Husband/Wife pay tax at the basic rate of 20% you can give 10% of your tax free allowance to your Husband/Wife. For this year, the additional allowance would be £1,150 which earns you a neat £230 in the 2017/18 tax year. Some of you may be sitting there going eh? Not quite sure I get this or understand how it works. We’re not all numbers people, so let me break it down for you. You or your husband could pay up to £230 less tax for the above tax years providing one of you earns less than the tax threshold for the year. To apply for this easily online, click here.
So there you have it. There are still people out there who simply don’t know about this allowance so why not spread the word amongst your married friends and family. And remember, you heard it here first!
For more ways to make money, check out our ‘Money Savvy’ blog by clicking here.
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