The Tax Relief Most Business Owners Sleep On

Tax relief can really go a long way in providing support for your business. There are many that different businesses will be eligible for, but there is an allowance that many owners don’t even realise exists.


Marriage Allowance

 

Marriage allowance permits you to transfer £1,190 worth of your personal allowance to your husband, wife or civil partner.

This can reduce their tax by up to £238 every year, which is an amount not to be ignored.

There are certain criteria that you must obviously meet in order to claim marriage allowance.


The Criteria For Marriage Allowance

 

The first is that you have to be married, or in a civil partnership.

The second is that you must earn less than your partner, and normally have an income below your personal allowance (which is usually £11,850).

Finally, your other half must pay income tax at the basic rate, meaning their income can be no higher than £46,350.

There are other things that can affect whether you are eligible for marriage allowance. If you receive other income such as dividends or savings, or if you or your partner are a Scottish taxpayer then HMRC advise you to give them a ring before you apply.


Backdating Your Claim

 

One of the big kickbacks is that you can backdate your claim to include any tax year since 5th April 2015 where you were eligible for marriage allowance.

We’ve found that many business owners don’t know that this tax relief exists, so we wanted to share it with as many of you as possible.

Click here to calculate how much you are eligible to receive at the Gov.uk website.

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