Published On: Thu, Feb 13th, 2020

Martin Lewis reveals how you could claim £1,150 now – act fast or risk missing out on £212 | Personal Finance | Finance


Martin Lewis spoke on the ITV show Good Morning Britain today, sharing his money saving tips. Dedicating part of his section to couples who are married or in a civil partnership, he explained how people could claim a tax break which could be worth up to £1,150.

“This means £1,250 of income they were taxed on at 20 percent is now tax-free – a £250 per year gain done via altering your tax code.”

In addition to the current tax break which could potentially be worth £250 in the current tax year, it’s possible for some eligible couples to get a further amount of money.

This is because it’s possible to claim back up to four years.

“Plus, as long as you were eligible for that time, you can claim back up to four tax years,” Mr Lewis said.

DON’T MISS

“As this allowance started in 2015/16, that means if you don’t claim it by this April, you lose that first year’s allowance of £212 – so go quick.”

“If you’re a non-taxpayer married to a taxpayer, it counts,” he said.

“2.4million of you are eligible and misisng out.”

The 2019 to 2020 tax year will end on April 5, 2020.

It’s possible to calculate how much tax a person could save as a couple by using the “Marriage Allowance calculator” on the government website.

It’s not possible to claim Marriage Allowance if a couple are living together but they’re not married or in a civil partnership.

The government website points out that if a person or their partner were born before April 6, 1935, then they may benefit more as a couple by applying for Married Couple’s Allowance instead.

It’s not possible to get Marriage Allowance and Married Couple’s Allowance at the same time.

It’s possible to apply for Marriage Allowance online.

Good Morning Britain airs weekdays on ITV from 6am.



Source link

Most Popular News