MSE News: Couples now able to register to shift tax allowance between spouses

polymaff

Dazed_and_confused wrote: »

I'm sure on one of the mse threads about this allowance a poster had successfully applied just for one year and confirmed they were asked which year(s) they were applying for as part of the online process.

I'm fairly sure the lower earner can apply for just 15-16 without involving 16-17 as well

I thought so, too, and it would be simpler if so

It is largely implementation of the MAT in a way that can't be exploited beyond HM Treasury's intent that has pushed the HMRC document defining the algorithm by which 2015/16 Income Tax Returns will be processed up to Issue 13 :)

Holmesy999

OK, I can't be the first to ask but I can't find the answer. At the moment my wife earns under, so it makes sense. But as her self employed business grows, what's the damage and implications if she goes over the amount earned to pay tax? Surely it just bakances out and then there is jointly no worse off?

dawn_rose

Hiya everyone, just a quick one to say received a cheque this morning for years 15-16. I applied in April. Has anybody else received theirs?

frodob

Thanks to Darksparkle [311] for straightforward and reassuring response to my queries [310 & 345]and that of Gropinginthedark [309] when he basically advised that arranging this transfer would not take the two parties into a need to complete annual tax returns (where currently avoided).


We have successfully completed the exercise and received a full year's rebate by cheque for previous year, a substantial adjustment for much of current year, and new revised monthly occupational pension reflecting on-going saving, all without any sign of dreaded request for tax form completion by self or wife.


All is well and many thanks to other correspondents for interesting messages.

Dazed_and_confused

Good to see an update, all to rare on Cutting Tax board to find out the eventual outcome.

Did you not avail yourself of the new personal tax account bank transfer repayment system which was on HUKD recently?

http://www.hotukdeals.com/deals/check-your-online-personal-tax-account-due-any-tax-refunds-2510629

Farcasting

stalkah wrote: »

I earn 42,500 a year with my bonus however I have a company car and the benefit in kind is about another £6k on that. Does this mean I wouldn't be eligible?

you wouldnt be eligible as your totally net income including company car would be above £43k
sorry

Farcasting

Holmesy999 wrote: »

OK, I can't be the first to ask but I can't find the answer. At the moment my wife earns under, so it makes sense. But as her self employed business grows, what's the damage and implications if she goes over the amount earned to pay tax? Surely it just bakances out and then there is jointly no worse off?

Hi all that would happen is that your wife would pay a little extra tax, the same amount of tax you paid less. so yes it would just balance itself out

frodob

Dazed_and_confused wrote: »

Good to see an update, all to rare on Cutting Tax board to find out the eventual outcome.

Did you not avail yourself of the new personal tax account bank transfer repayment system which was on HUKD recently?

http://www.hotukdeals.com/deals/check-your-online-personal-tax-account-due-any-tax-refunds-2510629

Thanks for the response.
Was not previously aware of HUKD and have now checked out both it and the specific "deal" which may prove of interest for future.

DigForVictory

Dragged husband through the process (just as well I dug out all the relevant paperwork first!) and he is now several hundred quid up & chuffed to bits.
Bad feeling the money has already gone on other things, but new shower now looking much more probable.

wellused

I apologise if this question has been asked before as I haven't gone through every post on this thread. My question is this, I have just received my new tax code after applying to have some of my wife’s tax allowance transferred to my code, my wife doesn't earn a salary but receives a small pension, I also receive a pension which is less than the £11000 tax free limit but also work full time for which I receive just above the living wage. When I started working after being retired for 4 years HMRC split my allowance with the majority going to my pension provider so that my pension is tax free and the rest of the code going to my employer. My new tax codes have been allocated with the extra £1100 going to my pension provider where I don’t pay any tax instead of going to my employment where it would reduce my tax deduction. Will this lead to me receiving a tax rebate at the end of the tax year or should I ask for HMRC to apply the extra tax allowance to my employer?
Thanks in advance for your help.