Self assessment calculation query

Bookworm225

Annie1612 said:

Dazed_and_C0nfused said:

Annie1612 said:

So I tried ticking “yes” and filled in all the sections for the marriage allowance, but it just came up with “error - a transfer is already set up” which was what I actually thought anyway. I have no idea why it is not being deducted from my calculation section but there is nothing I can do about that it seems…. 😭

That was answered at 1:22.

You are right 🤦‍♀️ thank you. I am getting MYSELF confused now. When I have done this I am going to put any savings in future in really low interest accounts so I never have to do this again. Or just give it away 😂

OK, ,my misreading. You did correctly fill in the tax return by stating no and it is now a case of waiting

As both you and husband are already "in" the system HMRC state that it takes a few days for them to match your position to his position and arrive at the correct tax for each.

"Where both spouses/civil partners are in Self-Assessment and wish to claim the transferrable marriage allowance, HMRC advise submitting the transferor's tax return 72 hours before filing the recipient’s return.... HMRC have now confirmed this as the best way to ensure claims are processed correctly"
Marriage Allowance claims - HMRC confirm recommended practice | The Association of Taxation Technicians

as for the future, with current interest rates I'm surprised you have so much cash in an interest account anyway as rates are hardly "high" to start with. 

KidJo

Doesn't the Personal Allowance get applied to the Total Income Received of £16,791 before any Starting Rate for Savings or Savings Allowance and as a result the full Personal Allowance has been applied and therefore none can be transferred hence what is reflected on the self assessment?

Dazed_and_C0nfused

KidJo said:

Doesn't the Personal Allowance get applied to the Total Income Received of £16,791 before any Starting Rate for Savings or Savings Allowance and as a result the full Personal Allowance has been applied and therefore none can be transferred hence what is reflected on the self assessment?

Marriage Allowance isn't a transfer of unused allowances.

A valid application can be made providing neither spouse is liable to higher rate tax.  And aren't eligible for Married Couple's Allowance.

Annie1612

Bookworm225 said:

Annie1612 said:

Dazed_and_C0nfused said:

Annie1612 said:

So I tried ticking “yes” and filled in all the sections for the marriage allowance, but it just came up with “error - a transfer is already set up” which was what I actually thought anyway. I have no idea why it is not being deducted from my calculation section but there is nothing I can do about that it seems…. 😭

That was answered at 1:22.

You are right 🤦‍♀️ thank you. I am getting MYSELF confused now. When I have done this I am going to put any savings in future in really low interest accounts so I never have to do this again. Or just give it away 😂

OK, ,my misreading. You did correctly fill in the tax return by stating no and it is now a case of waiting

As both you and husband are already "in" the system HMRC state that it takes a few days for them to match your position to his position and arrive at the correct tax for each.

"Where both spouses/civil partners are in Self-Assessment and wish to claim the transferrable marriage allowance, HMRC advise submitting the transferor's tax return 72 hours before filing the recipient’s return.... HMRC have now confirmed this as the best way to ensure claims are processed correctly"
Marriage Allowance claims - HMRC confirm recommended practice | The Association of Taxation Technicians

as for the future, with current interest rates I'm surprised you have so much cash in an interest account anyway as rates are hardly "high" to start with. 

We sold our house and so had a lot of cash to hand for quite a while. Not so much now, as we have bought a house again finally.