Married Allowance transfer to hubby

GillianD

Hi, I would be grateful for reassurance that I have done the right thing in transferring the 10% of my personal allowance to my self-employed husband.
My earnings will be below the £12,570 threshold for the tax year and my husband is a sole trader with a turnover of approx £50k.
Thanks in advance.  

Dazed_and_C0nfused

GillianD said:

Hi, I would be grateful for reassurance that I have done the right thing in transferring the 10% of my personal allowance to my self-employed husband.
My earnings will be below the £12,570 threshold for the tax year and my husband is a sole trader with a turnover of approx £50k.
Thanks in advance.  

Sounds like you are ok.

How much will your taxable income be?  You could have landed yourself with a (small) tax liability, but less than the tax your husband saves (probably £252).

eskbanker

GillianD said:

my husband is a sole trader with a turnover of approx £50k

How close will he be to being a higher rate taxpayer, i.e. what is his total taxable income likely to be and are you by any chance in Scotland, or elsewhere in the UK?

sheramber

GillianD said:

Hi, I would be grateful for reassurance that I have done the right thing in transferring the 10% of my personal allowance to my self-employed husband.
My earnings will be below the £12,570 threshold for the tax year and my husband is a sole trader with a turnover of approx £50k.
Thanks in advance.  

It is his taxable income that counts. 

His taxable profit plus any other taxable income such as untaxed interest etc

GillianD

Thank you for your helpful comments ad questions.
He is nowhere near being a higher rate tax payer and has no other sources of income.
My taxable income would be around £5k max.