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Landlord Tip Of The Month - August

Landlord Tip Of The Month - August

Take a month off - it is August after all, everyone else seems to...

Failing that, if you are a basic rate taxpayer and your partner pays no tax, make sure you are claiming 'marriage allowance'. Read on for more details...

To be eligible for the tax allowance, partners must either be married or in a civil partnership. One partner must earn more than £11,850 per year and pay basic rate tax at 20%. That partner is not eligible if they earn more than £46,350.

The other partner must be earning less than £11,850, meaning they pay no tax. If these conditions are met, the partner who does not pay tax can transfer 10% of his or her tax allowance to the other person.

Whilst it may seem a lot of effort for a saving of £238, it is per year and claims can be backdated 4 years - so it could be an easy way to claim a lump sum from HMRC.

Written & oral information and advice from the Portsmouth & District Private Landlord's Association is given in good faith, but no responsibility whatsoever is accepted by the Association or it's officers for the accuracy of it's information & advice nor shall the Association be held responsible for the consequences of reliance upon such information.

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