Recently married - Tax credit Advice

Roddylarge

Hi we are just recently married and I can't seem to get my head around what the best thing to do regards tax credits etc for myself and my wife.

I earn 45.5K and my wife earns 30K.

Can anyone advise on if we should be assessed Jointly or Single and how we would be best to split the tax credits and cut off points etc.

Thanks in Advance

Immy

Jointly assessed, your wife could give you over the portion of her 20% threshold that she is not using. She would be utilising all her credits already.

Jen Pigs Fly

I would go join assessed.
You take the 42800 rate band and she can take the 24800 rate band. Or split it so she gets 30k and you the rest!

With tax credit I would split evenly personally but joint assessed is handy as if you or her have to miss work for example, you can swap and change the credits and rate bands to suit.

redzerdrog

Sorry if this is a silly question but does it make any difference to weather you are jointly assessed if you both earn the same for example 50k?

Also how would this impact if the wife was on maternity leave?

Murt15

redzerdrog wrote: »

Sorry if this is a silly question but does it make any difference to weather you are jointly assessed if you both earn the same for example 50k?

Also how would this impact if the wife was on maternity leave?

I would like to know the answer to this aswell.

Both me and the wife are on the high tax bracket. Me at €53k, her at €34.5k. We are both assessed as single. There is an online tax calculator indicating that we would be nearly €60 per week better off if jointly assessed but i was under the impression there would be no benefit if both spouses were in the higher tax bracket ?

relax carry on

redzerdrog wrote: »

Sorry if this is a silly question but does it make any difference to weather you are jointly assessed if you both earn the same for example 50k?

Also how would this impact if the wife was on maternity leave?

No impact at all if both incomes are over the single persons standard rate cut off point of €33800.
Depends on her total income for the full tax year
There maybe some unused rate band to transfer so long as her total taxable income was under €33800 for the year.
Always worth opting for joint assessment incase you need to transfer rate bands or credits in a hurry in the future to cover an unexpected drop in income.

relax carry on

Murt15 wrote: »

I would like to know the answer to this aswell.

Both me and the wife are on the high tax bracket. Me at €53k, her at €34.5k. We are both assessed as single. There is an online tax calculator indicating that we would be nearly €60 per week better off if jointly assessed but i was under the impression there would be no benefit if both spouses were in the higher tax bracket ?

Same as my previous answer.