Tax credits

wilson palacios

Hi guys, just looking for advice on tax credits. I'm getting married next year abroad. But will be legally married before we leave over here first in s registry office.

Was thinking the other day, why not get married asap for tax reasons. I earn 63k and my missus works part time earning 16k - both gross. We have two baba's.

Hope that's enough info. What I would like to know is, how much would it be worth to us if I claim her tax credits. Not great with this stuff so any help welcome.

Thanks a mill.

gerrybbadd

You'll get an increase in your Standard Rate Band of 9000, meaning you can earn this amount extra at 20% rather than the top rate of 40%.

You can potentially also take on her Personal Tax Credit of 1650, meaning you pay that amount less in tax per year.

However, she may need most of that credit herself to remain tax free.

When you're married and both working, there are no credits for kids unfortunately.

Mrs OBumble

Yes, it's worth it.

wilson palacios

Thanks a mill guys.